It has been stated that, in spite of the several obstacles the Indian entrepreneurship ecosystem faces, its entrepreneurs will probably influence the country’s destiny. Remark. (Answer in 250 words)
Since the 1991 reforms, India's economy has experienced remarkable growth, with the GDP expanding from $270 billion in 1991 to $3.2 trillion in 2021. Also, India's per capita income at current prices rose at a compound annual growth rate (CAGR) of 11.2% between 1991-92 and 2019-20. Though this robusRead more
Since the 1991 reforms, India’s economy has experienced remarkable growth, with the GDP expanding from $270 billion in 1991 to $3.2 trillion in 2021. Also, India’s per capita income at current prices rose at a compound annual growth rate (CAGR) of 11.2% between 1991-92 and 2019-20.
Though this robust economic growth has propelled India to become the fifth-largest economy in the world, but it has not resulted in growth trickling down to the marginalised sections, rendering inclusive growth a major concern as follows:
- Economic inequality: While India is one of the fastest growing economies in the world, it is also one of the most unequal countries. For example, According to an Oxfam report, the top 10% of the Indian population holds 77% of the total national wealth.
- Low job creation: India’s growth since 1991 is often termed “jobless growth” with a major proportion of population engaged in low income jobs in agriculture and unorganised sectors. For example, employment CAGR has been a mere 1.04% between 1991-92 and 2017-18.
- Low human development: The UNDP’s HDI ranked India at 132nd position in 2021 with an average score of 0.633 which is significantly lower than the world average of 0.732.
- Multidimensional poverty: Poverty is a manifestation of economic exclusion, and its persistence in India is an indicator of the lack of inclusive growth. For example, according to the 2022 report of the UNDP on MPI, 16.4 percent of the population in India is multi-dimensionally poor while an additional 18.7 percent is classified as vulnerable to multidimensional poverty.
- Low upward mobility: The liberalisation of the economy in the 1990s boosted economic growth but has done little to improve the upward mobility of Indians due to unequal access to opportunities for disadvantaged groups based on factors like gender, caste, and religion.
- Children’s well-being: NFHS-5 shows that 35.5% of children are stunted, 19.3% are wasted, and 32.1 are underweight.
- Gender inequality: Women’s role in the household, especially caring for young children, reduces the likelihood of their labour market participation, thus making the process of development less inclusive. For example, India ranked 135 out of 146 countries in the Global Gender Gap Index, 2022.
To attain inclusive growth, it is necessary to focus on investments in primary as well as vocational education, health infrastructure, generation of employment opportunities, and inclusive financial services. Moreover, in agricultural states, where a major proportion of population is engaged, the establishment of area-specific agricultural industries, processing units, and infrastructural facilities such as storage and transportation can be the way forward.
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Ever since the COVID 19 period, India has witnessed the emergence of several budding entrepreneurs whose creative and innovative solutions have been instrumental in solving the existing problems in our surroundings. India is considered to be the fifth largest economy in the world nowadays. The entrRead more
Ever since the COVID 19 period, India has witnessed the emergence of several budding entrepreneurs whose creative and innovative solutions have been instrumental in solving the existing problems in our surroundings.
India is considered to be the fifth largest economy in the world nowadays. The entrepreneurship wave has contributed to its GDP and made a huge difference.
The country being rich in IT professionals makes it a perfect destination for tech startups. There are a lot of Government Schemes which encourages Start ups in India:
The government led campaigns and schemes has played a significant role in awareness about entrepreneurship and evoking a sense of interest among the public about startups. Digitalisation and Internet adds to their growth.
Since India has a diverse culture , one has many opportunities to articulate ideas to come down with a viable business plan for a startup.
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