A critical appraisal of ASPIRE scheme of India

Abstract

At World Economic Forum (WEF), Davos 2022, India's Prime Minister said-“Indians’ entrepreneurial spirit, as well as their ability to adopt new technology, can infuse new life into each of our global partners. As a result, now it is the best time to make an investment in India”. He asserted that by the end of2025India's economy would reach to $5 trillion. According to the WEF, India's Global Competitive Index has dropped to 68th place out of 141 economies. India ranks 41st in terms of entrepreneurialism. ASPIRE (A scheme for promotion of Innovation, Rural Industries and Entrepreneurship) is just one of the few initiatives taken in advance by the government of India in 2015 to promote innovation, rural industries, and entrepreneurship. This scheme aimed to foster an integral entrepreneurial spirit in young entrepreneurs. Apart from this mammoth project, a few elements should be reconsidered in order to increase the upward mobility ofbusinesses in rural areas such as a lack of business skills and competencies, scarcity of cash, and a lack of infrastructures such as water, electricity, and transportation. This literature review paper sought to outline the primary obstacles and difficulties entrepreneurs face in spite of the assistance provided by the Indian government to rural and remote areas.