The Future of Entrepreneurship in India 

India has set its sight on becoming one of the top three economies of the world by the year 2030; but this vision can only come to life if we focus on the state of entrepreneurship in the country. Even if we get billions of dollars more in foreign investments to create employment and boost the economy, it won’t fulfill the economic ‘Atmanirbhar’ ambitions of the country. But before we get into the details, let us understand why it is critically important to understand the current economic situation and accordingly make efforts to shape the future of entrepreneurship in India. 

Why Entrepreneurship must be India’s top priority  

India has learnt the hard way to not be dependent on any other country for any aspects of life, and especially not economically. If we truly want to achieve economic prosperity and growth without being dependent on any other nation, we have to push our MSMEs by creating an inviting and competitive atmosphere for all aspiring, budding, and existing entrepreneurs.  

According to Nasscom, India has a total of 50,000 startups, and the projected growth states that they will create about 1.25 million direct jobs by the year 2025. While current indicators are looking good, the path to achieving world-class entrepreneurship in the country is a challenging road. Although proactive steps are being taken to make India’s regulations more entrepreneur-friendly, there are still existing laws and regulations that make it difficult for entrepreneurs to begin their startups with minimum capital and attain the required licenses in less time and effort. 

History of Entrepreneurship in India 

Time is of ultimate value for any professional, especially an entrepreneur. They have to put in a lot of time and effort into laying the foundations of their startup, which is far easier said than done. The journey of building a startup and making it into a profit-making business is filled with hundreds of challenges and takes a long time.  

Imagine this precious time being wasted as an aspiring entrepreneur has to wait and get through the never-ending maze of bureaucracy in India before even beginning this journey. The reason why entrepreneurship could never thrive in India is because no governments in the past put enough effort in reducing the bureaucratical complexities at the central or state level. There were hence no tangible efforts to ensure a bright future for entrepreneurship in India. 

However, we have a chance to correct this mistake in this day and age. 

Future of entrepreneurship in India 

There are many factors that make India the biggest consumer market in the world. We are set to overtake China’s population by a large margin this year, and the majority of our population is 35 years or below. This itself gives India an unlimited scope in entrepreneurship, both in building new start-up and having a vast consumer market. If India manages to build a comprehensive eco-system for start-ups, India’s economy will not only take a leap, but will also be largely protected from global economic slowdowns, like the one we are currently experiencing. 

India hasn’t seen the birth of a unicorn for a while now, which has widely caused a concern. However, the current economic circumstances have virtually made it impossible for a start-up to become a unicorn for the time being. This situation is likely to change in times to come, as the world slowly recovers its consumption strength.  

Social media has made it possible for any aspiring entrepreneur to take initiative and spread awareness, collaborate with other professionals and start a business with just basic capital. The young generation is far smarter in utilising social media platforms to their benefit, and they will lead this space to unlock new possibilities for entrepreneurship. India will have hundreds of more smartphones and speedy internet connections all over the country, which will take these opportunities to the deepest corners of the country.  

There are many more complex factors to add to this topic. But these simple facts are enough to amplify why the future of entrepreneurship in India is bright. In simple words, today’s decisions will lay the foundations of how brightly India shines in the world of start-ups and entrepreneurship!