Innovation key to survival

Purandeswari presents awards to emerging entrepreneurs Hyderabad: Union Minister of State for Commerce and Industry, D Purandeswari, has opined that there is a huge opportunity for budding entrepreneurs in the slowdown of global economy for innovation and to venture into creative enterprises. Speaking to big and budding industrialists at the Confederation of Indian Industry's (CII) southern annual regional meeting here on Saturday, she said, "The young entrepreneurs of this country have a responsibility to contribute to the growth of India as well as global growth. Slowing down of the economy is an opportunity for innovative ways to put the economy back on growth path." And in the process even the large enterprises have a duty to support and encourage these small enterprises toward success, the Union Minister observed, adding that today's understanding of entrepreneurship was not just transformation of an idea into a business model but it also covered aspects of social and political areas and how one can make a difference by extending to business models. Pointing out that unemployment was dampening the prospects of youth causing frustration, she exhorted them to experiment with innovative ideas and succeed in transforming them into successful business models. "We have to encourage youth to take risk and experiment with ideas," she stressed. Purandeswari stressed the need to impart basic training in entrepreneurial studies to budding entrepreneurs but expressed unhappiness over dearth of teachers in the area. The minister also gave away awards to seven emerging entrepreneurs for the year 2012 from the southern states. A They were selected by a distinguished panel from over 400 applications. The awardees are: Atin Gupta of Atin Promotions and Advertising, Anil Kumar S of Great Sports Infra, Ruchika Gupta of Borderless Access Panels, Deepak Ravindran of Innoz Technologies, Phanindra Sama of Redbus.in, Vivek Steve Francis of MobMe Wireless and R S Prabakar of Taiyo Feed mill. CII President Adi Godrej in his key-note address said that the large industry should address the issue of unemployment which had become rampant in the country. Pointing at the big companies, he said they should delay payments to their suppliers from small and medium sector. He observed that only by promoting small and medium industry that jobs can be created. The government should move to employment-linked taxation system from the existing investment-linked taxation system.