ECONOMIC DEVELOPMENT IN INDIA:
THE ROLE OF INDIVIDUAL ENTERPRISE
(AND ENTREPRENEURIAL SPIRIT)
The Indian economy provides a revealing contrast between how
individuals react under a government-controlled environment and how
they respond to a market-based environment. Evidence suggests that
recent market reforms that encouraged individual enterprise have led
to higher economic growth in that country.
India can generate additional economic growth by fostering
entrepreneurial activity within its borders. To pursue further the
entrepreneurial approach to economic growth, India must now provide
opportunities for (1) education directed specifically at entrepreneurial
skills, (2) financing of entrepreneurial efforts, and (3) networking among
potential entrepreneurs and their experienced counterparts. Further,
although the Indian government should establish policies supportive of
entrepreneurial efforts, its role overall should be minimized so that the
influence of the free market and individual self-interest can be fully
realized.
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