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Entrepreneurship, Innovation, and Economic Development: An Indian Experience

Entrepreneurship and innovation are considered as key drivers for economic development. In this study, we made an attempt to answer the question as to what should be the policy framework to encourage entrepreneurship and foster innovative culture in India to achieve the desired level of economic development. Entrepreneurship is built upon pillars such as institutional and policy support, availability of capital and entrepreneurial culture. In an emerging economy like India, the government should institutionalise innovation and entrepreneurship and promote commercialisation of brilliant ideas by emulating the startup ecosystems in the developed nations. Besides the government, large and well-established companies in private sector and research institutes should nurture startups by extending hand-holding support and generous funding. If India wishes to be a leader in innovation, it needs to scale up its gross expenditure on R&D, that is, on par with the advanced economies by engaging more researchers, especially in the private sector. Our article has important implications for policymakers and all key stakeholders, as it can help in identifying and implementing the appropriate measures to eliminate the obstacles that entrepreneurs face and channels to support innovative entrepreneurial activities in India.