'Farmers, vendors exhibit more entrepreneurship than Indian corporates'
Kolkata, May 11: India's small farmers and street vendors are exhibiting far more entrepreneurship than the country's corporate sector, Bibek Debroy, Chairman of the Prime Minister's Economic Advisory Council, said here on Friday.
"Entrepreneurship cannot be taught but skills can be taught... let me tell you a small farmer exhibits far more entrepreneurship than the Indian corporate sector does. Let me remind you that the poor vendors on the streets of India are exhibiting far more entrepreneurship than the Indian corporate sector does," he said while addressing the Sixth Convocation of IMI-Kolkata.
He said one cannot encourage entrepreneurship without encouraging failure.
"We all think of successes of entrepreneurship; 95 per cent of entrepreneurial attempts failed," Debroy said.
Debroy, a member of NITI Aayog, also spoke of the need for the Indian education system
to facilitate or provide an enabling environment for entrepreneurship.
"...(there is a) huge question mark about whether Indian education system at all facilitates or provides enabling environment for entrepreneurship," the economist said.
When Prime Minister talks about Start Up India and Stand Up India, it is not about the corporate sector but is about entrepreneurship, he said.
Referring to an IMF report released after India opened up the economy in 1991, he said it had suggested it would take 153 years for a country like India to halve the gap in per capita income that exists with the developed countries.
"The lesson of the last couple of decades has been that there is no need to wait for 153 years," he said.
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US President Biden assures peaceful transfer of power in January
Washington, Nov 7: Outgoing US President Joe Biden on Thursday vowed to ensure a peaceful and orderly transfer of power to President-elect Donald Trump in January and appealed to the people to accept the election results for the White House.
Biden made the comments during an address to the nation a day after Trump, 78, was re-elected as the 47th president of the US after defeating Vice President Kamala Harris, the Democratic Party's nominee.
Biden said he spoke with Trump and also with Vice President Harris, who he said ran an inspiring campaign.
Trump, who had lost the 2020 elections to President Biden, won this time both in terms of popular votes and electoral college votes.
“Yesterday, I spoke with President-elect Trump to congratulate him on his victory. I assured him that I would direct my entire administration to work with his team to ensure a peaceful and orderly transition," Biden said in his address from the Rose Garden of the White House.
"That's what the American people deserve,” he added.
"For over 200 years, America has carried on the greatest experiment in self-government in the history of the world," he said, adding that the people vote and choose their leaders and do it peacefully.
"In a democracy, the will of the people always prevails," said Biden in his address attended by members of his Cabinet and senior administration officials.
Biden said he hoped the election could also lay to rest the question about the integrity of the American electoral system.
“It is honest, it is fair, and it is transparent. It can be trusted, win or lose. I also hope we can restore the respect for all our election workers who busted their necks and took risks at the outset,” he said.
“As they did their duty as citizens, I will do my duty as president. I'll fulfill my oath and I will honour the Constitution. On January 20th, we'll have a peaceful transfer of power here in America,” Biden said.
Rebutting criticism of his economic policy, Biden said his administration is leaving behind the strongest economy in the world.
Biden said he also spoke with Vice President Harris.
"She's been a partner and a public servant. She ran an inspiring campaign, and everyone got to see something that I learned early on to respect so much: her character... She has great character, true character,” he said.
Biden added that Harris -- who took after Biden withdrew in July-- gave her "whole heart and effort" to her presidential campaign.
"I know for some people, it's a time for victory, to state the obvious. For others, it's a time of loss," he said.
Adding that campaigns are contests of competing visions and the country chooses one or the other, Biden said, "We accept the choice the country made."
"You can't love your country only when you win. You can't love your neighbour only when you agree,” Biden said.
His remarks are seen as an attempt to heal a country that appeared divided into two groups after the results of the bitterly contested presidential election were out.
"I know people are still hurting, but things are changing rapidly. Together, we've changed America for the better. Now we have 74 days to finish our term. Let's make every day count. That's the responsibility we have to the American people,” he said.
Noting that setbacks are unavoidable, he said that giving up is "unforgivable".
"We all get knocked down. But the measure of our character, as my dad would say, is how quickly we get back up. Remember, a defeat does not mean we are defeated. We lost this battle. The America of your dreams is calling for you to get back up,” he said.
“That's the story of America for over 240 years and counting. It's a story for all of us, not just some of us," he said, adding that the American experiment endures.
"We're going to be okay, but we need to stay engaged. We need to keep going. Above all, we need to keep the faith,” Biden said.
