explain any five reasons for slow progress of entrepreneurial development in India?
Answers
CAUSES OF SLOW GROWTH OF ENTREPRENEURSHIP IN INDIA
1. Caste System: - This decided occupation for members from each caste. ...
2. Agriculture: - Agriculture was the main occupation. ...
3. Educational System: - Talented young men were prepared to take white collared jobs or join government or professional services. ...
4. Colonial Rules: - The British rulers adopted discriminatory policy Rich.
Answer:
Concept :
The development of entrepreneurship is hindered by a number of factors, including a lack of a viable concept, unfamiliarity with the market, technical skill, business knowledge, seed capital, a lack of self-satisfaction and motivation, social ills, a lack of employment opportunities, demands on one's time and attention from other parties, legal restrictions, monopolies, etc. Various initiatives, including industrial policy, commercial policy, licencing policy, globalisation, and simplification, have been made in India since independence to promote entrepreneurship. However, the development in this area might not be deemed adequate.
Explanation :
- Traditional Society - Indian society is plagued by superstitions, traditions, and rituals. Indian society is still dominated by caste, religion, and creed.
- Hereditary Jobs - In India, choosing a job, a career, and starting a business has long been determined by hereditary adoption, the caste system, religious and sex disparities, and other considerations rather than by desire, ability, and feelings.
- Unproductive Expenditure - The capital of India has traditionally been reserved. Indians often conceal their resources or use it for unproductive expenses like weddings, religious festivals, celebrations of life and death, ornaments, immovable assets, luxury products, and the like.
- Lack of Basic Infrastructure - In India, the standard of basic infrastructural amenities such as banking, insurance, water, electricity, raw materials, the stock exchange, marketing services, the capital market, organised product marketing, etc., has not been met.
- Cultural Values - The development or progress of entrepreneurship has been negotiated by cultural ideals. Indian society is deeply impacted by religion.
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