Mumbai, Dec 7 (PTI) Digitisation is the way forward for entrepreneurs to become leaders and become part of the country's growth story, IDFC First Bank managing director and CEO V Vaidyanathan said on Wednesday.

"Entrepreneurs can only become leaders of tomorrow if they adapt to the digital wave, and several government initiatives have played a huge role in ushering in digitisation for small and medium enterprises (SMEs). With Jandhan and Aadhaar, it opened 4 million bank accounts for people below the pyramid in India in a year," Vaidyanathan said addressing the ET Now Leaders of Tomorrow Awards.

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He said, smartphones are enabling quick commerce, and Artificial Intelligence (AI) and machine learning are making things even simpler.

"Let's not forget credit bureaus, UPI, and ONDC. These ecosystem changes must be adopted by small entrepreneurs if they want to be part of the success story. It has been forecasted that the extent of consumer credit will increase to a cumulative USD 4.5 trillion by 2030. SMEs will have a significant role in coming up with such a power in the next few years. This momentum will take the country and economy ahead," he added.

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OYO CEO Ritesh Agarwal, who was also present on the occasion, said entrepreneurs need to first figure out the sector they want to be in.

"You must pursue a sector that has less competition. Building the right team is necessary and you need partners for yourself. People who believe in you as a partner and not just as an employer. Be in a sector that allows you to take some time and then shine. What you need is perseverance," he stated.

An entrepreneur's job is not just to deliver earnings, but also value addition for shareholders, Agarwal said, adding, "as entrepreneurs, you must be optimistic that next year, we will see profitable unicorns".

Meanwhile, Maharashtra minister of skill development and entrepreneurship Mangal Prabhat Lodha urged industrialists to join hands with the government and help upskill people at its incubation centres in the state.

"Corporates need skilled people and we have skilling centres in Maharashtra. We invite large corporations to participate and patronise them. You can play a role in upskilling people at our centres too. These can be huge incubators of talent. We have the space and we can open ITIs with you if you desire. The government will keep working but we cannot be hundred per cent effective unless we work together," he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)