Entrepreneurship: Solution for Socio-Economic Developments

Authors

  • Bhavesh Jha MBA Business Sustainability (TERI University), PG Diploma in Personnel Management and Industrial Relations (Annamalai University), B. Com H (Delhi University)

DOI:

https://doi.org/10.15415/iie.2013.12009

Keywords:

Entrepreneurship, Economic Empowerment, Jobs Creation, Unemployment, Efficient Education System, Skill Shortage, Poverty, Entrepreneurship Environment, MSMEs, Development

Abstract

Increasing unemployment in most of the developing countries has become main hindrance behind decreasing livelihood standards and poverty. The per capita income has been decreasing rapidly and the poor are becoming poorer. Even the literates are not able to generate income as per the needs and suffering from underemployment or unemployment. There is a huge skill shortage seen in the qualified graduates as per the industry standards. India has a large population of such literate unemployed pool of labor force which is not able to economically contribute in the society and the nation. The main challenge in front of governments is how to enhance the economic empowerment in the society. The economic empowerment of these excluded literate youths in the country can play a major role in boosting the economy at a local level. There is a need for an entrepreneurial environment which can facilitate entrepreneurs to start their own ventures and develop micro economy. Skill based special trainings and awareness about entrepreneurship among students can be the solution. Information dissemination, financial access, mentoring and business incubation facilities in the education institutions could be few of the steps in this regard. Entrepreneurship attitude among this enormous pool of unemployed literates can increase the trades activities and jobs creation in the local market. Thus an efficient education system pertaining to the industry demands and focused towards empowering the literate youths is need of the hour.

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References

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National Employability Report’,Aspiring Minds, <http://www.aspiringminds.in/press_doc/47_graduates_in_india_are_unemployable_for_any_job_aspiring_mindsnational_employability_report_graduates.pdf>

National Knowledge Commission, Government of India, Entrepreneurship in India, (2008), http://knowledgecommission.gov.in/downloads/documents/NKC_Entrepreneurship.pdf

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The Hindu, June 26, 2013,” Nearly 47% graduates in India unemployable- says report”, <http://www.thehindu.com/news/cities/Delhi/nearly-47-per-cent-graduates-in-india-unemployable-says-report/article4850167.ece

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Published

2013-09-24

How to Cite

Bhavesh Jha. (2013). Entrepreneurship: Solution for Socio-Economic Developments. Issues and Ideas in Education, 1(2), 139–144. https://doi.org/10.15415/iie.2013.12009

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Articles