Kurukshetra Magazine November 2023 - 2 | Current Affairs & Hindu Analysis: Daily, Weekly & Monthly - UPSC PDF Download

 Page 1


Kurukshetra       November  2023 24
Bhuwan Bhaskar
ndia is a country of around 1.5 billion 
people, and traditionally, more than 60% 
of the population has been dependent on agriculture. 
But it is a well-established fact that overdependence 
on agriculture is producing more problems than 
solutions from a livelihood point of view. More people 
are depending on shrinking cultivable areas, which has 
resulted in smaller holdings. This situation has given rise 
to a number of structural bottlenecks that are plaguing 
I
The author is Vice President, NCDEX, a leading agricultural commodity exchange and writes on contemporary issues related 
to the economy and agriculture sector. Views expressed are personal. Email: bhaskarbhuwan@gmail.com
Indian agriculture, e.g., limited scope of use of machines 
and technology in the fields, loss of bargain power due 
to less production volume, increased production cost, 
etc. So, it is almost clear to policymakers from decades 
of experience that rural per capita income couldn’t 
be boosted beyond a point without getting younger 
generations to look at alternate livelihood sources. 
So, now that we are entering the Amrit Kaal, when our 
Prime Minister Narendra Modi has put forward a vision 
Encouraging Encouraging 
Micro-Entrepreneurship Micro-Entrepreneurship 
Encouraging micro-entrepreneurship may solve most of the problems that rural India is 
facing. Providing employment to the unemployed rural youth, increasing rural household 
income, decreasing the rate of migration from rural to urban areas, etc. are some direct 
benefits that the country can achieve by encouraging micro-entrepreneurship.
Page 2


Kurukshetra       November  2023 24
Bhuwan Bhaskar
ndia is a country of around 1.5 billion 
people, and traditionally, more than 60% 
of the population has been dependent on agriculture. 
But it is a well-established fact that overdependence 
on agriculture is producing more problems than 
solutions from a livelihood point of view. More people 
are depending on shrinking cultivable areas, which has 
resulted in smaller holdings. This situation has given rise 
to a number of structural bottlenecks that are plaguing 
I
The author is Vice President, NCDEX, a leading agricultural commodity exchange and writes on contemporary issues related 
to the economy and agriculture sector. Views expressed are personal. Email: bhaskarbhuwan@gmail.com
Indian agriculture, e.g., limited scope of use of machines 
and technology in the fields, loss of bargain power due 
to less production volume, increased production cost, 
etc. So, it is almost clear to policymakers from decades 
of experience that rural per capita income couldn’t 
be boosted beyond a point without getting younger 
generations to look at alternate livelihood sources. 
So, now that we are entering the Amrit Kaal, when our 
Prime Minister Narendra Modi has put forward a vision 
Encouraging Encouraging 
Micro-Entrepreneurship Micro-Entrepreneurship 
Encouraging micro-entrepreneurship may solve most of the problems that rural India is 
facing. Providing employment to the unemployed rural youth, increasing rural household 
income, decreasing the rate of migration from rural to urban areas, etc. are some direct 
benefits that the country can achieve by encouraging micro-entrepreneurship.
25 Kurukshetra       November  2023
to make India a developed 
nation, it is not without 
reason why his government 
has started promoting 
micro-entrepreneurship 
in rural India in a mission 
mode. Encouraging micro-
entrepreneurship may 
solve most of the problems 
that rural India is facing. 
Providing employment to 
the unemployed rural youth, 
increasing rural household 
income, decreasing the 
rate of migration from rural 
to urban areas, etc. are 
some direct benefits that 
the country can achieve 
by encouraging micro-
entrepreneurship. Indirectly, 
it is going to benefit the 
overall agricultural scenario on almost all fronts, like 
the use of technology in sowing, harvesting, quality 
improvement, marketing, etc., for the simple reason 
that with additional income in the farming household, 
agriculture attracts more investments. Apart from rural 
parts, even urban India would witness reverse migration, 
and this will surely improve the urban environment, 
decrease air and water pollution, and take pressure off 
the urban infrastructure. Let’s examine in detail why 
encouraging micro-entrepreneurship could be a game 
changer for strengthening rural youth and the economy.
