Role of Government Financing Schemes on Entrepreneurial Development in India: An Empirical Study

Abstract

In this abstract the investigator has summarized the research paper and provides a brief overview of the main points, methodology, results, and conclusions of the work and help readers to quickly understand grasp the essential aspects without having to read the entire document. Clear and straightforward language is used avoiding highly technical terms that may not be familiar to a broader audience. As India strives for economic growth and job creation, understanding the nuances of implementing government financial schemes for entrepreneurial activities have paramount importance.  Government schemes in any nation foster the entrepreneurial activities which in turn help in the generation of various employment opportunities, alleviate poverty, enhance technology, innovativeness as well as work towards improving the financial inclusivity. Diverse financial initiatives include facilities such as credit, subsidies, incentives etc. which not only provide adequate capital support for the start-ups but also guarantee an understanding and nurturing ecosystem for the business landscape. The positive attitude of the government towards entrepreneurial activities further helps in developing entrepreneur’s perception towards innovativeness which automatically improves the participation of diverse sections of society in such ventures. However, there are several unique challenges in association with bureaucracy, funds, capital etc. that hinders the smooth functioning of the entrepreneurial sectors of the nation. By conducting research and thoroughly analyzing the multifaceted nature of the role of government in entrepreneurship sector help provide valuable insights for developing an effective government intervention in these arenas which in turn help in the advancement of a sustainable entrepreneurial ecosystem. Study survey was conducted among 283 entrepreneurs to know the factors that show different role of government financing schemes on entrepreneurial development in India and found that Access to Capital, Promotion of Innovation, Skill Development and Training and Sector-Specific Support are different factors that shows different role of government financing schemes on entrepreneurial development.