Role of Entrepreneurship in Economic Development in India: A Quantitative Investigation

Abstract

The economic development of India is greatly influenced by entrepreneurship. India's economy, which is expanding quickly, is dependent on the spirit of entrepreneurship to spur innovation, produce job opportunities, and promote economic progress. The innovation engine is the entrepreneurial spirit. They locate market insufficiencies, create fresh goods or services, and present fresh business concepts. They are willing to take chances and think creatively, which results in the development of novel solutions and, ultimately, a boost to the economy. Creation of new jobs through entrepreneurship is important. Large contributors to the creation of jobs in India are small and medium-sized businesses (SMEs), which are frequently run by entrepreneurs. These businesses improve the broader economic environment by creating jobs as well as raising productivity and encouraging skill development. Overall, through innovation, job creation, and market effectiveness, entrepreneurship drives economic development in India. To maintain economic growth, promote a vibrant business ecosystem, and address socioeconomic difficulties in the nation, it is essential to encourage and support entrepreneurial initiatives. The researcher had considered 203 people involved in economic development to know the role of entrepreneurship in economic development in India. It is found that Entrepreneurs take chances and think creatively, which results in the development of novel solutions and Rise of new businesses, increased productivity, and decreased income inequality due to entrepreneurship promotion.