Entrepreneurship plays a very important role for the economic development of the country. An entrepreneur is very innovative, decision maker, risk taker, leadership quality, etc. Establishing an organization and running it successfully is not a simple thing. Every entrepreneur has received faith, trust, loyalty from the society and customer. He should be innovator. His innovation is simple.
Entrepreneurial growth under five year plan
All the five year explained in detail:
- The first five year plan: This type of plan encourages to the private sector. It also starts work on planning. Private entrepreneur had more active in the production. It can be used various tools in industry like: machine, tools and fertilizer.
- The second five year plan: During the second year plan, diversification towards setting up of heavy industry. Specially for producing the goods in machinery like: industrial boiler, milling machine, tractor, and motor cycle were produced in large quantity.
- The third five year plan: During the Third five year plan, focus on extractive industry winning coal mine, gold mine, and electric generation. Industry like: automobile, textile industry, diesel engine, petroleum products, etc. The small scale unit emerged in a very rapidly and there was tremendous increased in their number.
- The fourth five year plan: In India, planning is very-2 high but in practical he can't do anything. So, that five year plan became to run successful in India. Business can't run because shortage of power and coal. When power and coal is less then shortage of electricity and not produced the goods. Shortage of coal and power created additional problem.
- The fifth five year plan: The main objective of this plan was to achieve self-reliance and social justice. For self-reliance and social justice, it required new technology so that all the people satisfied of his needs himself. Every industrialist adopts this method for the successful running of the business.
- The sixth five year plan: This type of plan produced advanced technology then business can in a successful and efficient way. It is very helpful for the economic development of the country. There was tremendous increase in the production of the villages and small scale industries.
- The seventh five year plan: This type of plan focus on village and handicraft sector. Handicraft sector touched a high level in export. To promote the small scale industries by single window loan scheme.
- The eighth five year plan: It was decided to continue the support the first generation entrepreneur. The family entrepreneur like Tata, Birla rule which are necessary to be evaporated. It states that bank should adopt the single window clearance scheme.
- The ninth five year plan: This plan helps to increase the flow of credit scheme. This plan is only to protect the small scale industry. This industrial policy only defined which small scale unit are.
- The tenth five year plan: The main aim of the 10th year plan to the fastest growing in the economy.