Economic Policy Making in India and the Scope of Entrepreneurship Led Development
An entrepreneur is a catalyst for economic development, a change agent with vision and creativity. The development led by entrepreneurship attracts the possibility of new products, services and organizational forms, but it also enables a process of person
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1 Introduction An entrepreneur is a catalyst for economic development, a change agent with vision and creativity. The development led by entrepreneurship attracts the possibility of new products, services and organizational forms, but it also enables a process of personal, economic, social and cultural value creation which fosters new approaches to economic development and its evaluation. Entrepreneurship plays a significant role in shaping the level of economic development, an urgent of developing countries like India. The world has witnessed developed countries’ reliance on mass production of knowledge-driven goods and services in entrepreneurial economies with flexible institutional mechanisms. With more than six decades of planned development, India still faces challenges of developmental issues. The game-changing innovation and entrepreneurship along with the development of knowledge-driven markets and low-carbon industrialization along with other reforms may help achieve developmental agenda in the country. A well-planned mass transformation of the youth population into potential demographic dividend to achieve developmental goals in India is long awaited. Further, the entrepreneurial solutions may also be channelized to address global challenges like climate change; climate change led the migration, and terrorism (Naudé 2011). There are enormous unexplored possibilities and entrepreneurial opportunities, if supported and motivated socially and institutionally, can bring in dynamic changes in the sphere of development in India. Thus, 1 Bharat Ganarajya and Republic of India are two official names of this country. The critiques of India’s growth story use these two names: Bharat to represent rural India with slow growth and development while India to represent fast growing urban India.
V. Gupta (B) Professor Economics and Strategy, National Institute of Industrial Engineering (NITIE), Mumbai, India e-mail: [email protected] © Springer Nature Singapore Pte Ltd. 2021 J. Mitra (ed.), Indian Entrepreneurship, Entrepreneurship and Development in South Asia: Longitudinal Narratives, https://doi.org/10.1007/978-981-15-4859-8_3
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this Chapter explores those untapped possibilities for furthering the growth through development. This chapter understands the relationship between entrepreneurship and happiness, economic growth and development. It discusses the landscape of entrepreneurship in India and the economic policy initiatives undertaken to promote and support entrepreneurship environment. It explores and discusses the possibilities of entrepreneurial initiatives and their role in creating employment opportunities, income, prosperity and the happiness of people in India. This chapter is arranged in seven sections. Section two discusses the relationship between entrepreneurship and economic growth and development. Section three analyses the entrepreneurship landscape in India. Section four discusses entrepreneurial perceptions and potential in India. Section five discusses economic policy reg
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