Scope of Micro-Entrepreneurship: By definition, 
micro enterprises are those that involve investment 
in plant and machinery or equipment worth not more 
than Rs. 1 crore and an annual turnover of not more 
than Rs. 5 crore. A microenterprise is a small company 
that caters to the community or a local market by selling 
products and/or services. Typically, it has less than 10 
employees and a limited geographic scope. A micro-
business typically begins with some type of funding, 
such as microcredit or microfinance. Micro-businesses 
are typically associated with emerging nations and 
economies and try to fill the void left by the lack of 
jobs in the official sector. In addition to creating jobs, 
they also cut production costs, boost purchasing power, 
and offer convenience, all of 
which benefit the economy. 
In truth, the Government 
supports micro-businesses, 
particularly in areas with 
low income. It promotes 
economic and business 
expansion. Additionally, 
these businesses offer hope 
for sustainable development. 
In developing economies, 
they aid in filling a crucial 
need.
Flexibility: Micro-business 
owners are able to 
quickly adjust to changing 
conditions and determine 
their own schedules. 
People who have other 
commitments, such as 
family obligations or part-
time jobs, may find this flexibility to be extremely 
useful. Micro-entrepreneurs have the flexibility to 
adapt to changing market conditions quickly. They 
can make decisions and implement changes without 
the bureaucratic processes common in larger 
organisations.
Low Barriers to Entry: Since starting a micro-
business frequently only demands a small amount of 
resources and capital up front, more people can pursue 
entrepreneurship. People can pursue their business 
goals without taking on a big financial risk because of 
the low entrance barrier. Micro-entrepreneurs often 
require minimal initial capital to start their businesses. 
This low barrier to entry allows individuals with limited 
financial resources to pursue their entrepreneurial 
aspirations.
Job Creation: Micro-business owners that hire staff 
members or take on contract work help to create jobs. 
This, in turn, promotes local economic growth and aids 
in the reduction of unemployment. Microenterprises 
collectively contribute to job creation, which can be 
especially important in regions with high unemployment 
rates. They can help stimulate economic growth at the 
grassroots level.
Encouraging micro-entrepreneurship 
may solve most of the problems 
that rural India is facing. Providing 
employment to the unemployed rural 
youth, increasing rural household 
income, decreasing the rate of 
migration from rural to urban areas, 
etc. are some direct benefits that the 
country can achieve by encouraging 
micro-entrepreneurship. Indirectly, 
it is going to benefit the overall 
agricultural scenario on almost all 
fronts, like the use of technology 
in sowing, harvesting, quality 
improvement, marketing, etc., for the 
simple reason that with additional 
income in the farming household, 
agriculture attracts more investments.
(To be continued on page no. 28)
Page 3


Kurukshetra       November  2023 24
Bhuwan Bhaskar
ndia is a country of around 1.5 billion 
people, and traditionally, more than 60% 
of the population has been dependent on agriculture. 
But it is a well-established fact that overdependence 
on agriculture is producing more problems than 
solutions from a livelihood point of view. More people 
are depending on shrinking cultivable areas, which has 
resulted in smaller holdings. This situation has given rise 
to a number of structural bottlenecks that are plaguing 
I
The author is Vice President, NCDEX, a leading agricultural commodity exchange and writes on contemporary issues related 
to the economy and agriculture sector. Views expressed are personal. Email: bhaskarbhuwan@gmail.com
Indian agriculture, e.g., limited scope of use of machines 
and technology in the fields, loss of bargain power due 
to less production volume, increased production cost, 
etc. So, it is almost clear to policymakers from decades 
of experience that rural per capita income couldn’t 
be boosted beyond a point without getting younger 
generations to look at alternate livelihood sources. 
So, now that we are entering the Amrit Kaal, when our 
Prime Minister Narendra Modi has put forward a vision 
Encouraging Encouraging 
Micro-Entrepreneurship Micro-Entrepreneurship 
Encouraging micro-entrepreneurship may solve most of the problems that rural India is 
facing. Providing employment to the unemployed rural youth, increasing rural household 
income, decreasing the rate of migration from rural to urban areas, etc. are some direct 
benefits that the country can achieve by encouraging micro-entrepreneurship.
