Start Ups – A Road Map for Entrepreneurship Amidst Challenges
Since 1950s, the Indian economy has been striving and has been achieving her success in terms of a reasonable robust economic growth and development. But along with this there has also been rise in the population; which has been adding to the total supply of labour in the economy. This excess supply of labour has widened the gap between the have and have nots, thereby depriving a class of the population the fruits of the economic growth. The spillovers of this has been in terms of brain drain, unemployment, inefficient use of the existing human capital and other socio-economic problems which has incurred huge economic costs for the country. The 1990s economic crisis further worsened this problem, which compelled the government to follow the norms of IMF under its SAP, which later on took the shape of the so called economic reforms initiated by the government on 1991. The country got a new brand image across the globe as an emerging superpower especially because of the service sector, initiated by the growth of ITeS and the software industry of India. This was further supplemented by the, “Start-up India, Stand up India” on 15th August 2015 to promote Bank
Financing for start-ups and offer incentives to boast entrepreneurship and job creation. All these measures were initiated towards creating an efficient, dynamic and innovative class of entrepreneurs. The paper has explored the different dimensions of start-ups at the micro level, its implications on the economy,the prospects and challenges of the start-ups in India at the national and the global level.
Keywords - Start-ups, ITeS, Entrepreneurship, Technology and Innovation.