Both the State and Central government are making increasing efforts for promoting entrepreneurship in India. Government support in the form of a better communication system. Roads and railway, as well as tax incentives, are adding inertia to creating more entrepreneurial opportunities in India.
Introduction to Entrepreneurial Opportunities
More and more lawmakers are understanding the role of entrepreneurship in boosting up the job creation process.
This can surely be termed as the need of the hour in a developing country bubbling with human capital like that of India.
Entrepreneurial opportunities can go a long way in adding to the quantum of economic output of a particular region.
Our society also has a big role to play in rendering adequate support and motivation to these entrepreneurial opportunities. Media can also add inertia to this process.
Learn more about Financing Entrepreneurial Business here in detail
For this, they will have to educate the general public about the raw potential of upcoming business ventures thus making it easier to avail adequate capital.
Large companies can also invest in the research and development drives of their smaller peers. This can assist them in maintaining their spot in the ultra-competitive world of modern times.
Initiatives Taken On Central & State Level To Foster Entrepreneurial Opportunities
- Atal Innovation Mission (AIM) is an endeavour of the Indian government. It strives to promote a culture of entrepreneurship and innovation. AIM serves as the ultimate platform for promoting Grand challenges, Innovation Hubs and similar self-employment activities belonging to technology driven areas.
- Jan Dhan-Aadhaar-Mobile (JAM) is a technological intervention. It promotes direct subsidy transfer to beneficiaries. This completely eliminates the role of intermediaries which lead to system leakages. JAM can lead to increased entrepreneurial opportunities. All the underserved regions into account and making banking services easily accessible to them.
- National Skill Development Mission was launched back in July 2015 for building synergies amongst initiatives and skilled industries of India. It hopes to increase entrepreneurial opportunities by expediting decision-making across various sectors. This can provide skills at scale without having to compromise on speed or quality.
- Stand-Up India seeks to benefit the underprivileged segment of India by leveraging institutional credit and sharing the benefits of India’s growth amongst female entrepreneurs seeking out opportunities. The Stand-Up India portal which doubles up as a digital platform for boosting up entrepreneurial opportunities renders information pertaining to credit guarantee and financing.
This is why the government is coming up with innovative strategies which can foster entrepreneurial activity coupled with the timely technological development of our country.
State-sponsored venture funds can be of great help in such a scenario wherein a part of the funds is invested in the upcoming ventures proposed by budding talents.
Solved Question on Entrepreneurial Opportunities
- Which are the sectors which show the greatest potential in terms of entrepreneurial opportunities in India?
- Tourism occupies the numero uno spot amongst the upcoming industries in India. Also, it has given her heterogeneous geography and with a demand, which is increasing by 10.1% per annum. India can very soon become the world’s number one tourist destination.
- India has slowly emerged as the hotspot of automobile manufacturing backed by strong sales in the small car segment.
- Textiles have been one of the biggest talking points of Indian entrepreneurship for a long time now. Places like Ludhiana and Tripura are slowly becoming export hubs of textiles in the country. Thus boosting up greater entrepreneurial opportunities.