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Introduction 

  • Businesses play a huge role in developing the economy.
  • Most of the businesses are influenced by institutions in modern economy such as schools, colleges, hospitals, political parties, religious bodies and many others.
  • The process of business begins with production and ends with the process of consumption.
  • A lot of goods and services traded during the ancient times including cotton, animal skins, handicrafts, steel, livestock and masonry.
  • The ability to transfer money from one hand to the other during the trading activities in steel edge is an old activity that was performed by the Hundi and Chitties.

The Business Cycle

Indian Culture Of Business

  • The Mahalanobis is an Indian culture that is best on mining and manufacturing leading to infrastructure and development and the generation of proper infrastructure.
  • This model has later usual in creating capital intensive companies which are always addressed issues of unemployment.
  • The private sector identifies challenges and invest in those areas which consequently propagate economic development. However due to cases of exploitation private industries usually like related the world government.

Hundi Culture In Business

Contribution Of Sme’s In The Economy

  • India has very large firms which are more than half billion dollars in size and are contributing to almost 40% of the exports.
  • The Indian country has a current unemployment rate of 20%.
  • There is need for the country to produce about 90 billion jobs in the next decade to solve the case of unemployment.
  • Small businesses are accounting for more than 10% of the businesses enterprises in India which is contributing to a significant opportunity or entrepreneurship and innovation.
  • Medium-sized businesses have been shown to be accounting for 50% of all the company sized having an average revenue of 10 million.
  • This is considered the strength of the economy because of the advancement in technology, marketing, sales and other customer care services.

Pillars Of Economic Development

  • Small businesses of the identified are some of the key pillars of economic development for their roles and creation of job opportunities for starting innovation as well as promotion of local economic development.
  • Small businesses have been identified as very important for the economy and they remain the backbone of the Indian economy. Small businesses remain other important network for the large companies because they help in supplying of raw materials components and other services that are used for production.
  • Large companies are able to access this diverse range of products and services from the small businesses. Businesses also help as a source of talent which are used for large businesses.

Current State Of The Economy

  • Indian economy has emerged as one of the strongest and fast-growing economies in the world.
  • This is because there has been a lot of incomes saving some investments opportunities which has otherwise led to improved domestic consumption.
  • India is also having a young population therefore providing itself with the good labor force. There is also a lot of growth in the identified sectors which have grown rapidly leading to a lot of initiatives with the government to make India a very skillful digital country.

Role Of Entrepreneurship In The Economy

  • Businesses also help in improving the economy because they create employment opportunities. These implemental opportunities are very important especially for rural areas therefore allowing people in those areas to have some livelihood.
  • Resources improves their living standards. Small businesses have also played a huge role in promoting entrepreneurship therefore promoting economic development.
  • Entrepreneurship is known for innovation that has led to creation of new opportunities leading to increased mobility and breakdown of traditional barriers that prevent success in business.

Role Of Government In The Economy

  • Sustainability of the government has always ensured that it is playing a role in creating growth and equity. This has shown increased roles of the government in areas such as investment production retailing and regulation of businesses.
  • Production of key and strategic human resources such as electricity, petroleum, steel coal and other engineering goods are moderated by the government to prevent exploitation.
  • Indian government is also playing a huge role in terms of agricultural development to ensure that they fight food shortage.
  • Modern use of agricultural input such as machinery irrigation and high-ending variety of seeds has helped in subsidizing the prices of food which has also led to economic development.
  • The government continues to play active role in regulating the businesses which has also helped in economic development. For example, the government has placed price ceilings in some of the products which have got huge influence on nation’s economy.

Conclusion

  • Economic development is attuned to productivity in growth which is very important for a developing country like India.
  • High productivity means an improved economic outcome leading to higher income and more choices for the consumers as well as better quality of products.
  • India is also having a young population therefore providing itself with the good labor force. There is also a lot of growth in the identified sectors which have grown rapidly leading to a lot of initiatives with the government to make India a very skillful digital country.

References

Aggarwal A. (2013). Performance appraisal of rural entrepreneurship development programs. International Journal of Management & Business Studies, 3(3), 22–28.

Bagchi S., Pal D. (2003). Entrepreneurship and Indian economy: Role of government policies in entrepreneurship development. Social Science Research Networks.

Bednarzick R. W. (2000). The role of entrepreneurship in U.S. and European job growth. Monthly Labor Review, 123(7), 3–16.

Dhaliwal A. (2016. The role of entrepreneurship in economic development. International Journal of Scientific Research and Management, 4(6), 4262–4269.

Global Entrepreneurship and Development Institute. (2015). Report. Washington, DC.

Hajela R. (2012). Shortage of skilled workers: A paradox of the Indian economy (SKOPE Research Paper No. 111). Oxford, UK: COMPAS, University of Oxford.

Kirkire A. (2009). A study on opportunities for micro entrepreneurship development in Indore and its future prospects. Altius Shodh Journal of Management & Commerce, 1–15.

Kumari I. (2014). A study on entrepreneurship development process in India. Indian Journal of Research, 3(4), 51–52.

Lokhande M. A. (2015). A study of socio-economic background of entrepreneurs from semi-urban centers in Maharashtra. Professionals Center for Business Research, 2(3), 10–18.

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