Swaminathan Gurumurthy, a popular writer and part-time director on the central board of the Reserve Bank of India (RBI), has shared his perspectives on the challenges and opportunities for entrepreneurship in Northeast India during an exclusive interview with Business North East (BNE).
Swaminathan said entrepreneurship is nurtured not in educational institutions but within the societal ecosystem. He cited examples like Agra and Kanpur, where Dalit communities have transformed their traditional leatherworking skills into thriving local, national, and international businesses.
However, he pointed out the Indian education system often moves individuals away from their traditional skills instead of promoting them. The writer highlighted the need for alignment of education and local skills to create a fertile ground for entrepreneurship in the region while speaking to Kajol Singha during the BNE interview.
Addressing policy interventions, Swaminathan praised initiatives like the Shokarma scheme, which supports skill-based entrepreneurship. While he regretted its delayed implementation, he expressed optimism about its potential impact if effectively executed.
On reconciling conflict and economic growth, Swaminathan criticized the Western anthropological approach that isolates individuals from their cultural and societal roots. He stressed that the disconnection from traditional systems often leads to societal discord, urging the need for education to align with societal values and traditions.
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Discussing financial literacy, Swaminathan also clarified that it extends beyond banking to include the ability to handle money wisely. He noted that while people in the region are adept at managing money, they must adopt caution in investments.
Swaminathan's insights underline the importance of fostering entrepreneurship through policies integrating traditional skills, creating societal ecosystems that nurture innovation, and advancing financial literacy for sustainable economic growth in Northeast India.
FIRST Business Portal addressing the potential of business capability of North East Region.
