What is India Doing to Accentuate Entrepreneurship Innovation?

The National Innovation council's main motive is to coordinate the several activities relevant to Innovation. The state council works in a very similar manner, except for its geographic jurisdiction. The policy was formed in 2013 and can be considered to be rather new. It is intended to enhance entrepreneurship and scientific solutions for inclusive and sustainable growth.

This article further discusses the current landscape of the innovation ecosystem and some of the challenges it faces.

Innovation Landscape Of India

India is one such country that has a high number of young population, ranging from ages 18-35.most of these youngsters are always looking for new job prospects, even though they are qualified. In such a time, the government has only one goal. They wanted to improve the employment scenario while also helping the economy of the country grow rapidly.

One of the most efficient ways to do that, according to the government, was to introduce the entrepreneurship development program. The thought process behind this was that supporting Innovation will further help accentuate entrepreneurship development, eventually accelerating the economy.

How India Came Out Of The Economic Distress?

The main reason why it took such a long time to initiate a fruitful endeavour is the economic system of the country. Most of the government rules are outdated and still from the colonial rule. This further makes the structure a lot more fragile and fragmented.

Although the country is long past its torturous history, it did not get a fresh start. Most of the legal, educational, financial foundations have been laid out. After independence was declared, India adopted a close economy.

This essentially relied on restricted imports, central planning and nationalisation of industries. Evidently, this hurt the economy and job opportunities quite severely.

However, with India opening its gates to import and export in the year 1991, the country has truly understood the competitiveness, which further called for more Innovation in industries.

The Current State of Innovation System In India

The current innovation system can be called intricate and quite effective. Using the knowledge of producers like environment and science institutions, academia, and other innovating individuals, a number of governments in India are giving Innovation a priority.

Therefore, it can be safely said that the spectrum of Innovation, science and technology has clearly evolved. Now there are several councils and ministries that cater to distinct areas of research across the country.

How Has It Helped?

If you talk about the country as a whole, there is no doubt that things are much better now. That said, there have been some severe changes in the mindset of the common citizens as well. People are now more open-minded and interested in creating something new.

In fact, there have been several new projects coming up just because of such initiatives. Some of the necessary sectors these initiatives have helped common citizens with are as follows:

• Funding

• Promoting Innovation

• Risk-taking nature

• Understanding the value of intellectual property

• Participation in the whole process

• Strengthening linkages between stakeholders

To Sum Up

India has undoubtedly come a long way since it got its independence. Although it has not reached its full potential yet, it is surely on the right track. On top of that, with more employment, people are getting better services as well and learning more about keeping the earth safe.

With the information mentioned in this article, now you can understand how hard the government is trying to promote technology innovation in India. That said, the Indian economy and general mass have surely seen the changes.

While the prospects of these implementations are endless, there should be constant participation from the citizens as well. Rest assured, this way, India will soon be able to exploit its original potential in this aspect.