25 Kurukshetra       November  2023
to make India a developed 
nation, it is not without 
reason why his government 
has started promoting 
micro-entrepreneurship 
in rural India in a mission 
mode. Encouraging micro-
entrepreneurship may 
solve most of the problems 
that rural India is facing. 
Providing employment to 
the unemployed rural youth, 
increasing rural household 
income, decreasing the 
rate of migration from rural 
to urban areas, etc. are 
some direct benefits that 
the country can achieve 
by encouraging micro-
entrepreneurship. Indirectly, 
it is going to benefit the 
overall agricultural scenario on almost all fronts, like 
the use of technology in sowing, harvesting, quality 
improvement, marketing, etc., for the simple reason 
that with additional income in the farming household, 
agriculture attracts more investments. Apart from rural 
parts, even urban India would witness reverse migration, 
and this will surely improve the urban environment, 
decrease air and water pollution, and take pressure off 
the urban infrastructure. Let’s examine in detail why 
encouraging micro-entrepreneurship could be a game 
changer for strengthening rural youth and the economy.
Scope of Micro-Entrepreneurship: By definition, 
micro enterprises are those that involve investment 
in plant and machinery or equipment worth not more 
than Rs. 1 crore and an annual turnover of not more 
than Rs. 5 crore. A microenterprise is a small company 
that caters to the community or a local market by selling 
products and/or services. Typically, it has less than 10 
employees and a limited geographic scope. A micro-
business typically begins with some type of funding, 
such as microcredit or microfinance. Micro-businesses 
are typically associated with emerging nations and 
economies and try to fill the void left by the lack of 
jobs in the official sector. In addition to creating jobs, 
they also cut production costs, boost purchasing power, 
and offer convenience, all of 
which benefit the economy. 
In truth, the Government 
supports micro-businesses, 
particularly in areas with 
low income. It promotes 
economic and business 
expansion. Additionally, 
these businesses offer hope 
for sustainable development. 
In developing economies, 
they aid in filling a crucial 
need.
Flexibility: Micro-business 
owners are able to 
quickly adjust to changing 
conditions and determine 
their own schedules. 
People who have other 
commitments, such as 
family obligations or part-
time jobs, may find this flexibility to be extremely 
useful. Micro-entrepreneurs have the flexibility to 
adapt to changing market conditions quickly. They 
can make decisions and implement changes without 
the bureaucratic processes common in larger 
organisations.
Low Barriers to Entry: Since starting a micro-
business frequently only demands a small amount of 
resources and capital up front, more people can pursue 
entrepreneurship. People can pursue their business 
goals without taking on a big financial risk because of 
the low entrance barrier. Micro-entrepreneurs often 
require minimal initial capital to start their businesses. 
This low barrier to entry allows individuals with limited 
financial resources to pursue their entrepreneurial 
aspirations.
Job Creation: Micro-business owners that hire staff 
members or take on contract work help to create jobs. 
This, in turn, promotes local economic growth and aids 
in the reduction of unemployment. Microenterprises 
collectively contribute to job creation, which can be 
especially important in regions with high unemployment 
rates. They can help stimulate economic growth at the 
grassroots level.
Encouraging micro-entrepreneurship 
may solve most of the problems 
that rural India is facing. Providing 
employment to the unemployed rural 
youth, increasing rural household 
income, decreasing the rate of 
migration from rural to urban areas, 
etc. are some direct benefits that the 
country can achieve by encouraging 
micro-entrepreneurship. Indirectly, 
it is going to benefit the overall 
agricultural scenario on almost all 
fronts, like the use of technology 
in sowing, harvesting, quality 
improvement, marketing, etc., for the 
simple reason that with additional 
income in the farming household, 
agriculture attracts more investments.
(To be continued on page no. 28)
Kurukshetra       November  2023 26
Page 4


Kurukshetra       November  2023 24
Bhuwan Bhaskar
ndia is a country of around 1.5 billion 
people, and traditionally, more than 60% 
of the population has been dependent on agriculture. 
