According to a report co-authored by the University of Glasgow, India emerges as one of the prime destinations globally for embarking on entrepreneurial ventures, securing the second position in the latest Global Entrepreneurship Monitor (GEM). The nation's economy demonstrates robust levels of established business ownership, indicating sustained business longevity. Furthermore, it garners commendable ratings for its 'social and cultural norms' supportive of entrepreneurship.

In the 2023/24 GEM report, India's ranking has ascended from fourth to second among 49 countries.

As part of the study, experts in entrepreneurship evaluate the Entrepreneurship Framework Conditions, which serve as the foundation for a country's GEM score.

Professor Sreevas Sahasranamam, of the University of Glasgow's Adam Smith Business School, and co-author of the global GEM report, said: “This is an encouraging trend that reflects highly of initiatives such as Atal Tinkering Lab in schools, stress on innovation in the New Education Policy, and cultural mainstreaming of entrepreneurship through popular TV shows like Shark Tank. Last year, under India’s G20 presidency, a dedicated engagement group for startups called Startup20 was launched, which also gave major impetus entrepreneurship by bringing together global stakeholders.”

The study also pinpointed key areas requiring focus. It revealed that growth expectations among Indian entrepreneurs are subdued, with fewer than one in 10 anticipating employing at least six additional individuals in the next five years. Moreover, the majority of Indian entrepreneurship, accounting for 70%, is concentrated in consumer services like retail, hospitality, and personal services. In contrast, a mere 2.3% of entrepreneurs operate in business services such as IT and professional services. 

Read the full report on the University of Glasgow news webpage.

First published: 13 February 2024

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