Rapid economic growth has resulted in the poor feeling poorer due to income inequalities. Even those who are much better off today than they were a few years ago are feeling much worse today, due to stark disparities in income. Although 
globalisation has helped India move large sections of population out of abject poverty, poverty is still running rampant here.
The only way to change the prevailing situation is not through government control but through entrepreneurship. This, in short, is professor (University of Michigan Ross School of Business) and management guru C K Prahlad’s prescription for India. He articulated this in his keynote address at the TiE Entrepreneurial Summit.
"While there are plenty of discussions on inclusive growth in India, very little has been done to create wealth by creating jobs. The answer lies not in the redistribution of limited wealth but in creating wealth, which entrepreneurship and innovations can accomplish. For instance, India has leapfrogged the West by setting up 1.5 million electronic polling booths, which were used by 450 million people to caste their vote. This is a classic case of innovating the polling process which has not happened even in developed nations like the US and Germany. India has also redefined the way wireless companies should be run. Companies like Airtel are thriving one-minute factories where each minute is a revenue earner," he said.
Stating that the focus has to shift from public policy to entrepreneurship, he said the poor in India represent a vast new opportunity, because entrepreneurs need to come up with innovative and cost effective solutions to target the poor. Elaborating on other innovations in India, he said, "While cataract surgeries in the US cost $3,000, Arvind Eye Hospital in India does it for a fraction of the cost at $35. Millions of students in India need millions of books right through their schooling years. An entrepreneur just needs to come up with a solution like Amazon’s wireless reading device — Kindle, which will allow easy downloads of information, but at a cheaper price point. Such entrepreneurship should be fostered in the country, especially with the help of women who really know how to manage money and investments."