But it is a well-established fact that overdependence 
on agriculture is producing more problems than 
solutions from a livelihood point of view. More people 
are depending on shrinking cultivable areas, which has 
resulted in smaller holdings. This situation has given rise 
to a number of structural bottlenecks that are plaguing 
I
The author is Vice President, NCDEX, a leading agricultural commodity exchange and writes on contemporary issues related 
to the economy and agriculture sector. Views expressed are personal. Email: bhaskarbhuwan@gmail.com
Indian agriculture, e.g., limited scope of use of machines 
and technology in the fields, loss of bargain power due 
to less production volume, increased production cost, 
etc. So, it is almost clear to policymakers from decades 
of experience that rural per capita income couldn’t 
be boosted beyond a point without getting younger 
generations to look at alternate livelihood sources. 
So, now that we are entering the Amrit Kaal, when our 
Prime Minister Narendra Modi has put forward a vision 
Encouraging Encouraging 
Micro-Entrepreneurship Micro-Entrepreneurship 
Encouraging micro-entrepreneurship may solve most of the problems that rural India is 
facing. Providing employment to the unemployed rural youth, increasing rural household 
income, decreasing the rate of migration from rural to urban areas, etc. are some direct 
benefits that the country can achieve by encouraging micro-entrepreneurship.
25 Kurukshetra       November  2023
to make India a developed 
nation, it is not without 
reason why his government 
has started promoting 
micro-entrepreneurship 
in rural India in a mission 
mode. Encouraging micro-
entrepreneurship may 
solve most of the problems 
that rural India is facing. 
Providing employment to 
the unemployed rural youth, 
increasing rural household 
income, decreasing the 
rate of migration from rural 
to urban areas, etc. are 
some direct benefits that 
the country can achieve 
by encouraging micro-
entrepreneurship. Indirectly, 
it is going to benefit the 
overall agricultural scenario on almost all fronts, like 
the use of technology in sowing, harvesting, quality 
improvement, marketing, etc., for the simple reason 
that with additional income in the farming household, 
agriculture attracts more investments. Apart from rural 
parts, even urban India would witness reverse migration, 
and this will surely improve the urban environment, 
decrease air and water pollution, and take pressure off 
the urban infrastructure. Let’s examine in detail why 
encouraging micro-entrepreneurship could be a game 
changer for strengthening rural youth and the economy.
Scope of Micro-Entrepreneurship: By definition, 
micro enterprises are those that involve investment 
in plant and machinery or equipment worth not more 
than Rs. 1 crore and an annual turnover of not more 
than Rs. 5 crore. A microenterprise is a small company 
that caters to the community or a local market by selling 
products and/or services. Typically, it has less than 10 
employees and a limited geographic scope. A micro-
business typically begins with some type of funding, 
such as microcredit or microfinance. Micro-businesses 
are typically associated with emerging nations and 
economies and try to fill the void left by the lack of 
jobs in the official sector. In addition to creating jobs, 
they also cut production costs, boost purchasing power, 
and offer convenience, all of 
which benefit the economy. 
In truth, the Government 
supports micro-businesses, 
particularly in areas with 
low income. It promotes 
economic and business 
expansion. Additionally, 
these businesses offer hope 
for sustainable development. 
In developing economies, 
they aid in filling a crucial 
need.
Flexibility: Micro-business 
owners are able to 
quickly adjust to changing 
conditions and determine 
their own schedules. 
People who have other 
commitments, such as 
family obligations or part-
time jobs, may find this flexibility to be extremely 
useful. Micro-entrepreneurs have the flexibility to 
adapt to changing market conditions quickly. They 
can make decisions and implement changes without 
the bureaucratic processes common in larger 
organisations.
Low Barriers to Entry: Since starting a micro-
business frequently only demands a small amount of 
resources and capital up front, more people can pursue 
entrepreneurship. People can pursue their business 
goals without taking on a big financial risk because of 
the low entrance barrier. Micro-entrepreneurs often 
require minimal initial capital to start their businesses. 
This low barrier to entry allows individuals with limited 
financial resources to pursue their entrepreneurial 
aspirations.
Job Creation: Micro-business owners that hire staff 
members or take on contract work help to create jobs. 
This, in turn, promotes local economic growth and aids 
in the reduction of unemployment. Microenterprises 
collectively contribute to job creation, which can be 
especially important in regions with high unemployment 
rates. They can help stimulate economic growth at the 
grassroots level.
