What is Entrepreneurship development? Explain the Need for Entrepreneurship in India.

Entrepreneurship development

  • Entrepreneurship development is the means of enhancing the knowledge and skill of entrepreneurs through several classroom coaching and programs, and training.
  • The main point of the development process is to strengthen and increase the number of entrepreneurs

Importance of entrepreneurship for India are:

  • Will help to generate the necessary numbers of jobs and help to avoid any social unrest.
  • Helps in exploiting the benefits of this stage of demographic dividend.
  • Will give a boost to regional development and inclusive growth
  • Will help to satisfy technology appetite of our economy

The strategies should be adopted are:

  • Better guidance and mentorship from young age to generate confidence and curiosity in students
  • Overhaul in current education system to make it more contemporary and up to standards of quality
  • Necessary infrastructure development should be the priority of government. Because it is a prerequisite for any promising start up
  • Hand holding by government to enable new start-ups to survive among big sharks of market is also necessary
  • Faster and cheaper credit availability is also necessary
  • Active engagement of the state government with the entrepreneurs to give them a vision and holistic picture of development is also necessary
  • The central government has adopted several policies like SETU, MUDRA, START UP INDIA, MENTORSHIP INDIA PROGRAMME, ATAL INCUBATION CENTRES etc.
  • These steps along with quality education if implemented properly can transform Indian economy in one generation.
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