THE CONTRIBUTION OF ENTREPRENEURSHIP TO INDIA'S ECONOMIC ADVANCEMENT

Authors

  • Dr. Praful B. Kanjia Assistant Professor, Department Of Economics, M.M.Ghodasara Mahila Arts And Commerce College- JUNAGADH

Keywords:

Entrepreneurship, Innovation, Job creation, Economic dynamism

Abstract

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.

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Published

08-03-2024

How to Cite

[1]
Dr. Praful B. Kanjia, “THE CONTRIBUTION OF ENTREPRENEURSHIP TO INDIA’S ECONOMIC ADVANCEMENT”, IEJRD - International Multidisciplinary Journal, vol. 9, no. GHRIEBM, p. 10, Mar. 2024.