The dark side of Indian economic culture has been a catastrophe for the middle class. The products that were easily accessible to the rich, drove a hard bargain to commoners. Money was a prerequisite to a quality life. On one hand, the cash-rich thrived in luxury; on the other, inequality prevailed, and the middle class struggled to settle with minimal affordable options to live an elegant life. This winding tale of woe of the middle class took a turning point when budding Indian entrepreneurs rolled up their sleeves and decided to take the matter into their own hands. Their idea was to redistribute the access to a commodity. By wiring changes in the pricing models, the middle class levelled up their standards without going broke.
The transformation to affordability
Many industries in India witnessed a remarkable breakthrough during the phase of entrepreneurship. The technology that was earlier exclusively accessible to those with a financial edge was now available to everyone at an affordable cost. For instance, companies like boAt and Noise disrupted the market by pivoting the smartwatch industry into a middle-class target audience. The exorbitantly priced smartwatches, earlier considered a status symbol, were now an inexpensive tool for keeping health and fitness in check. Thus, Indian entrepreneurs not only increased the affordability of a quality living but also opened doors of opportunities for people to create wealth. This is where Fintech also jumps in. Companies like Tyke allowed even an average joe to invest in startups with as little as 5000 rupees (or INR). Hence, the industry, earlier privileged only to angel investors and venture capitalists, now broadened its horizons and accommodated any commoner with a desire to fund a startup. Another example is the QR Code revolution pioneered by Paytm. The payments app seamlessly integrated with UPI came with no extra cost to the customer.
Reshaping the developing nation
These are only some examples out of innumerable fields harnessing entrepreneurial disruptions. Entrepreneurs undertake business ventures by inducing accessibility for all by equal redistribution of commodities. Not only are they generating wealth by solving existing problems, but also reshaping the economy by keeping in mind that masses earn a bare minimum paycheck. Ensuring access by acquiring the market share and redirecting it to the middle classes is a game changer/avant-garde. The combined revolutionary act by such entrepreneurs has led India to experience the true essence of globalization and a quality lifestyle. Their plunge into innovation has set an example of how social change and community development can help advance a developing nation.
