The Function of Public Policies in Promoting Innovation and Entrepreneurship in India

Abstract

The goal of the current study is to determine how the government can promote entrepreneurship and
innovation in emerging nations like India. Entrepreneurship and innovation are necessary for long-term
success. The Indian government has made all the required preparations to promote entrepreneurship and
innovation in the nation. India has a lot of promise, but with a growing population comes the challenge of
unemployment. Without a doubt, India will become a global economic force by 2047 thanks to its growing
GDP and exports, but it will first need to overcome several obstacles. The purpose of the current study is to
identify these obstacles and offer solutions in order to alleviate them.
Using secondary data analysis as the approach, those issues are studied, and following analysis,
generalizations are made. India has intellectual, financial, and marketing impediments to innovation,
according to the study's results. In addition, India files much fewer patents than other wealthy nations. Given
India's enormous potential and the numerous government-led efforts promoting innovation and incentives
for entrepreneurs, these obstacles must be removed. The study's practical implications include that in order
for India to advance its level of innovation and entrepreneurship; future academics need identify the
obstacles and provide solutions. All government policies are not all-inclusive; putting a heavy emphasis on
innovation and entrepreneurship they are implemented.