Discover the jaw-dropping truth behind India’s stunning ascent to the second spot in global entrepreneurship rankings! Unveil the secrets driving this unprecedented surge and find out why India’s entrepreneurs are capturing the world’s attention.
Silver Medal for Entrepreneurial India
India’s entrepreneurial prowess has shone brightly, securing the second spot in global entrepreneurship rankings among 49 countries in the latest Global Entrepreneurship Monitor (GEM) 2023/2024 Report, unveiled this week. The insights stem from a heartfelt dialogue with experts in India, who lent their voices to evaluate the country across 13 Entrepreneurship Framework Conditions (EFCs).
The assessments form the heartbeat of an economy’s National Entrepreneurship Context Index (NECI) score and ranking, curated by the University of Glasgow Adam Smith Business School. Notably, India stands tall among the trio of GEM nations where all EFCs received a resounding vote of confidence, alongside the Netherlands and the United Arab Emirates.
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The Global Entrepreneurship Monitor
The Global Entrepreneurship Monitor resonates as a timeless ode to the human spirit of enterprise, weaving together stories of courage and resilience since its inception in 1999. Rooted in the lived experiences of individual entrepreneurs, it serves as a compass guiding nations towards inclusive growth and prosperity. In 2023, over 136,000 individuals shared their aspirations through the Adult Population Survey, including a vibrant tapestry of voices from India, alongside insights gleaned from over 2,000 experts across 49 countries.
India’s Entrepreneurial Journey
India’s entrepreneurial journey is marked by vibrant hues, with social and cultural norms serving as the bedrock for fostering entrepreneurship and education nurturing the dreams of budding entrepreneurs. Moreover, India stands as a beacon of hope for women entrepreneurs, backed by a supportive social fabric and accessible resources.
India has ascended from the fourth position to clinch the silver medal in the global entrepreneurship rankings over the past year. Sunil Shukla, the spirited leader of the GEM India Team and Director-General of the Entrepreneurship Development Institute of India (EDII), Ahmedabad, underscores the monumental leap in NECI rankings, from 16th place in 2021 to fourth in 2022, and now securing the runner-up position in 2023. His optimism radiates as he envisions a vibrant landscape brimming with youthful energy and confidence.
(IMAGE CREDITS-GETTY)
Nurturing Dreams, Bridging Gaps
Amidst the hustle and bustle of India’s entrepreneurial ecosystem, nearly 70 percent of ventures find solace in consumer services, tending to the diverse needs of the populace. However, there lies a poignant tale of unfulfilled dreams in the realm of business services, where opportunities beckon with promises of scalability and prosperity. As the entrepreneurial journey unfolds, the spirit of innovation continues to drive aspirations, albeit tempered by the realities of growth projections.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and The Global Entrepreneurship Monitor have contributed to the above report
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