Business EconomyPosted at: Jul 18 2026 3:46PM


Hesitation biggest obstacle to business success, Sitharaman urges young entrepreneurs to take risks

New Delhi, Jul 18 (UNI) Finance Minister Nirmala Sitharaman on Saturday called upon India's young entrepreneurs to overcome their fear of taking risks, saying the biggest obstacle to business success today is not geography or lack of opportunity, but hesitation.
Addressing the Young Indians Forum (YFi) of the Confederation of Indian Industry (CII) in Madurai on the theme "Entrepreneurship Beyond Boundaries", she said technology has transformed the business landscape and created unprecedented opportunities, making this the right time for Indian entrepreneurs to think beyond conventional limits.
She said every major economic transformation in history, from the steam engine and electricity to the internet and artificial intelligence, has been driven by individuals who recognised possibilities before others.
While governments can create enabling conditions, investors can provide capital and universities can nurture talent, it is entrepreneurs who convert ideas into prosperity, she said.
Drawing from the rich history of Madurai, her birthplace, Sitharaman said the city has for centuries symbolised entrepreneurship, commerce and innovation.
She recalled that Madurai was an important centre of trade and knowledge over 2,500 years ago, with merchant guilds building commercial networks across Southeast Asia, Arabia and the Mediterranean.
The city's traders had developed sophisticated systems of financing, trade standards and overseas business partnerships long before the modern era, demonstrating that entrepreneurship without boundaries has always been part of India's civilisational legacy.
Turning to the present, the Finance Minister said India continues to remain the world's fastest-growing major economy despite global geopolitical tensions, including the conflicts in Ukraine and West Asia, disruptions in energy supplies and volatility in commodity prices.
She said India is expected to contribute nearly one-sixth of global economic growth in the coming years, but expressed confidence that the country could aspire for an even larger share if its entrepreneurs fully harness available opportunities.
She highlighted India's demographic advantage, saying the country possesses the world's largest young workforce and has built the third-largest startup ecosystem globally.
More than 2.4 lakh startups recognised by the Department for Promotion of Industry and Internal Trade (DPIIT) have already generated over 23 lakh jobs, while more than 2,100 Global Capability Centres are now operating in India, with many expanding beyond metropolitan cities into Tier-II and Tier-III locations.
She also described India's Digital Public Infrastructure as a global benchmark, pointing to the massive scale of digital payments processed every month through the Unified Payments Interface (UPI).
According to Sitharaman, today's entrepreneurs enjoy advantages that previous generations never had. Three decades ago, access to information, electricity, communication facilities and government services required enormous effort, while business owners often struggled with poor infrastructure and cumbersome procedures.
Today, however, information, technology, financing and markets are available almost instantly through digital platforms. She said the current generation is "far better equipped than its predecessors," making it essential for young entrepreneurs to make full use of these advantages.
The Finance Minister said that despite these favourable conditions, "hesitation continues to prevent many young entrepreneurs from taking bold decisions."
She urged them to "shed this mindset, arguing that fear of failure is no longer justified in an era where technology, knowledge and financial resources are widely accessible."
"Even if a business venture does not succeed, entrepreneurs today have multiple opportunities to learn, rebuild and try again," she said.
Pitching India as one of the "world's most attractive investment destinations," Sitharaman said, "The country offers political stability, predictable taxation, policy certainty and an approachable government that is committed to supporting businesses."
Referring to her recent interactions with entrepreneurs in France, she encouraged "Indian startups and business leaders to actively build international collaborations and engage with global markets instead of limiting themselves to domestic opportunities."
She said the Narendra Modi government has "fundamentally changed the role of the state from being a regulator that controlled enterprise to one that actively enables business growth."
Since 2014, reforms such as digitisation, GST, simplification of regulations, improved logistics and large-scale investments in roads, railways, ports, airports and digital infrastructure have significantly strengthened India's business ecosystem and improved competitiveness.
The Finance Minister also highlighted the government's focus on supporting MSMEs and aspirational districts. Referring to her visit to Virudhunagar district after the event, she spoke about a processing facility established with the support of the Small Industries Development Bank of India (SIDBI) for the region's famous chillies.
The project has improved quality, branding and exports while also helping revive traditional varieties of nutritious rice, demonstrating how government-backed interventions can create sustainable economic opportunities for farmers and local entrepreneurs.
She noted that the government has continued to introduce schemes tailored to the evolving needs of industry. Citing the Emergency Credit Line Guarantee Scheme (ECLGS), initially launched during the Covid-19 pandemic and later expanded to address fresh challenges arising from global tariff uncertainties, Sitharaman assured businesses that the Centre would continue designing support mechanisms whenever required to preserve entrepreneurial confidence.
Emphasising that India needs businesses focused on long-term value creation rather than merely pursuing higher valuations, Sitharaman urged entrepreneurs to invest in research and development, create intellectual property, mentor future business leaders and build institutions capable of lasting for generations.
Quoting the ancient Tamil philosopher Thiruvalluvar, she said prosperity comes through persistent effort and that the greatest failure lies not in unsuccessful attempts but in the absence of effort itself.
In the concluding part of her address, Sitharaman drew inspiration from Madurai's history of resilience, recalling how the city had repeatedly rebuilt itself after periods of destruction and adversity. She said India's own journey mirrors that spirit of renewal and that today's young entrepreneurs have a vital role in shaping the country's future.
Highlighting India's growing presence in frontier technologies and global scientific collaborations, she pointed to the country's participation in advanced nuclear fusion research, polar missions and landmark achievements in space exploration, including the successful mission to the Moon's south pole.
These accomplishments, she said, demonstrate that India is no longer merely following global trends but is helping define the future.
Calling upon entrepreneurs to think beyond immediate gains, Sitharaman urged them to "build bold, innovative and globally competitive enterprises that would contribute to India's vision of becoming a developed nation by 2047."
She said the "responsibility of carrying forward India's next phase of economic transformation rests with the country's young innovators, who must build not only for today's markets but also for future generations." UNI SAS AAB
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