Entrepreneurship

THE ROLE OF GOVERNMENT IN PROMOTING INNOVATION FOR ENTREPRENEURSHIP DEVOLOPMENT IN INDIA-A STUDY

India is a young country with an average of about 63 per cent population currently being in the working age group of 15 to 59 years. In spite of having a sizeable education base and superior science and technology infrastructure, India has not been able to realize its entrepreneurial potential due to fragmented innovation. Studies have found that entrepreneurship incidence rates are highest in the 25-34 age groups. But this advantage could not be capitalized if this age group is not able to develop the appropriate entrepreneurial skills. The Indian economy needs emergence of new, innovative and enthusiastic entrepreneurs. One of the best roles for government is to support basic and early-stage research that stimulates the creation of ideas and innovation of new fields and new knowledge among the prospective entrepreneurs. The government of India has taken many initiatives towards strengthening the innovation. The Government runs and promotes a variety of skills development and training institutes across India, aimed specifically towards the development of innovation in supporting entrepreneurship besides designing innovation policies. Entrepreneurs convert ideas into economic opportunities through innovations which are considered to be major source of competitiveness in an increasingly globalizing world economy. This paper describes the current innovation system, challenges it faces, the new policy and institutional initiatives taken by the government in promoting innovation towards entrepreneurship.

Keywords: Innovation, Entrepreneurship, Competitiveness, Promotion, Government policies.

Introduction

The entrepreneur is primarily concerned with developing new products, processes or markets having the ability to bring something new. The entrepreneur indulges in original thinking more than any other person thinks and he is able to produce solutions. Innovation is the...