Government Initiatives for Promoting Enterpreneurship

PRESENTED BY AAYUSH  AA YUSH ARO ARORA RA RONAK BHANDARI

INTRODUCTION 

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India ranks 11th among G20 countries in Access to funding category. Standing 11th in Entrepreneurship culture, 69 per cent of entrepreneurs have mentioned that Indian environment promotes culture for entrepreneurship, against 57 per cent among G20 countries. Tax and regulation for entrepreneurial activities in India is not conducive and the country stands at 19th position among G20 countries

Who is an entrepreneur 

Entrepreneurship is defined as the process of making money, earning profits and increasing the wealth while posing characteristics such as risk taking, management, leadership and innovation. The term entrepreneurship is a complicated term and gives various meaning depending on the situation.

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The word entrepreneur has a French origin. It originated during the Middle Ages when the term entrepreneur was applied to “the man in charge of the great architectural works: castles and   fortifications, public buildings, abbeys and cathedrals”. It is derived from the French word,  entreprendre, which means “to undertake.” In a business context, it means to undertake a business activity or simply to start a business. The Merriamtebster Dictionary defines an entrepreneur as ‘one  who organizes, manages, and assumes the risks of a business or enterprise’.

TRAITS OF AN ENTREPRENUER  

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-He is a person who develops and owns his own enterprise. – He is a moderate risk taker and works under uncertainty for achieving the goal. – He is innovative. - He peruses the deviant pursuits. – Reflects strong urge to be independent. – Persistently tries to do something better. – Dissatisfied with routine activities. – Prepared to withstand the hard life. – Determined but patient. – Exhibits sense of leadership. – Also exhibits sense of competitiveness. – Takes personals responsibility. – Oriented towards the future. – Tends to persist in the face to adversity. – Convert a situation into opportunity.

Why Government need entrepreneurs Every successful entrepreneur brings about benefits not only for himself/ herself but for the society or country as a whole. The benefits that can be derived from entrepreneurial activities are as follows:

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Discover new markets

In economics, markets are people who are willing & able to satisfy their needs is called effective demand. Entrepreneurs create customers or buyers because they are resourceful.

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Discover New Sources of Materials

Due to the innovative nature of Entrepreneurs, they persist on discovering new sources of materials to improve their enterprises.

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Mobilize Capital Resources

Capital resources, from a  layman’s view, refer to money. However, in economics, capital resources represent machines, buildings & other physical productive resources. Entrepreneurs have initiative and self- confidence in accumulating & mobilizing capital resources for their business

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Introduce New Technologies

Aside from being innovators & reasonable risk-takers, entrepreneurs take advantage of business opportunities. Every year there are new technologies & products to satisfy human needs.

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Create Employment

The biggest employer is the private sector. Millions of jobs are provided by factories, service industries, agricultural enterprises & small-scale businesses.

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Govt. Policies for Entrepreneurs Startup India: Through the Startup India initiative, Government of India promotes entrepreneurship by mentoring, nurturing and facilitating startups throughout their life cycle. Since its launch in January 2016, the initiative has successfully given a head start to numerous aspiring entrepreneurs.  Make in India: Designed to transform India into a global design and manufacturing hub, the Make in India initiative was launched in September 2014   Atal Innovation Mission (AIM): AIM is the Government of India’s Endeavour to promote a culture of innovation and entrepreneurship, and it serves as a platform for promotion of  world-class Innovation Hubs, Grand Challenges, start-up businesses and other self-employment activities, particularly in technology driven areas. 

Continued.. National Bank for Agriculture and Rural Development (NABARD)

NABARD was established in 1982 to promote integrated rural development. Since then, it has keep on adapting multi dimensions strategy for the promotion of rural business. Not only agriculture but it also supports small industries, cottage and village industries, and rural artisans using credit and non-credit approaches. It also offers counseling and consultancy services and organizes various training and development programs for rural entrepreneurs. 

Jan Dhan- Aadhaar- Mobile (JAM): JAM, for the first time, is a technological intervention that enables direct transfer of subsidies to intended beneficiaries and, therefore, eliminates all intermediaries and leakages in the system, which has a potential impact on the lives of millions of Indian citizens.

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Digital India: The Digital India initiative was launched to modernize the Indian economy to makes all government services available

Continued… Scheme of Fund for Regeneration of Traditional Industries (SFURTI)- The Central Government set up this fund with Rs. 100 crores allocation in the year 2005 which is implemented by the Ministry of Agro and Rural Industries in collaboration with State Governments. The main objectives of the scheme are as follows:  To build innovative and traditional skills, improve technologies and encourage public-private partnerships, develop market intelligence etc., to make them competitive, profitable and sustainable; and  To create sustained employment opportunities in traditional industries.  Rural and Women Entrepreneurship Development (RWED)- The Rural and Women Entrepreneurship Development programs aims at promoting a suitable business environment and to encourage and support the entrepreneurial initiatives of people and specially women. RWE provides the following services:  Creating a business environment that encourages initiatives of rural and women entrepreneurs.  Providing training manuals for women entrepreneurs and training them. 

Future challenges for Govt. •

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Create up-to-date information source for start-up entrepreneurs in the form of source books, web portals and   ‘one stop   shops’ and widen dissemination of all relevant information. Introduce a Single Unique Company Number to be used by new businesses for company, social security and tax registrations. Improve the current Single Window System of getting clearances and introduce a Single Composite Application Form. Ease the process of filing taxes by reducing the frequency of tax payments and multiplicity of procedures.

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