Need For New Enterprises Is Laying Groundwork For The Future: Vikas Sharma, IDFC First

On the occasion of the inaugural of 'IDFC FIRST Bank and Hurun India's Top 200 Self-made Entrepreneurs of the Millennia 2023' list, Vikas Sharma, Head of Wealth Management & Private Banking at IDFC FIRST Bank, shared insights into the significance of recognising self-made entrepreneurs in India and how the landscape for entrepreneurs in India has evolved over the past decade. Excerpts from his interview with BW Businessworld.
 
Why do you think it is important to recognise and showcase self-made entrepreneurs in India?
 
The large organisations that have played a pivotal role in shaping the economy over the last several decades have undeniably made significant contributions. However, as each era unfolds, the need for new enterprises becomes increasingly apparent, laying the groundwork for the future.

In discussions about propelling the economy from a 5 trillion to a 7 trillion and eventually a 10 trillion mark, it becomes evident that both established and emerging organisations will play crucial roles. While some are already sizable entities, others are poised to grow and potentially match the scale of their predecessors.

These upcoming organisations are not only expected to attain considerable size but also to rival existing institutions in importance. Their role in shaping the economy and contributing to GDP growth, job creation and innovation will be pivotal for the nation's overall progress. 

How has the landscape for entrepreneurs in India evolved over the past decade?

As part of my job, I regularly engage with a diverse group of individuals, including our private banking customers. Among them, there are those who are serial entrepreneurs with a track record of ventures across various industries. Others have held corporate professional roles. What consistently emerges from these interactions is the notable improvement in the entrepreneurial landscape compared to a decade or more ago.

Entrepreneurs often express that the environment for starting businesses has become significantly more favourable. Government initiatives, such as the Startup India campaign, have played a crucial role in fostering encouragement and support for startups. According to insights gathered from conversations with these entrepreneurs, conducting business in India today is notably easier than it was a decade ago.

While acknowledging the progress made, the focus shifts to exploring how to further enhance support for these entrepreneurs. The sentiment is optimistic, with the understanding that ongoing improvements will likely continue to make the business landscape more conducive for entrepreneurs. The anticipation is that the positive trajectory will persist, with the business environment becoming even more favourable in the coming years, aligning with the ambitious projections for growth.

Can you share some inspiring success stories of self-made entrepreneurs who have made it to the top 200 list? 

Reflecting on the inspiring individuals from the list of 200, numerous success stories stand out. One such example is Radhakishan Damani, the visionary mind behind DMart. Identifying and capitalising on the opportunity presented by DMart required forward-thinking and remarkable vision. (Radhakishan Damani has grabbed the top spot in the ‘Top 10 self-made entrepreneurs’ list)

However, it's important to note that every entrepreneur on the list is a solution provider. They have tackled existing problems with innovative solutions, whether in the realm of B2C or B2B businesses. The diversity of these ventures showcases their ability to identify and address challenges, making each success story an inspiration in its own right.