Entrepreneurs on the rise in India: Report

Global Entrepreneurship Monitor (GEM) Survey 2016-17 has found increase in the rate of entrepreneurial intention to 14.9 per cent compared to 9 per cent in 2015-16. The fear of failure rate has decreased to 37.5 per cent from 44 per cent in 2015-16. 

The entrepreneurial potential in India as measured by highlighting the self-perception about entrepreneurship is on the rise as per the report. The self-perception parameters included perceived opportunity to start a business, perceived capabilities to start a business, fear of failure and entrepreneurial intention. The GEM considers those who perceive good opportunities for starting a business as well as those who believe they have the required skills, as potential entrepreneurs in the society. 

On the readings of the survey, Dr Sunil Shukla, GEM India Team Leader and Director, EDII Ahmedabad said, “A macro comparison of all economies suggests that the entrepreneurial intention rate of India is close to the rate of innovation-driven economies, which is commendable. We believe that policies such as Make in India, Startup India, Stand up India, Skill India and Digital India are making India a favourable destination for doing business.” 

As many as 62 countries are part of GEM Consortium that researches on trends in entrepreneurship in these countries.

The GEM India Team comprises the Entrepreneurship Development Institute of India (EDII), Ahmedabad (Lead Institution), Centre for Entrepreneurship Development Madhya Pradesh-CEDMAP (Bhopal) and Jammu & Kashmir Entrepreneurship Development Institute-JKEDI (Srinagar).