What are the factors responsible for growth of entrepreneurship in India and role of government in promoting right kind of entrepreneurship?
Entrepreneurial growth in India can be attributed to several factors such as a growing economy, supportive government policies, availability of a skilled workforce, increasing digital penetration, and a culture that values entrepreneurship. The economic factors are such as capital, infrastructure, raw material, labour, and market. Without these economic factors a business can't grow and earn profit. The non-economic factors are largely influenced by the society and country where the entrepreneur resides. Entrepreneurial growth means organization plans to achieve its objective to grow and expand a business by its quality, quantity, and turnover. Entrepreneurial growth can be in terms of innovators, business developers, radicals, expanders, customers etc. While there is no one-size-fits-all blueprint for success, what are common to the stories of entrepreneurs across the board is passion, innovation, leadership, foresight and incredible financial acumen. 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. The central and state governments support entrepreneurial activities in various ways. Services like financing, technical guidance, equipment support, training, marketing and providing subsidy and grants are supported by several institutions.Sustainable entrepreneurship pursues economic, ecological, and social goals, which are integrated into business operations. While recognizing and using business opportunities, entrepreneurs must also consider sustainability aspects, as “business as usual” is no longer acceptable these days. The Government plays a regulatory role in business by setting and enforcing standards for fair competition and protecting consumers from fraudulent or deceptive business practices. The Government also provides opportunities for businesses to compete for contracts, licenses, and permits. 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. Entrepreneurship accelerates a country's overall development. The greater the number of venture capitalists in a given area, the faster it can grow. It also promotes growth because it attracts entrepreneurs, who drive technical and organizational breakthroughs.
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