Abstract
Economic Development is the main aim for every country. Returning industry transfer (RIT) is a continuous cycle of developing industry and the economic growth. Through the returning industry transfer, the numbers of Institutional entrepreneurs increasing day by day. The basic aim of RIT is to strengthen the growth level of entrepreneurs who then drive more economic growth through their innovative strategies. Returning industry transfer has a positive influence on the growth of institutional entrepreneurs as the skills and capabilities of a traditional entrepreneur can be nurtured, promoted and cultivated with it. RIT is further associated with a number of beneficial outcomes such as higher production levels, skills and knowledge migration across industries, reduced costs, lowered poverty levels and improved entrepreneurial abilities. The objective of this study is to analyze the impact on rural revitalization through returning industry transfer. To do so, the paper considers factors like high technology, entrepreneur, poverty alleviation, rural revitalization. All these factors which result from RIT also have a broader economic impact in the form of long-term growth and development. Returning industry transfer is a driving factor to bring entrepreneurial innovation in an industry. Not only has this but it also enhanced the pace of rural revitalization, poverty reduction, economic development and growth.
Highlights
The emerging new technologies are giving rise to rapid globalization and returning industry transfer
The migrants from abroad to home and cities to rural can be considered as returnee of Returning Industry transfer (RIT)
Institutional entrepreneurship is concerned with reducing the poverty levels in society
Summary
The emerging new technologies are giving rise to rapid globalization and returning industry transfer. Which further results in the form of shorter product life cycles and time reduction for other related processes This type of transformation has helped the industries to become more productive and helped the entrepreneurs to transform themselves into institutional entrepreneurs [1]. The migrants from abroad to home (before whoever migrated abroad for work) and cities to rural (before whoever migrated to cities for work) can be considered as returnee of Returning Industry transfer (RIT) It can be characterized by rapid migration of skills and knowledge, decreased cost and larger-scale production, more entrepreneurial power and lower barriers to entry into the market. All these factors promote institutional and industrial development further leading to economic growth. This enables them to explore and exploit institutional structures which are destined to bring greater economic and social and economic benefits in the long run
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
