Happy #WorldEntrepreneurshipDay!

Over the past few days, I've been reflecting on the pride that comes with being an entrepreneur and how we don't celebrate this achievement nearly enough. Then a thought struck me: if doctors, chartered accountants, advocates, and architects all have recognized titles—Dr., CA, Adv., Arch.—why shouldn't entrepreneurs have one too? This realization sparked the creation of an entrepreneurship pledge and the title "Entr."!

Delighted to have launched this campaign from TiE Bangalore today - please do visit this link to take the pledge, and add Entr. title to name to proudly proclaim that you are an entrepreneur! (like how I have done in my linkedin profile..!)

India's Micro, Small, and Medium Enterprises (MSMEs) form the backbone of the nation's economy, directly employing over 100 million people and contributing approximately 30% to GDP and 45% to exports. To realize India's ambitious growth targets, both central and state governments must not only foster entrepreneurship but also implement comprehensive ease-of-doing-business reforms for existing MSMEs. The Prime Minister's Independence Day announcement from the Red Fort marked a watershed moment for Indian businesses. The proposed streamlining of the Goods and Services Tax (GST) regime—aptly termed a "Diwali gift to the nation"—promises to simplify India's complex tax structure significantly.

The rationalized framework looks to consolidate the current multi-slab system into just two primary rates: 5% and 18%. Goods currently taxed at 12% and 28% will be redistributed between these two slabs, while "sin goods" such as tobacco and luxury vehicles will remain in a separate 40% bracket. Additionally, tax authorities plan to expedite the settlement of outstanding GST disputes. This rationalization holds particular promise for micro and nano enterprises—the most vulnerable segments of the MSME ecosystem. Currently, thousands of small businesses deliberately limit their growth on paper to remain below GST thresholds, constraining their potential and hampering rural entrepreneurship. The simplified structure should encourage these enterprises to scale up legitimately and contribute more robustly to the formal economy.

I feel that the reforms should also address several pressing challenges that disproportionately affect smaller MSMEs:

Input Tax Credit Bottlenecks: The inverted duty structure has created persistent input tax credit issues, particularly burdening smaller suppliers in larger corporate supply chains. While large corporations can deploy teams of chartered accountants and tax lawyers to navigate GST complexities, smaller enterprises lack such resources.

Administrative Burden: The quarterly filing process requires urgent simplification. Reducing paperwork and streamlining compliance procedures will free up valuable time and resources for MSMEs to focus on core business activities rather than regulatory compliance.

For the GST Council to maximize the reform's impact, it must prioritize these simplification measures urgently. The success of this initiative will be measured not just in increased tax compliance or revenue collection, but in the tangible growth of India's smallest businesses. MSMEs are India's true growth engines and largest job creators. In an increasingly multipolar world, achieving genuine 'Atmanirbharta' (self-reliance) depends critically on empowering these enterprises. The new GST regime's rollout must, therefore, be designed with MSMEs as the primary beneficiaries—ensuring that India's economic foundation remains strong, inclusive, and resilient.

Today also marks the 7th anniversary of GAME - Global Alliance for Mass Entrepreneurship that Ravi Venkatesan , Mekin Maheshwari and I co-founded.. we had an intense, but purpose-driven and fun offsite led by our energetic President Ketul Acharya where we reiterated our mission and fine tuned our strategies to impact millions of entrepreneurs positively..!

Sharing a post the exemplifies our approach!

I recently shared thoughts on Aparna Bijapurkar proposal for a National Entrepreneur Development Corporation—an idea whose time has truly come. As I proposed earlier, we also need district entrepreneurship missions in every district across our country. We have already submitted our related 'Mission #DigDEEP' proposal to the Honorable Finance Minister and look forward to continued engagement on this initiative.

It bears repeating that India has no choice but to dramatically boost entrepreneurship, particularly in our rural regions. We must achieve self-reliance, as no other major power can be fully trusted, and we urgently need to create employment opportunities for millions of our youth. Through my work at Head Held High Foundation , we have consistently advocated for comprehensive capability building programs that equip youth, women, and economically marginalized communities with the skills and support necessary to launch and scale their own enterprises!

Lastly, in this context - a few of us convened in Mumbai to discuss the issue of jobs and entrepreneurship, and how we can trigger a massive jobs movement..! It was a super-exciting discussion - watch this space for more updates soon!