The economy has been changing at a very fast pace, more so in the last 5-10 years. There has been a lot of progress in technology while agriculture has fallen behind. The manufacturing sector has stagnated while business houses are running losses and mortgaging property to keep the funds flowing in, and the stock market is unstable.
This sorry state of affairs calls for major revamping of strategies to overcome the difficulties being faced. But what is happening is that our leaders are trying to solve current problems with age-old techniques that are not effective any more. This is the information age where new technologies are being developed everyday and which are needed to run businesses, whether it is a writer or a pipe manufacturer. They both need technology to further their business. Instead of that, our leaders are still stuck in the industrial age and using business models and techniques that were successful then. They do not work in today’s information and technology driven world. Today’s problems require modern solutions, not outdated ones.
New breed of young workforce
The old business techniques are in conflict with the new breed of young workforce. Businesses have no funds, the burden of loan causes stress for them as also for employees and the economy is in a downward spiral. How does any business survive in this environment?
What is needed in this hour are entrepreneurs who can create work opportunities and employ people, new business models do tackle the problem of unemployment and new start-ups that are open to new, innovative ideas and are not afraid to act on their ideas. Success will be attainable only if new business models are adopted, new ideas allowed to flourish and the younger generation motivated to become entrepreneurs and take the country towards progress and development. Small but sustained initial steps in this direction will snowball into a major change in no time at all.
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