Encouraging micro-entrepreneurship 
may solve most of the problems 
that rural India is facing. Providing 
employment to the unemployed rural 
youth, increasing rural household 
income, decreasing the rate of 
migration from rural to urban areas, 
etc. are some direct benefits that the 
country can achieve by encouraging 
micro-entrepreneurship. Indirectly, 
it is going to benefit the overall 
agricultural scenario on almost all 
fronts, like the use of technology 
in sowing, harvesting, quality 
improvement, marketing, etc., for the 
simple reason that with additional 
income in the farming household, 
agriculture attracts more investments.
(To be continued on page no. 28)
Kurukshetra       November  2023 26 27 Kurukshetra       November  2023
Page 5


Kurukshetra       November  2023 24
Bhuwan Bhaskar
ndia is a country of around 1.5 billion 
people, and traditionally, more than 60% 
of the population has been dependent on agriculture. 
But it is a well-established fact that overdependence 
on agriculture is producing more problems than 
solutions from a livelihood point of view. More people 
are depending on shrinking cultivable areas, which has 
resulted in smaller holdings. This situation has given rise 
to a number of structural bottlenecks that are plaguing 
I
The author is Vice President, NCDEX, a leading agricultural commodity exchange and writes on contemporary issues related 
to the economy and agriculture sector. Views expressed are personal. Email: bhaskarbhuwan@gmail.com
Indian agriculture, e.g., limited scope of use of machines 
and technology in the fields, loss of bargain power due 
to less production volume, increased production cost, 
etc. So, it is almost clear to policymakers from decades 
of experience that rural per capita income couldn’t 
be boosted beyond a point without getting younger 
generations to look at alternate livelihood sources. 
So, now that we are entering the Amrit Kaal, when our 
Prime Minister Narendra Modi has put forward a vision 
Encouraging Encouraging 
Micro-Entrepreneurship Micro-Entrepreneurship 
Encouraging micro-entrepreneurship may solve most of the problems that rural India is 
facing. Providing employment to the unemployed rural youth, increasing rural household 
income, decreasing the rate of migration from rural to urban areas, etc. are some direct 
benefits that the country can achieve by encouraging micro-entrepreneurship.
25 Kurukshetra       November  2023
to make India a developed 
nation, it is not without 
reason why his government 
has started promoting 
micro-entrepreneurship 
in rural India in a mission 
mode. Encouraging micro-
entrepreneurship may 
solve most of the problems 
that rural India is facing. 
Providing employment to 
the unemployed rural youth, 
increasing rural household 
income, decreasing the 
rate of migration from rural 
to urban areas, etc. are 
some direct benefits that 
the country can achieve 
by encouraging micro-
entrepreneurship. Indirectly, 
it is going to benefit the 
overall agricultural scenario on almost all fronts, like 
the use of technology in sowing, harvesting, quality 
improvement, marketing, etc., for the simple reason 
that with additional income in the farming household, 
agriculture attracts more investments. Apart from rural 
parts, even urban India would witness reverse migration, 
and this will surely improve the urban environment, 
decrease air and water pollution, and take pressure off 
the urban infrastructure. Let’s examine in detail why 
encouraging micro-entrepreneurship could be a game 
changer for strengthening rural youth and the economy.
Scope of Micro-Entrepreneurship: By definition, 
micro enterprises are those that involve investment 
in plant and machinery or equipment worth not more 
than Rs. 1 crore and an annual turnover of not more 
than Rs. 5 crore. A microenterprise is a small company 
that caters to the community or a local market by selling 
products and/or services. Typically, it has less than 10 
employees and a limited geographic scope. A micro-
business typically begins with some type of funding, 
such as microcredit or microfinance. Micro-businesses 
are typically associated with emerging nations and 
economies and try to fill the void left by the lack of 
jobs in the official sector. In addition to creating jobs, 
they also cut production costs, boost purchasing power, 
and offer convenience, all of 
which benefit the economy. 
In truth, the Government 
supports micro-businesses, 
particularly in areas with 
low income. It promotes 
economic and business 
expansion. Additionally, 
these businesses offer hope 
for sustainable development. 
In developing economies, 
they aid in filling a crucial 
need.
Flexibility: Micro-business 
owners are able to 
quickly adjust to changing 
conditions and determine 
their own schedules. 
People who have other 
commitments, such as 
family obligations or part-
time jobs, may find this flexibility to be extremely 
useful. Micro-entrepreneurs have the flexibility to 
adapt to changing market conditions quickly. They 
can make decisions and implement changes without 
the bureaucratic processes common in larger 
organisations.
