During the interactive session, the major points that were discussed were on the areas for future mutual co-operation between US and India for promoting Entrepreneurship and Start-ups. It also emphasized on the prosperity of Women entrepreneurs and fostering global economic growth by merging the gnawing gender entrepreneurship gap which has been a problem for both a country like India. The call for ease of doing businesses, single window clearances, equitable laws and access to capital, mentors and networks for upcoming start-ups and entrepreneurs which ALFA Network has been championing also became the discussion points. The need for professional guidance was harped upon by both ALFA Network mentors and Mr. Craig Hall.
Elaborating his views, H. E. Craig L. Hall, Consul General of US in Kolkata, stated, “It has been a pleasure to be a part of today’s interactive session with the members of ALFA Network. Both India and US share mutual beliefs about the need of empowering the entrepreneurs and opening the doors for potential investors and mentors to champion one’s vision and celebrate your success. It has been a prerogative of the US as well as Indian Government to create a favorable climate to enable the growth of more innovators and reduce the regulatory hurdles that limit opportunities for any prospective start up. I congratulate the members of ALFA Network for working towards generating more entrepreneurs from India. Both our countries are collaborating to increase bi-lateral ties, economic and social security measures and facilitating a level playing field for the future entrepreneurs is an optimistic step in that direction.”
In this year currently USA is number 5 on the list of foreign investors (US$ 660 million) in India which is nearly 6% of the total FDI in India. In the past few years USA is the top trading partner of India with $42 billion (16.1% of total Indian exports). India’s bilateral trade with USA totaled an estimated $114.8 billion in 2016. India is currently USA’s 9th largest goods trading partner with $67.7 billion in total (two way) goods trade during 2016
Mr. Navkaran S. Bagga, Director, Trishan Exports and Mentor and Board Member, ALFA Network, said, “India has the potential to create millions of additional entrepreneurs across all sectors in the coming years, thus substantially it will see an upsurge in employment generation. With our Hon’ble Prime Minister, Shri Narendra Modi’s focus on Startup India, there has been significant change in the business environment for new potential entrepreneurs. India is seeing a spurt in Startup culture today due to active business incubators and accelerators not just in tier I but tier II and tier III cities as well. ALFA Network is trying to create an environment where potential entrepreneurs can access our own first hand experiences in setting up of their businesses and also make them aware of the various roadblocks and challenges ahead. We thank Mr. Craig Hall who has taken time out of his schedule to address the importance of creating a conducive ecosystem by instituting measures where Governments of both India and US, industries and investors can collaborate to make every start up a success.”
Some of the key takeaways from the recently concluded Global Entrepreneurship Summit which were discussed during the course of today’s interactive session were -
1. Women entrepreneurship - one of the key focus areas of ALFA network as well was the theme of the GES 2017. Both Ms. Ivanka Trump and Hon’ble Prime Minister of India Shri Narendra Modi spoke at length about the need of fostering women entrepreneurship in India and the dividends it would reap for the country
During the interaction with the Consul General, it was discussed as to what are the major cultural, financial and infrastructure differences between women in the US and India and how can this gap be narrowed to promote women to undertake their own ventures
2. The insolvency and bankruptcy code and how this reform will allow MSME entrepreneurs who could not succeed in their venture to have the possibility of getting future opportunities
About ALFA Network:
ALFA Network is a remarkable high networked platform comprising of achievers, founders and leaders mostly from second generation family businesses in Kolkata who have come together to foster and facilitate the growth of entrepreneurship in our country. ALFA Network is a forum affiliated to ASSOCHAM with a clear focus on issues related to next generation business leaders and the growth of young entrepreneurs across India. In keeping with the spirit of central government’s new initiatives such as boosting start-up, Make in India or New India movement, announced by Hon’ble Prime Minister Shri Narendra Modi, ALFA Network is working towards implementing the entrepreneurship development and skill upgradation schemes through appropriate training facilities.
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