Author(s): Iram Hashmi

Email(s): ihashmi33@yahoo.com

DOI: 10.52711/2454-2687.2024.00007   

Address: Iram Hashmi
Assistant Professor, Economics, Mangalayatan University, Jabalpur, MP., India.
*Corresponding Author

Published In:   Volume - 12,      Issue - 1,     Year - 2024


ABSTRACT:
Examining the trajectory of entrepreneurship in India since the early 2000s, this study attributes its growth to factors such as robust economic development, increased access to venture finance, a proliferation of incubators, and a highly skilled population. India, currently ranked third globally in the startup landscape with over 90,000 startups and 107 unicorn firms valued at $30 billion, has experienced a notable ascent from its 2021 position. Government initiatives such as Stand-Up India, Startup India, and Pradhan Mantri Mudra Yojana play a pivotal role by offering tax breaks, financial aid, and infrastructure support, fostering the expansion of micro, small, and medium-sized businesses. Despite significant progress, challenges persist, including insufficient funding, a complex legal framework, low awareness, and inadequate infrastructure. The study advocates for the continuation of government programs, innovation emphasis, inclusive entrepreneurship, skill development, and improved financial access to address these issues. Recommendations for future strategies include international cooperation, streamlined laws through e-governance, and a focus on green and sustainable enterprises. Anticipated expansion of entrepreneurship by enhanced digital connectivity and infrastructure is expected to have a substantial impact. This paper concludes by emphasizing the multifaceted nature of entrepreneurship in India, encompassing grassroots and governmental efforts, identifying obstacles, and proposing a roadmap for future development. Not only is a significant economic force, India’s entrepreneurial ecosystem acknowledged as a catalyst for social change and female emancipation.


Cite this article:
Iram Hashmi. Fostering Economic Prosperity in India: The Role of Innovation Catalysts in Nurturing Entrepreneurship. International Journal of Reviews and Research in Social Sciences. 2024; 12(1):28-4. doi: 10.52711/2454-2687.2024.00007

Cite(Electronic):
Iram Hashmi. Fostering Economic Prosperity in India: The Role of Innovation Catalysts in Nurturing Entrepreneurship. International Journal of Reviews and Research in Social Sciences. 2024; 12(1):28-4. doi: 10.52711/2454-2687.2024.00007   Available on: https://ijrrssonline.in/AbstractView.aspx?PID=2024-12-1-7


REFERENCES:
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