From bazaars to boardrooms: The enduring spirit of Indian enterprise

India is not merely a land of entrepreneurs; it is a civilisation built upon the very principles of enterprise. Long before the advent of stock markets and venture capital, the subcontinent was home to thriving commercial ecosystems, seamlessly integrating philosophy with pragmatism. The Maurya and Gupta periods, widely celebrated as the golden ages, were marked by flourishing trade routes, the rise of influential merchant guilds, and bustling urban centres like Pataliputra and Ujjain. These were not just empires of territory but of enterprise, where commerce was institutionalised through robust infrastructure and administrative foresight, embedding trade into the very fabric of governance.

This deep-seated culture of business did not wane with time; it evolved. In early modern India, long before startups found homes in glass towers and co-working spaces, Indian traders operated expansive networks powered by trust, speed, and sophistication. They built informal yet remarkably effective systems of credit, logistics, and pricing that connected the ports of Mocha, the courts of Isfahan, and the markets of Canton to India’s heartland. Figures like Shantidas Jhaveri, who financed royalty while negotiating with European firms, and Virji Vora, the Surat-based trader who could sway market dynamics across continents, were not anomalies. They were embodiments of a civilisation where enterprise was intuitive, expansive, and deeply aspirational. Their currency was credibility, their engine was ingenuity, and their compass was in demand.

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As the world changed and colonialism took hold, the Indian spirit of enterprise did not disappear; it adapted once again. Even as traditional trade networks were disrupted and indigenous industries weakened under colonial policies, a new generation of Indian entrepreneurs emerged. These were not only survivors of a shifting order but visionaries who looked to build for the future. Among them, Jamsetji Tata stands out as a symbol of modern Indian industrial imagination. His dream of an India with its own steel industry, hydroelectric capacity, and scientific institutions laid the foundation for the country’s industrial future. He, and others like the Birlas, Godrejs, and Kirloskars, were not merely industrialists; they were institution builders. Operating in an era of limited political power but vast ambition, they directed capital toward infrastructure, education, and national development. They exemplified a shift in Indian enterprise from nimble trade to long-term industrial planning, even under the constraints of colonial control.

In the decades following independence, the spirit of entrepreneurship endured despite tight regulatory control and economic restrictions. A cautious wave of liberalisation in the 1990s began opening parts of the economy, but it was only after 2014 that India witnessed a giant leap in entrepreneurial momentum, as the state shifted from being a controller of enterprise to becoming its active enabler.

From that point forward, India has seen a dramatic transformation in the scale, structure, and visibility of entrepreneurship. As of January 2025, India boasts over 1.59 lakh startups recognised by the Department for Promotion of Industry and Internal Trade, a significant increase from approximately 500 in 2016. This growth has been accompanied by the emergence of over 100 unicorns, marking a substantial leap from fewer than 10 in 2016. These ventures have collectively generated over 16.6 lakh direct jobs, with major hubs like Bengaluru, Hyderabad, Mumbai, and Delhi-NCR driving innovation, while smaller cities are also making significant contributions.

A series of targeted interventions have shaped this new entrepreneurial landscape. Platforms like MAARG connect early-stage founders with mentors across sectors and regions. Startup India Hub has brought together investors, corporations, incubators, and academic institutions onto a shared digital interface. Capital access, once the preserve of elite networks, has been democratised through initiatives like the Startup India Seed Fund and the Credit Guarantee Scheme. What makes this moment different from the past is not just the availability of capital but the ecosystem that surrounds it, one that includes incubation, mentorship, digital infrastructure, and policy intent.

Institutions that once focused solely on academic excellence have now become entrepreneurial launchpads. IITs and IIMs have started nurturing startups across sectors — deep tech at IIT Madras, social ventures at IIM Ahmedabad, and agri-tech at IRMA. These ventures are not only profitable but are solving real problems related to food systems, mobility, education, and healthcare access. This convergence of knowledge and enterprise has given rise to businesses that aim not just for scale but for significance.

The cultural landscape has shifted just as dramatically. Startup founders are no longer anonymous coders in basements. They have become public figures, role models, and symbols of aspiration. Shows like Shark Tank India have further embedded the entrepreneurial dream into mainstream consciousness. The idea of pitching a product or raising capital has become as tangible as preparing for a civil service exam. For young graduates in Tier II and Tier III towns, the startup dream is no longer distant; it is personal, plausible, and often local.

Still, the work is far from complete. Much of the current entrepreneurial energy remains focused on digital consumer services. Sectors like core manufacturing, clean technology, and climate solutions are still underserved. Public procurement systems remain slow to trust younger companies, despite recent reforms. Regulatory clarity on taxation, exits, and compliance continues to lag behind the needs of a fast-growing startup ecosystem. And although smaller towns brim with ideas, support systems such as incubators, legal advisory, and angel networks remain concentrated in urban centres.

If Indian entrepreneurship is to be truly inclusive and future-ready, the next decade must not only scale startups but deepen their relevance. We must incentivise ventures that address long-standing problems in agriculture, sustainability, public health, and governance. Startup policy must align with public outcomes, not just fundraising milestones. Incubation needs to expand beyond elite campuses. And state governments must approach entrepreneurship not just as an economic indicator but as a tool of social transformation.

The future of Indian enterprise does not lie in mimicking Silicon Valley. It lies in drawing from our own past, from the ingenuity of early modern Indian merchants like Shantidas Jhaveri and Virji Vora, the institution building of industrialists like Jamsetji Tata, to the digital ambition of today’s startup founders. From the trading houses of Surat to the marketplaces of Bengaluru, the Indian business spirit has always been adaptive, resilient, and quietly revolutionary. It is time now to honour that legacy by building not only with speed but with scale, substance, and integrity.

The writer is a public policy professional with experience across several Union ministries and has mentored several startups across the country.