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Being an entrepreneurial nation, several ventures are launched in India every year. Startups are instrumental in job creation. Almost 48% of the employed population in urban areas are working at startups or for startups and other small-scale companies. The Indian Government has generated many policies for ease of doing business. Its biggest mission, “made in India,” is one of such initiatives, as this mission encourages the complete manufacturing processing and production within the country. This leads to an increase in the industries and employment opportunities.
Entrepreneurship Development in India
Entrepreneurship development started in India in the late nineteenth and early twentieth century. However, the beginning of entrepreneurship development was very different from today. Most people applied for jobs after graduation and continued to work as employees for the rest of their productive age. Building a business was for people with a background in the field. Today, many youngsters are ready to take risks and follow their business ideas.
The government of India generally defines a startup as a business or enterprise that has a turnover of about ₹250 million in a financial year. In the past decade, thousands of startups have emerged in almost all industries like agriculture, education, energy, finance, and healthcare. The technology startup domain of India is the third in the world. Some old departments include e-commerce, finance, and technology, while the newly emerged entrepreneurs in India primarily developed artificial intelligence, analytics, data science, etc. There’s a particular interest in blockchain, robotics, artificial intelligence, and advanced analysis. In the last decade, a few Indian startups that created a mark in their respective fields include Zomato, Flipkart, Oyo, Swiggy, Ola, Urban Ladder, Goibibo, etc.
The Role of Indian Government in Entrepreneurship Development
In the beginning, the Swadeshi movement and the government’s policy of discriminating protection in favor of Indian companies helped kick-start some previously struggling industries, which became the backbone of the entrepreneurial aspirations that had found a place in India. The government began to recognize entrepreneurs as valuable assets to society. They created an environment of innovation which is often credited for sparking one of India’s historical moments when it received its constitution back in1955. It protected civil liberties and promised equal opportunities for all citizens irrespective of their race or religion. However, there were still issues concerning the overall autonomy of various states within the country, including concerns over their future growth. They also began encouraging public and private partnerships to spread entrepreneurial development beyond just the upper and middle classes by allowing all levels of society to contribute to its economic growth and innovation.
Indians have always been entrepreneurs at heart. The need to improvise and create has been nurtured in Indians for generations. Several current-generation Indians want to strike out on their own and make a difference. Whether it’s an attempt at starting a new business or strengthening an old one, today, you can see how the entrepreneurial spirit is alive and thriving in India. As people from different parts of India take their skills together, many jobs are created, increasing the employment rate.
The initiative “solve for India” project is a part of the Google Launchpad Accelerator team and its goals include building and scaling products through guidance from the international technology company, Google Inc. Both public and private sector representatives are partnering on this great cause to build products around such issues as Indic languages (technology), healthcare, fintech, agritech, and online content. Since liberalisation has made it much easier for startups to develop their offerings out into the marketplace these days (due to less regulation), we expect to see significant growth in the long run. The potential of SMEs in creating jobs has been known for some time now, and successive governments have lent support to entrepreneurs by implementing positive policy measures. For example, the most recent round of tax concessions for SMEs introduced in 2018 has created an environment that is much more conducive to entrepreneurs who want to start a business. Key policies like easier access to loans are making the magnifying power of entrepreneurship apparent by providing life-changing opportunities for those who were otherwise unable to launch themselves as business owners in India. Despite this recent success, there is still a long way before India becomes the absolute favourite destination for setting up a small or micro-enterprise, thanks mainly to lagging reforms around improving risk capital availability and government contract participation.
Entrepreneurship Development Institutions
The entrepreneurship development institute, commonly known as EDII, exemplifies the will to strive to develop the road ahead in the ever-changing domain of development. It is a non-profit autonomous institution established in 1983 in Ahmedabad, Gujarat. The institute further facilitates its programs based on its critical domains that overlap with various goals and objectives within India and abroad related to entrepreneurial activities. EDII aims to enhance the spirit of entrepreneurship by exhibiting sustainable opportunities to empower entrepreneurs via networking and practical implementation of their skill sets through a wide range of platforms, including information dissemination sessions to prestigious business award ceremonies.
Conclusion
Realising the significant impact of the rise of micro-businesses within India, successive governments have lent policy support to those entrepreneurs looking to start a business in India. The slow pace of innovation and change in recent years has held back the overall growth of small businesses. New policies such as easier loans for micro-businesses have helped transform the way people start their businesses. However, we are still short on business-friendly grounds for government contracts and other long-term investments like bank loans or insurance.
