India Ranks Fourth In Quality Entrepreneurship Ecosystem: Report According to the report, India's latest score of 6.1 reflects a steady increase in the country's overall entrepreneurial environment over the years
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A new global report, on Thursday, said that India has been ranked fourth out of 51 countries in having a quality entrepreneurship ecosystem, reflecting a constant growth in the nation's business environment over the years, according to a PTI report.
India's ranking in the Global Entrepreneurship Monitor (GEM) National Entrepreneurship Context Index (NECI) report is a drastic turnaround following a much lower score in 2021, which was 16th overall. According to the report, India's latest score of 6.1 reflects a steady increase in the country's overall entrepreneurial environment over the years
The NEC index measures 12 entrepreneurial environment conditions which include government's policies, financial environment, professional and commercial infrastructure accessibility, cultural and social norms and so on, that make up the context in which entrepreneurial activity takes place in a country.
Furthermore, the report said that India's NECI score rose from 5.8 in 2019 (ranked 6th among GEM economies) to 6.0 in 2020 (ranked 4th). However, there was a dip in 2021, with a score of 5.0 (barely sufficient) and a rank of 16th.
Dr Sreevas Sahasranamam, who is a co-author of the current GEM global report and Associate Professor in Entrepreneurship and Innovation at Strathclyde Business School, Glasgow, UK reportedly said that the improved quality of the entrepreneurship ecosystem is a reflection of the Indian government's initiatives.
"The improved quality of the entrepreneurship ecosystem is a reflection of both initiatives of the Indian government in supporting new businesses such as Make in India and Atal Innovation Mission, and a change in popular culture evident through the interest and celebration of entrepreneurship through television shows like Shark Tank India," said Sahasranamam, in a statement.
The GEM 2022/2023 Global Report also discusses results from the Adult Population Survey (APS) carried out in India with more than 2,000 respondents which found Indians excelling in several arenas of start-ups.
"The motivation 'to continue a family tradition' continues to be an important driver of entrepreneurship in India, with 69% of respondents agreeing to it. Another strong driver has been 'to make a difference in the world' at 81 percent," it said, according to the news report.