Entrepreneurship and entrepreneurial practices: Prerequisites for the robust growth of Indian economy (with special reference to start-ups)

Entrepreneurship presents a basic component of dynamism into the economic framework. The process of globalization and liberalization has presented an arrangement of changes like the presentation of dynamism into the framework. It's a known fact that India, today, is an emerging economy that is destined to achieve milestones, on various fronts, in the near future. “India is a country of entrepreneurs", says Amazon CEO Jeff Bezos during our Prime Minister Mr. Narendra Modi's visit to Washington. For India, to acquire the status of a "developed" nation, as well as the developed economy, it needs to create millions of jobs. So ultimately the solution to this is encouraging entrepreneurship. Entrepreneurs and small businesses are always most vulnerable in times of crisis when funding becomes dearer and difficult to come by.

Entrepreneurship is a standout amongst the most imperative contribution to the economic development of a country. In India, entrepreneurship is quickening developments in verticals like Education, IT, Health Care and so forth and creating answers for some such issue zones. India has seen a few inventive thoughts and organizations driven by startups thus leading to entrepreneurship emerging as a valuable input to the economic growth of the country. Economic development of a country is supported by entrepreneurship in several ways. It is a key contributor to innovativeness and product improvement and a pivotal ingredient to employment creation. Another important aspect to be considered is that in the context of the Indian market, entrepreneurship led economic growth is more inclusive and hence Governments, both at Centre and State level, have been taking initiatives like “STARTUP Campaign” to boost the entrepreneurial ecosystem within the country.

Today, entrepreneurial driven economy is most sought by any economy as it drives innovation in the manufacturing of goods and services leading to the availability of goods at lower costs making them more affordable. Entrepreneurs explore opportunities, make effective utilization of resources and create new goods and services. These are for consumption within the country and hence will lead to growth in the national income and invariably reduce our import dependency making the economy stronger. This paper attempts to study about the emergence of entrepreneurial culture as one of the economy boosting pillars in the present era of stiff competition. The present paper is an endeavor to identify prevalent entrepreneurial practices in the country and its contribution towards strengthening and stabilizing the Indian economy. This kind of effort would help all the academicians, professionals and all those individuals who either directly or indirectly associate themselves with entrepreneurship and entrepreneurial practices in the country.