Role of Government Scheme for Entrepreneurship Development: A Critical Study

Abstract

Governments worldwide implement various initiatives to foster entrepreneurship and support small business development programmes. Emerging as the world’s third-largest startup ecosystem. Government policies and programs promote entrepreneurship and investing in new ventures. This paper examines various government policies and programs towards the development of entrepreneurship in INDIA. The Government of India and the Ministry of Micro, Small, and Medium Enterprises have launched more than 21 schemes to empower startups and MSMEs in India. In this paper, we have listed out 21 govt. schemes to promote entrepreneurship in India that are specially for startups or entrepreneurs who are looking to get help from these schemes such as Startup Leadership Program (SLP), Startup India Initiative and Credit Guarantee Trust Fund etc. The government has prioritized the establishment of high-quality incubators and accelerators across the country to foster collaboration, innovation, and knowledge exchange among entrepreneurs. The research underscores the vital role played by government funds and initiatives in overcoming financial barriers and empowering startups to pursue innovative ideas. As of March 14, 2024, there were 1,23,900 DPIIT -recognised startups, with at least one recognised startup in every stateas of December 31, 2023. The recognised startups have generated direct employment for over 12 lakh individuals. Startups have been at the forefront of innovation -introducing new technology, product and services that could change the world while generating jobs, establishing valuable enterprises’& innovations.