ENTREPRENEURSHIP IN SHAPING AN INCLUSIVE AND RESILIENT ECONOMY

From community solutions to digital inclusion, entrepreneurship is emerging as the backbone of India's economic resilience

- By Upasana Taku

IF YOU HAVE NOTICED a mushrooming of startups and innovations, you are not alone. Over the past few years, the rapid rise of entrepreneurship has taken the world by storm, particularly in India. With cutting-edge technology and creative ideas, India now boasts the world's third-largest startup ecosystem. With this surge comes an important question: What impact does entrepreneurship have on the economy? The answer is simple: the right entrepreneurship culture drives a resilient and inclusive economy.

So, what does entrepreneurship bring to the economy? Off the bat, it generates net new employment, wealth creation, product innovation, out-of-the-box ideas and more. But the real impact is far more than that. We live in a world affected by climate change and geopolitical tensions, which often trigger high-impact events. These often cause both natural calamities and economic shakedowns, setting off a domino effect.

This includes frequent imbalances in demand and supply chains, layoffs, community disruptions, and panic. In these situations, the entrepreneurial boom is also leading to –

Filling of gaps in the system

In most economies and large corporations, fixed systems often overlook gaps & issues and discrepancies. Entrepreneurial ventures are often built after noticing these gaps and attempting to fill them. Take, for example, the vaccines for COVID-19. The Serum Institute, producing vaccines during COVID, is a prime example of Indian entrepreneurship filling a global gap while building self-reliance.