THE CONTRIBUTION OF ENTREPRENEURSHIP TO INDIA'S ECONOMIC ADVANCEMENT
Keywords:
Entrepreneurship, Innovation, Job creation, Economic dynamismAbstract
India, a nation with a dynamic population of over 1.3 billion people, has witnessed dramatic economic growth in recent decades. This progress has been fueled by several factors, but entrepreneurship stands out as a key driver of innovation, job creation, and overall economic dynamism. Entrepreneurship holds a central role in the trajectory of economic progress, serving as a catalyst for value creation or extraction. Entrepreneurs play a pivotal role in fostering balanced national development through the efficient utilization of a country's resources. The pace of industrialization and overall economic advancement of a nation is contingent upon the initiatives and contributions made by. While a country may inherit abundant natural resources, the realization of economic development remains unattainable without the presence of proficient entrepreneurs. According to various govt. publication over 8.5 lakh jobs created by Indian startups in 2022 whereas MSME sector employs over 11 crore people in India. Indian start-ups attracted over $80 billion in venture capital funding in the past decade. Indian exports reached $418 billion in 2022-23 (Ministry of Commerce & Industry, 2023).India ranks 46th in the World Bank's Ease of Doing Business rankings in 2023 (World Bank, 2023).This paper delves into the various ways in which entrepreneurship contributes to India's economic advancement. It examines the role of entrepreneurs in creating new businesses, generating employment, fostering innovation, capital access and govt initiatives. Additionally, the paper explores the challenges faced by aspiring entrepreneurs in India and suggests potential solutions to encourage further entrepreneurial activity.
Downloads
References
Avittathur, B. (2024a). Entrepreneurship in India: A Management Perspective. In Managing India (pp. 219–236). Routledge India.
Avittathur, B. (2024b). ENTREPRENEURSHIP IN INDIA. Managing India: The Idea of IIMs and Its Changing Contexts.
Bhagavatula, S., Mudambi, R., & Murmann, J. P. (2019). Innovation and entrepreneurship in India: An overview. Management and Organization Review, 15(3), 467–493.
Bhushan, B. (2019). Entrepreneurship Development in India: Emerging Scenario. Parisheelan.
Broehl, W. G. (1978). The village entrepreneur: change agents in India’s rural development. Harvard University Press.
Chaudhery, U., & Raj, R. (n.d.). ROLE OF ENTREPRENEURSHIP ON ECONOMIC DEVELOPMENT IN INDIA. MTC Global®, 58.
Chaurasia, R., & Bhikajee, M. (2016). Adding entrepreneurship to India’s science, technology & innovation policy. Journal of Technology Management & Innovation, 11(2), 86–103.
Datta, P. B., & Gailey, R. (2012). Empowering women through social entrepreneurship: Case study of a women’s cooperative in India. Entrepreneurship Theory and Practice, 36(3), 569–587.
Gang, I. N., Raj Natarajan, R., & Sen, K. (2022). Finance, gender, and entrepreneurship: India’s informal sector firms. The Journal of Development Studies, 58(7), 1383–1402.
Ghani, E., Kerr, W. R., & O’connell, S. (2017). Spatial determinants of entrepreneurship in India. In Entrepreneurship in a Regional Context (pp. 133–151). Routledge.
Jahanshahi, A. A., Nawaser, K., Sadeq Khaksar, S. M., & Kamalian, A. R. (2011). The relationship between government policy and the growth of entrepreneurship in the micro, small & medium enterprises of India. Journal of Technology Management & Innovation, 6(1), 66–76.
Kumar, J. S., & Shobana, D. (2023). Evolution and significance of women entrepreneurs in India.
MADHURA, D. (n.d.). A Scrutiny on the Contribution of Entrepreneurship to India’s Economic Growth. Worldwide International Inter Disciplinary Research, 53.
Pallavi, M., & Shete, L. (2023). Worldwide International Inter Disciplinary Research Journal. Worldwide International Inter Disciplinary Research Journal (A Peer Reviewed Referred), I(624). www.wiidrj.com
Pandey, I. M., Nair, R., Awasthi, D., Mehta, K., Varshney, V., Rewari, R., & Ramachandran, K. (2003). Entrepreneurship and venture capital. Vikalpa, 28(1), 99–112.
Rushing, F. W., & Thompson, M. A. (1996). Intellectual property protection, entrepreneurship, and economic growth. Journal of Enterprising Culture, 4(03), 267–285.
Sadhak, H. (1989). The role of entrepreneurs in backward areas. Daya Books.
Sahoo, S. (2022). Challenges and Opportunities in Entrepreneurship in India. IJRAR-International Journal of Research and Analytical Reviews (IJRAR), 9(1), 766–799.
Singh, A. K., & Ashraf, S. N. (2020). Association of entrepreneurship ecosystem with economic growth in selected countries: An empirical exploration. Journal of Entrepreneurship, Business and Economics, 8(2), 36–92.
Singwal, P. (2021). Role of Entrepreneurship in Economic Development in India: A Quantitative Investigation. Tobacco Regulatory Science (TRS), 4646–4652.
Uddin, S. (1989). Entrepreneurship development in India. Mittal Publications.
Wennekers, S., Van Wennekers, A., Thurik, R., & Reynolds, P. (2005). Nascent entrepreneurship and the level of economic development. Small Business Economics, 24, 293–309.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2024 IEJRD

This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.