FROM START-UP INDIA TO SCALE-UP INDIA

ENTREPRENEURSHIP encourages innovation and enables an economy to make a quantum leap in terms of total growth and development by meeting market demand by combining capital, labour, and natural resources and producing value, thereby producing a growth-inducing innovation ecosystem

- Amit Kapoor & Amitabh Kant

Jean-Baptiste, an early 19th Century French economist, had once opined that an entrepreneur is one who “shifts economic resources out of an area of lower and into an area of higher productivity and greater yield”, indicating that entrepreneurial activities form a critical aspect of an economy, and more so in current times. India has recently focused more on encouraging entrepreneurship through various programmes and initiatives.

The government introduced a flagship programme called StartUp India in 2016 to promote entrepreneurship. There are expected to be 92,683 recognised startups by 2023, up from 442 in 2016 in the country. The importance of funding entrepreneurs has also been emphasised in recent years. The StartUp India Seed Fund Scheme, which was started in 2021, saw the approval of Rs 477.25 crores for 133 incubators. It is clear that focused and coordinated efforts are being made to foster an environment where entrepreneurs can prosper. India has taken a very significant step in this regard. Still, more needs to be done to ensure the scaling up of businesses, a crucial component of entrepreneurship growth and development.