Financing India's Future: A Critical Review of Government Initiatives for Entrepreneurial Development
Authors/Creators
- 1. Department of Commerce, Manipal University Jaipur, Rajasthan
Description
Abstract: India offers several opportunities for entrepreneurs, owing to the rapid evolution in the business environment. However, access to sufficient funds remains one of the biggest obstacles for them. In order to overcome financial crisis, governments offer different financial schemes. The aim of this paper is to explore how two important financial schemes – Startup India Scheme and the Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGTMSE) – help entrepreneurs. The paper examines the benefits and problems that exist in each scheme and evaluates their impact on entrepreneurship development. It uses a descriptive method in analysing the available secondary data on government policies related to entrepreneurship development. The data sources include scholarly articles, books, government reports, and other online sources like government websites. The results show that government programs play critical role in fostering the creation of a conducive entrepreneurial environment in India by offering financial and non-financial aid. However, problems like lack of knowledge among applicants about the processes involved limit the effectiveness of the program.
Keywords: Entrepreneurship, Government Schemes, Startup India, CGTMSE, Financial Support, MSMEs
JEL Classification Number: L26; M13; G28; H81
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