The observation was made by Union Finance Minister Yashwant Sinha while delivering the address at the first convocation of the Entrepreneurship Development Institute of India's Post-Graduate Diploma in Business Management on Tuesday.

Sinha said in the new global economy, creative entrepreneurship had a critical role to play. It was obvious that most of the ideas that determined entrepreneurial principles and business decisions in the past would have to make way for new practices.

Entrepreneurial activities would change accordingly in the years to come. Technocrats and professionals, equipped with knowledge and state-of-art technology, shall replace traditional business people. "This new generation of managers will mould Indian industry, and technical education will acquire a new dimension as Internet technologies become significant in determining growth and prosperity of business," Sinha said. He said that today's entrepreneur should realise that the application of Internet technology could greatly facilitate the implementation of management techniques.