The Role of Government Policies in Fostering Entrepreneurship and Innovation in India

Abstract

The purpose of the present study is to find out the role of government in bringing innovation and encouraging entrepreneurship in developing country like India. Despite of having great potential India still faces the problem of unemployment with rising population. There is no doubt that with rising GDP and increasing exports India will become an economic powerhouse by 2047 but it must overcome certain challenges. Therefore, it becomes necessary to find out those challenges and suggest measures to overcome them becomes the aim of the present study. The methodology used to study those challenges is through secondary data analysis and generalizations are drawn after analyzing them. The findings of the study reveal that India has barriers to innovation in terms of knowledge, finance, and marketing. Also, the patents filed as far less in India then other developed economies. Since India huge potential and lots of initiatives led by the government for innovation and benefits for entrepreneurs need to overcome those barriers. The practical implications of the study are for future researchers to identify the barriers and give measures to overcome them so that India improves itself in terms of innovation and entrepreneurship.