India Most Preferred To Start Entrepreneurial Business Amongst Four Other Economies
Want to start a new business? A global survey has confirmed that India is a better spot to do that than anywhere else. According to a report from a global consortium of over 500 researchers, India is among the top five economies where it is easier to begin a new business.
This puts India on top of the list of countries with low-income on different entrepreneurial framework conditions. The Global Entrepreneurship Monitor (GEM) 2021/2022 report, unveiled at the Dubai Expo, gathered data via a survey of at least 2,000 respondents across each of 47 high, medium and low-income economies.
This showed that India tops the list of economies most suited for starting of a new entrepreneurial business. A major reason for this is the general attitude and ecosystem in India that supports entrepreneurial businesses easily. While this might be true, the growth curve for businesses to thrive in India remains as low as 80percent. While ventures might start with a bang, they don’t sustain themselves, due to a lack of consistency in services, innovation, or excessive competition.
Dr. Sreevas Sahasranamam, Senior Lecturer in Entrepreneurship and Innovation at the Hunter Centre for Entrepreneurship at the University of Strathclyde in Glasgow, and one of eight authors of the GEM report said: “The fact that over 80 per cent of respondents in India agreed that it is easy to start a business in the country, placing India amongst the top five economies globally, reflects an entrepreneurial ecosystem that has improved, thanks to government initiatives such as ‘Startup India’ and ‘Make in India’.”
However, entrepreneurial intentions among the general population and growth expectations among entrepreneurs, are still muted, he said. “So, there is a need for cultural change around reducing the fear of failure amongst the general population, and support for scaling-up new ventures,” he said.