This guy did not waste IIM seat... in fact he graduated with prestigious MBA in true sense.
This is what IIMs should encourage: ENTREPRENEURSHIP.
Every successful entrepreneur brings about benefits not only for himself/herself but for the municipality, region or country as a whole.
The combination of historical factors including the caste system, British occupation, cultural values, and government regulations- have limited innovative entrepreneurship in India.
India Inc is still keen only on services (being coolie).
Hats off to Kaushalendra for thinking out of the box.
