India's domestic consumption in virtually all the sectors has the potential to treble from the current levels, perhaps just enough to catch up with a country like China, said Anil Ambani, vice chairman and managing director of Reliance Industries.

He was speaking as the chief guest at the fifth convocation of the Entrepreneurship Development Institute of India's post-graduate diploma programmes on Saturday.

He said, "India is a land of great opportunities that are perhaps incomparable in the world. Now, the world's eyes are on India. New business opportunities are unlimited, and our economic reforms have unshackled creativity and innovation."

Seventy-two students who successfully completed the course were awarded the diplomas by Ambani. Of the students, 21 got diplomas in new enterprise creation, 22 in family business management and 23 in management of NGOs.

Extending his best wishes to the budding entrepreneurs, Ambani said, "Within the next 20 years, India will have four million people below the age of 35 years. Each person in this bold new generation will be in the prime of his or her life, striving for a better tomorrow, creating in the process, new growth opportunities, for the budding entrepreneurs like you."

He said, "Across diverse sectors internationally, the 'Made in India' tag is now an increasingly respected brand, valued for quality, reliability and competitiveness. Truly, with the economic reforms in the country and with the virtual removal of all trade barriers, the world is now our market and our opportunity. The pursuit of these opportunities requires an indomitable spirit of entrepreneurship, and to be a successful entrepreneur, you have to identify opportunities, that have either not existed before or have not been noticed before by others."

He also spoke about laws, rules and regulations and a high level of government and bureaucratic intervention that can kill the most ardent entrepreneurial spirit.

He emphasised that the entrepreneurs should understand the democratic, parliamentary, legal and judicial system of the country.

The entrepreneurs should have a through understanding of the complex direct and indirect tax systems and procedures and related matters.

The Bharti Best Student of the Year Award was presented to Siddharth Jain, a student of PGDBEM with specialisation in Family Business Management.

The 2003 Bharti Entrepreneur of the Year award was presented to R S Khadwalia of Indo Farm Equipment Ltd.

He was a participant of Entrepreneurship Development Programme conducted by the EDI in 1984.