Entrepreneurship and Indian Economy

Abstract

Entrepreneurship introduces a critical element of dynamism into an economic system. A range of significant contributions by entrepreneurs and entrepreneurship include - creation of job opportunities, commercialisation of new innovations, products and political power in an economically positive manner, creation of new markets and expansion into international markets. In developing countries, entrepreneurship development has special significance for two reasons: increase in the pace of economic growth and the growth of small / tiny / tertiary sector generating more employment. An attempt has been made in this paper to briefly analyse the significance of entrepreneurship in India's economic development. It emphasises the changed scenario of entrepreneurship since 1991, the year of New Industrial Policy. The role of the Government in entrepreneurial development is highlighted. While emphasising the changed phase of entrepreneurial development, both through first generation entrepreneurs and diversified family business, the paper explicitly slates that India, with her people who are professionally talented, can prosper better when the leap is from labour to intellect. With tremendous intellectual capabilities, the challenge for India is to build, shape and market her advantage to the world. That India's economic development, to a great extent can be determined by the entrepreneurial growth is stated by way of conclusion.