'India needs to encourage entrepreneurship, new ventures' - Ratan Tata

Former chairman of Tata Group Ratan Tata has said India needs to transform itself into a place that supports entrepreneurship and should cultivate an environment that enables setting up of new businesses. He also advised budding entrepreneurs to think about what they can do for the country, rather than what the country can do for them.

Tata was honoured with Sayaji Ratna Award instituted by an NGO in Vadodara tonight on the occasion of the 150th birth anniversary of late Sayajirao Gaekwad, the ersthile ruler of the princely state of Baroda. "India needs to transform itself in a way that any Indian who has the ability and who is making an effort to succeed, the environment should support that success trajectory and not be envious of it," Tata said.

"Entrepreneurs create enterprises because they are attracted to create something that they believe in. In India, we need to create an environment that enables and supports people to risk their time and spend an important and sizeable amount of their lives to build the business they believe in," he said.

There is great potential in the country where everyone has equal opportunity, he said, adding that entrepreneurs should do what they can for the country, instead of thinking what the country can do for you. "Late Sayajirao Gaekwad, late JRD Tata and freedom fighters had contributed in development of the country," Tata said.

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(Disclosure: Ratan Tata is an investor in YourStory)