Low Barriers to Entry: Since starting a micro-
business frequently only demands a small amount of 
resources and capital up front, more people can pursue 
entrepreneurship. People can pursue their business 
goals without taking on a big financial risk because of 
the low entrance barrier. Micro-entrepreneurs often 
require minimal initial capital to start their businesses. 
This low barrier to entry allows individuals with limited 
financial resources to pursue their entrepreneurial 
aspirations.
Job Creation: Micro-business owners that hire staff 
members or take on contract work help to create jobs. 
This, in turn, promotes local economic growth and aids 
in the reduction of unemployment. Microenterprises 
collectively contribute to job creation, which can be 
especially important in regions with high unemployment 
rates. They can help stimulate economic growth at the 
grassroots level.
Encouraging micro-entrepreneurship 
may solve most of the problems 
that rural India is facing. Providing 
employment to the unemployed rural 
youth, increasing rural household 
income, decreasing the rate of 
migration from rural to urban areas, 
etc. are some direct benefits that the 
country can achieve by encouraging 
micro-entrepreneurship. Indirectly, 
it is going to benefit the overall 
agricultural scenario on almost all 
fronts, like the use of technology 
in sowing, harvesting, quality 
improvement, marketing, etc., for the 
simple reason that with additional 
income in the farming household, 
agriculture attracts more investments.
(To be continued on page no. 28)
Kurukshetra       November  2023 26 27 Kurukshetra       November  2023 Kurukshetra       November  2023 28
Innovation: New goods, services, and concepts are 
frequently introduced to the market by small firms. 
Micro-business owners are more nimble and can test out 
new ideas more rapidly, which encourages innovation in 
their specialised market. Micro-entrepreneurs are often 
more agile and innovative than larger companies. They 
can quickly experiment with new ideas and adapt to 
changing market demands.
Local Economic Growth: Micro-businesses frequently 
help the community's economy by utilising area vendors 
for supplies, services, and labour, as well as by employing 
citizens as employees. Additionally, they produce tax 
revenue that can be used to improve the neighborhood. 
Microenterprises often serve local communities, 
contributing to the local economy by creating jobs 
and providing goods and services. They can also help 
revitalise neighborhoods and contribute to community 
development.
Self-reliance: Micro-business owners have more 
influence over their companies' and their financial 
destinies. They are less reliant on big businesses or 
conventional job frameworks, which can foster a feeling 
of empowerment and independence.
Diverse Offerings: Micro-firms frequently target specific 
markets and provide specialised goods or services that 
may not be provided by larger companies. The increased 
customer choice and competitiveness that result from 
this diverse micro-entrepreneurship encompass a wide 
range of industries and business models. Individuals can 
explore various niches and markets, finding opportunities 
that match their skills and interests.
Economic Resilience can be facilitated through a varied 
ecosystem of micro-businesses. Smaller companies can 
adjust more quickly and contribute to the stabilisation 
of the economy when larger industries experience 
downturns. Microenterprises can be more resilient 
during economic downturns because of their small size 
and adaptability. They can pivot and adjust their offerings 
to meet changing customer needs.
While some micro-businesses have the ability to develop 
and expand over time, most start off modest. Successful 
micro-business owners can expand their activities and 
start bigger companies. It is vital to remember that while 
micro-entrepreneurship has numerous advantages, it 
also has drawbacks like financial ambiguity, resource 
limitations, and the requirement for strong self-discipline. 
Micro-entrepreneurship, however, may be a rewarding 
and fruitful career for people with an entrepreneurial 
spirit and a desire to put in the effort.
Today, India takes pride in having the third-largest startup 
environment worldwide. There are more than 60,000 
companies working in the nation, and there are over 
(Continued from page no. 25)
100 unicorns. This achievement can be attributed to the 
active support given by the Indian Government through 
its numerous programmes and plans for startups and 
entrepreneurs. All of the aforementioned initiatives were 
supported by a number of government initiatives and 
resources aimed at giving businesses financial support 
and working capital. For instance, the Startup India Action 
Plan entitles entrepreneurs to a number of perks, such as 
tax incentives and exemptions, loans with lower interest 
rates, skill development programmes, priority in public 
procurement, etc.