Uncovering some of the ways that Make in India has changed the entrepreneurship landscape in India
Make in India is a flagship initiative launched by the Government of India in 2014 to promote manufacturing and innovation. It aims to transform India into a global hub for designing, producing, and exporting various goods and services. Make in India has significantly impacted the entrepreneurship landscape in India, as it has created various opportunities and incentives for entrepreneurs to start and scale their businesses. Some of the ways that Make In India has changed the entrepreneurship landscape in India are:
- It has boosted the confidence and morale of entrepreneurs by creating a positive and supportive environment for them. It has also increased the visibility and recognition of Indian entrepreneurs in the global market.
- It has facilitated the ease of doing business by simplifying and streamlining the regulatory and legal processes for starting and running a business. It has also reduced the cost and time of obtaining various licenses, permits, and approvals.
- It has provided entrepreneurs access to various resources and infrastructure, such as land, power, water, transport, communication, and technology. It has also improved the quality and availability of these resources and infrastructure by investing in their development and modernization.
- It has enabled access to various sources of funding and financing for entrepreneurs, such as banks, venture capitalists, angel investors, government schemes, and crowdfunding platforms. It has also offered various tax benefits, subsidies, incentives, and exemptions for entrepreneurs.
- It has fostered innovation and creativity among entrepreneurs by encouraging them to develop new products and services that cater to the needs and preferences of the domestic and international markets. It has also supported research and development activities by providing grants, awards, patents, and intellectual property rights.
- It has created a vibrant and diverse entrepreneurial ecosystem by bringing together various stakeholders, such as government agencies, industry bodies, academia, mentors, peers, customers, and media. It has also facilitated collaboration and networking among these stakeholders by organizing various events, workshops, seminars, competitions, and exhibitions.
These are some of the ways that Make In India has changed the entrepreneurship landscape in India. However, entrepreneurs face challenges and limitations in India, such as a lack of skilled talent, market competition, customer awareness, quality standards, social stigma, and environmental impact. Therefore, entrepreneurs must be aware of these challenges and limitations and adopt strategies to overcome them.