6 Indian Entrepreneurs & Innovators Who Helped Shape The Indian Economy

8 mins read

Indian Independence Day- 15th August, is synonymous with the feeling of patriotism that unites every living Indian, across borders. Every year on this day we remember and honor every Indian who fought tooth and nail, for years, to liberate our nation from the clutches of its suppressors. But with the end of our fight for freedom began our fight for survival, growth, and prosperity. However, the joint effort by the Indian masses has helped us champion these fights making India one of the top emerging economies in the world.

And while every Indian has contributed to this journey, there were a few whose innovative ideas and entrepreneurial approaches were critical to shaping the Indian economy. So, as India celebrates 75 years of Independence, let’s have a look at a few of the top innovators who joined forces with the common masses to bring exponential growth to the country. 

Jamsetji Tata & Ratan Tata: The Innovation Drivers

We all know of the Tata Group and Ratan Tata, a man of simple means with a company worth billions. But it was Jamsetji Tata, the entrepreneur who started the Tata Group as a private trading firm back in 1868. The group has since been a part of many firsts in the nation. It commissioned the first-ever luxury hotel in India- Taj Mahal Palace & Tower in 1902. It was Jamsetji who envisioned setting up an institution that would harness the finest minds of the nation. Even though his dream did not materialize in his lifetime, his successors carried on with his dream which gave birth to one of the finest institutes in India- the Indian Institue of Science (IISc). Jamsetji was also the original mind who envisioned building a hydroelectric plant (Tata Powers), and an ironworks company (Tata Steel), which were brought to fruition by his successors Sir Dorab Tata, Sir Nowroji Saklatwala, Jahangir Ratanji Dadabhoy (JDR) Tata, and Ratan Tata (present). Together they have taken the group to unattainable heights one sector at a time, and have contributed to the growth of the Indian economy.

Today, the Tata Group is known for its innovative solutions across sectors. The company is inducing innovation, not only in its solutions but also in the way it operates. To nurture young ideas, the Tata group is employing innovative means such as gamified innovation challenges and hackathons to reach out to the top talent in the country. Tata has also initiated a unique 'One Tata' platform called the Tata Innovista, for recognizing and promoting innovations of the Tata companies at the Group level.

Dhirubhai Ambani: The Pioneer

The Indian businessman who went from selling fried snacks to pilgrims in Gujarat to being a gas station attendant, to eventually founding Reliance Industries that we know of today, is definitely worth a mention on this list. He followed a simple philosophy- "Think big. Think differently. Think fast. Think ahead". It was Dhirubhai's innovative vision and risk-taking capacity that led to Reliance Industries becoming one of the largest Indian private companies in the world. Today his sons, Anil Ambani and Mukesh Ambani (who features on the list of the richest businessmen in the world) are taking their father’s legacy forward. Having bold ambitions for India, Reliance Industries (led by Mukesh Ambani) intends to create an innovation agenda that is even bolder, ensuring that the future wave of growth shall remain innovation-led.

JC Mahindra & KC Mahindra: The Men Of Steel

The foundation for Mahindra & Mahindra was laid in October 1945 by the brothers Jagdish Chandra Mahindra & Kailash Chandra Mahindra. They started this business as a steel trading company with suppliers from the UK and turned it into a mega-sectoral business for post-independent India. In 1947, they became the manufacturers of Willy Jeeps and introduced the Indian market to its first-ever 4-wheel off-roader, CJ3A. The company got listed on the Bombay Stock Exchange in 1955, from where it began its advent towards the future. 

Today, Mahindra is the largest tractor manufacturer and seller in India, catering to the needs of thousands of farmers across the nation. The company encompasses multiple sectors and is one of the biggest Indian conglomerates with a focus on sustainable and inclusive economic growth.

Did you know:

1. JC Mahindra started out as the Senior Sales Manager at Tata Steel, from where he went on to become the first Steel Controller of India. This is where he amassed expertise in the steel industry which later helped him establish his own business. 

2. JC & KC Mahindra co-founded Mahindra & Mohammed in 1945 with Malik Ghulam Mohammed. But Malik gave up the venture to move to Pakistan after independence. So the brothers renamed the company Mahindra & Mahindra in 1947, instead of dissolving the entity and giving up on their dreams. 

Also Read: An Overview Of The Tech Mahindra Recruitment Process

Jamnalal Bajaj & Rahul Bajaj: The 'Two-Wheels' Of Success

Back in 1926, a freedom fighter, philanthropist, and Mahatma Gandhi’s confidante, Jamnalal Bajaj started what we know of as the Baja Group today. Jamnalal followed the Gandhian philosophy and sewed it into his sugar manufacturing business in Lakhimpur Kheri, Uttar Pradesh. He was a strong propagator of village industries, the Khadi movement, and the removal of untouchability. It was the patriotic belief and philosophy which helped his business grow along with the Indian economy. He was succeeded by his son Kamalnayan Bajaj, a Cambridge graduate who diversified the business into two-wheeler, three-wheeler, cement, and other sectors. And then it was Rahul Bajaj, the pioneer who managed to successfully navigate the License Raj era and make the middle-class dream of owning a two-wheeler come true for millions. 

Rahul watered the seeds sown by his forefathers and carried their Gandhian legacy forward. In a time when most businesses were focused on churning out the biggest profits, Rahul kept his two-wheelers affordable and believed in providing his customers with quality products at competitive prices. Today Bajaj has a strong presence in automobiles, finance, home appliances, electrical, iron & steel, and insurance sectors of the Indian economy. 

Ardeshir Godrej: The Locksmith Of India

Born in 1868, this Parsi-Zoroastrian boy laid the foundation of one of the biggest Indian consumer goods companies, in pre-independent India. No one could have guessed that Ardeshir Godrej would revolutionize the Indian economy as he did. 

A lawyer by education, Ardeshir went a completely different route when he decided to build his own business. And even though his first venture of making surgical equipment failed miserably, he marched on and gave ‘Godrej’ to the world. He is the man behind many firsts for the Indian market.

What started as a lock-making firm, became the creator of India’s first ever safe in 1902. He soon ventured into the soap and vegetable oil manufacturing industry along with his brother and produced the world’s first-ever vegetable soap. The rest as they say is history. Over the years, Godrej Group of Companies has grown leaps and bounds with each successor taking the business farther than before. Today, Godrej is a multi-sectoral conglomerate operating in consumer products, food products, real estate, electrical appliances, and many other sectors with multiple subsidiaries under its banner. 

Sachin Bansal & Binny Bansal: The New Age Entrepreneurs

Flipkart is the first homegrown e-commerce platform that inspired many new-age entrepreneurs to take action on their dreams. Its contribution and consequently Sachin & Binny’s efforts to bring about a new change in the Indian economy are monumental. Even though the founders have gone their separate ways, their innovative business idea is still serving millions of Indians one delivery at a time. 

Also Read: Flipkart WiRED Case Study: Capturing Potential Of B-School Students Early To Become A Future-Ready Brand

All these and most other pioneering entrepreneurs are tied by not just feeling, but acting on patriotism. Their ideation and futuristic thinking have contributed immensely to the growth of the Indian economy and encouraged a culture of innovation amongst Indian youth. 

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