Improvising the Start-up Ecosystem for Fostering Entrepreneurial Society in India: Strategic Positioning on Global Yardsticks and Policy Prescriptions

Abstract

Experimentation with socialist and capitalist forms of the economy has resulted in limited notions of inclusive growth and holistic development. In the current state of global economic affairs, no country can act as the sole provider of all the expectations and aspirations of its countrymen from its limited fiscal health. It is evident that new entrepreneurial ventures are evolving as start-ups or unicorns that are ideally built on a knowledge-driven economy. Start-ups create new-generation products or services that essentially elevate the quality of life and, in the process, generate employment opportunities for young brigades of a state. High-income countries accelerate economic growth by reinforcing a strong entrepreneurial society. A highly populous and transforming economy such as India is expected to foster start-up ecosystems to incubate numerous transformative and sustainable unicorns. This study explores the competitive positioning of Indian start-up ecosystems and the prescriptions of policy reforms for India, consistent with global yardsticks.