Need for entrepreneurship development in India notes-CSEET

Need for entrepreneurship development in India:

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Need for entrepreneurship development in India

Need for entrepreneurship development in India:

The entrepreneurs are considered ‘change agents’ in the process of industrial and economic development of an economy. The premium mobile role that entrepreneurs play in promoting industrial and economic development of an economy is well adduced across the countries.

In a sense, entrepreneurs are the ‘spark plugs’ who transform the economic scene of an economy. The developed countries have more entrepreneurial development as compared to underdeveloped countries.

Thus, the need for entrepreneurs in India may be captured in the following points:

1. Entrepreneurs promote capital formation by mobilising the idle saving of the people.
2. They create immediate and large-scale employment by establishing small- scale enterprises. Thus, they reduce the unemployment problem in the country, i.e., the root cause of all socio­economic problems.
3. They promote balanced regional development by establishing small-scale enterprises in rural, remote and less developed regions.
4. They help reduce the concentration of economic power.
5. They promote the equitable redistribution of wealth, income and even political power in the interest of the country.
6. They encourage effective resource mobilization of capital and skill which might otherwise remain unutilized and idle.
7. They, by establishing industries, induce backward and forward linkages which stimulate the process of economic development in the country.
8. Last but no means the least; they also promote country’s export business, i.e. an important ingredient to economic development.

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