How can we promote entrepreneurship in India and role of the entrepreneurship in economic development?
Entrepreneurship is closely linked with economic freedom. Promoting economic freedom encourages entrepreneurship.
https://www.heritage.org/index/country/india#:~:text=India%27s%20economic%20freedom%20score%20is,point%20lower%20than%20last%20year.
Article Free to Enterprise : Economic Freedom and Entrepreneurship in Romania
Entrepreneurship is a key driver of economic growth and development. By creating new businesses and jobs, entrepreneurship leads to an increase in gross national product and per capita income. This is particularly important for developing countries, where poverty and unemployment are major issues. Entrepreneurship is frequently credited as a major driver of economic growth, spurring transformation, the creation of new markets, innovation, and building wealth. Entrepreneurs are often key to developing ideas and solutions to problems while creating new products. The government set programmes to help entrepreneurs in the field of technique, finance, market and entrepreneurial development so that they help to accelerate and adopt the changes in industrial development. Various institutions were set up by the central and state governments in order to fulfill this objective.They generate wealth and contribute greatly in the National Income. India is a country with a large population and waste natural resources. To map the benefits of this situation India needs promising entrepreneurs who can act as partners with the government and contribute in the economic growth of the country. By starting new firms and businesses, entrepreneurs play a key role in shaping the economy and creating a more dynamic and diverse business landscape. Entrepreneurship also promotes innovation and competition, leading to new and improved products and services that contribute to economic growth and development. Communities reap the benefit of entrepreneurship because businesses help to foster innovation, promote economic development, and create jobs. A successful company is likely to expand, which generates taxes, jobs, and other benefits for the area. Through their unique offerings of new goods and services, entrepreneurs break away from tradition and indirectly support freedom by reducing dependence on obsolete systems and technologies. Overall, this results in an improved quality of life, greater morale and economic freedom. AIM is a government initiative that aims to promote innovation and entrepreneurship in the country. The mission provides funding, mentorship, and other support to startups and entrepreneurs working on innovative ideas. Entrepreneurs act as managers and oversee the launch and growth of an enterprise. Entrepreneurship is the process by which either an individual or a team identifies a business opportunity and acquires and deploys the necessary resources required for its exploitation.
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