The spirit of entrepreneurship is catching up amongst the Indian youth. It is a clear signal for the economic boom, which we have been dreaming about, as part of Vision 2020. The need of the hour is to promote the concept of Free Enterprise in India.
A free enterprise system is where individuals and businesses are free to make their own economic choices; this system can be also called a market economy. The concept of free enterprise asserts that every entity has private ownership and absolute control over his work. As such, this means that he/she can do with it whatever he/she wishes, and therefore benefit from it as much as he/she can. Under free enterprise, therefore, individuals are recognized as entities, who are able to think for themselves. Their use of their own labor resource is completely dependent on their personal decisions.
Free Enterprise system creates an environment for free thinking. Creativity will be appreciated and promoted. Any attempt to destroy creativity and innovation will be considered as discriminatory. People will have absolute freedom to develop the business using their own ideas as long as it is in alignment with the law of the land.
Government institutions and Private enterprises should step ahead and work towards creating such a free enterprise environment. This is very critical at this point of time, as India needs lakhs of entrepreneurs. The dream, which every Indian has towards Vision 2020 can be fulfilled only by this. Hence everyone, whether it is government institutions, private enterprises, social organization, should work towards creating the right environment for Free Enterprise.