21 Suggestions for Entrepreneurship Development in INDIA

Although the Government of India, banks and other organizations have initiated various steps for entrepreneurship development, it should be given highest priority of providing facilities and incentives for entrepreneurship development of entrepreneurship is a new concept for India.

suggestions for entrepreneurship development in india
suggestions for entrepreneurship development in india

By entrepreneurship development is meant development of entrepreneurs and encouraging the flow of persons to entrepreneur ranks.

They have further elaborated in the suggestive mode that for encouraging this flow, the factors determining the entrepreneurial supply, particularly the individual factors, social and cultural factors, environmental factors and support system will have to be affected and changed.

In a large country like India, the new entrepreneurial culture will have to do to be established for entrepreneurial development.

Suggestions for Entrepreneurship Development in India

Following are the good suggestions for entrepreneurship development or growth in india:

1. Industry Oriented Planning

Although efforts are being made throughout the country for planned economic development, planning needs to be made industry oriented so that Rapid industrialization may be encouraged and national goals may also be achieved.

Entrepreneurship development will become easy, by adopting the policy of industries dominated planning.

Related: 18 Factors Affecting Entrepreneurship Growth in India.

2. Formation of Favourable Environment

Infrastructural facilities should be developed for entrepreneurship development.

Land, electricity, water, and raw material should be made available to the entrepreneurs, at cheaper rates and by constructing the industrial estates.

Favorable entrepreneurship environment should be also created by making improvements in the social environment.

3. Facilities and Incentives

Adequate and proper facilities and incentives should be provided to the new entrepreneurs for establishing industries and implementing the innovations.

Special concessions should be provided to the entrepreneurs occupied in research, inventions and investigation activities and executors of innovations.

Preference should be given for new entrepreneurs, in granting licenses, providing finances, and in Import of machinery and implements, etc.

Besides, the government should also assist entrepreneurs with respect to the marketing of their products.

4. Extension of Entrepreneurial Training Program

Following suggestions should be accepted for extension of entrepreneurial training programs:

  • The entrepreneurial training programmes executed by Central Government, State governments, various Government and non-government organizations should be adequately improved and extended, so that they may prepare entrepreneurs to successfully operate their Enterprises and expand their entrepreneurial activities.
  • Educated unemployed persons and the technically qualified person should be attracted towards such programmes, by providing them with suitable incentives.
  • Short term refresher courses should also be organized, from time to time for earlier trained entrepreneurs to solve their specific problems experienced by them after starting the industry.

Related: 21 Types of Entrepreneurship (Explained with Examples).

5. Encouragement to Research and Investigation

Research and investigation facilities should be encouraged in the country.

For this purpose, the service conditions of the scientist and specialists should be made more attractive, so that the Indian scientist working abroad may get inspired for performing research and investigation activities, by returning to their own country and benefit the nation by their valuable works.

6. Development of Public Enterprises and Managerial Efficiency

The government itself should come forward and establish industries in the public sector, In those fields areas, in which private industrialists are not taking the interest.

In addition, the government should also make the role of the public sector more active Cooperative and constructive, so that on one side, managerial efficiency may be enhanced, and other environments of competition may also be developed.

7. Improvements of Managerial Education and Training Arrangements

Managerial education and training should be restructured, in accordance with the requirements of the present-day business, so that efficient and adequate technostructure may be billed, for proper management and operation of industries in the country.

Related: 27 Steps Taken for Development of Entrepreneurship in India.

8. Law and Provisions

The legal provision prescribed for establishment and control on business and industries in the country are quite complicated and rigid and they are not conducive for entrepreneurship development and as a result, many persons are not able to expose themselves, entrepreneurs.

suggestions for entrepreneurship development in india
suggestions for entrepreneurship development in india

Hence, it is essentially required that the law and legal provisions should be simple, so as they attract and encourage the entrepreneurs.

9. Publicity and Dissemination of Entrepreneurship Literature

Entrepreneurship literature should be prepared, published, and adequately properly disseminated.

This literature should also incorporate the success stories of successful entrepreneurs, narrating their experiences, functional activities and also the incentives, concessions and other facilities provided by various governments.

10. Regularly Publicized

Programmes, thoughts, and ideas relating to entrepreneurship development should be regularly published through radio, television, and other mediums of publicity.

11. More Cooperative

The government departments should be more Cooperative to the entrepreneurs and should easily grant loans and licenses to the real entrepreneurs.

These suggestions to make entrepreneurial development programme successful is very powerful.

12. Favorable Laws

Administrative rules, laws, policies, and procedures should be made logical, rational and practical.

13. Other Suggestions

  1. Strong capital and money markets should be developed.
  2. Cooperation and coordination should be developed between the public and private sectors.
  3. Tax structure should be made favorable to the entrepreneurs.
  4. Efforts should be made to maintain economic stability in the country.
  5. Desired improvements should be incorporated into various economic policies.
  6. Efforts should be made for bringing favorable social, cultural and ideological changes in the society.
  7. Individual properties rights of profits should be fully secured.
  8. Special concessions are granted to the entrepreneurs establishing village oriented small industries.
  9. Foreign investors and non-resident Indian should be attracted for investing capital in India.

Thus, now you know the suggestions for entrepreneurship development in india.

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