Economic development in India: the role of individual enterprise (and entrepreneurial spirit)

Anil K. Lal () and Ronald W. Clement
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Anil K. Lal: Pittsburg State University, Pittsburg, Kansas, U.S.A.
Ronald W. Clement: Pittsburg State University, Pittsburg, Kansas, U.S.A.

Asia-Pacific Development Journal, 2005, vol. 12, issue 2, 81-99

Abstract: The Indian economy provides a revealing contrast between how individuals react under a government-controlled environment and how they respond to a market-based environment. Evidence suggests that recent market reforms that encouraged individual enterprise have led to higher economic growth in that country. India can generate additional economic growth by fostering entrepreneurial activity within its borders. To pursue further the entrepreneurial approach to economic growth, India must now provide opportunities for (1) education directed specifically at entrepreneurial skills, (2) financing of entrepreneurial efforts, and (3) networking among potential entrepreneurs and their experienced counterparts. Further, although the Indian government should establish policies supportive of entrepreneurial efforts, its role overall should be minimized so that the influence of the free market and individual self-interest can be fully realized.

Keywords: Economic development; individual enterprise (search for similar items in EconPapers)
JEL-codes: M1 O1 (search for similar items in EconPapers)
Date: 2005
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:unt:jnapdj:v:12:y:2005:i:2:p:81-99

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