SIGNIFICANT PERSPECTIVES AND CHALLENGES OF RURAL ENTREPRENEURSHIP DEVELOPMENT IN INDIA
DOI:
https://doi.org/10.22159/ijss.2022.v9i4.41384Keywords:
Entrepreneurship, challenges, opportunities, unemployment, entrepreneurial ventures, rural entrepreneurship development (RED)Abstract
Today, India's economy is heavily reliant on agriculture and related activities, with 72.2 percent of the population living in rural areas where agriculture and related activities are the primary sources of revenue.True entrepreneurs are innovative, resourceful, and driven to succeed and improve.They are unquestionably trailblazers who have no trouble fighting on the front lines.Because they can see their course and are still too busy working toward their vision and passion, great entrepreneurs are able to be laughed at and mocked at first.In general, an entrepreneur is someone who not only organises and develops projects, but also takes risks while doing so.Not all entrepreneurs are created equal, and not all people who work for themselves are true entrepreneurs.Rural entrepreneurship is where rural businesses begin.Entrepreneurship is an excellent way to address migration, unemployment, and promote social and economic growth in rural areas.Improving rural villages will boost the rural economy while also encouraging the conservation of natural resources.In terms of services, financial access, and industry, there is a significant gap between rural and urban areas today.In order to reduce disparities, it is critical to revitalize the rural economy, which can be accomplished by establishing entrepreneurial ventures in rural areas.Rural income growth, in particular, would have a multiplier effect by increasing demand for farm and non-farm services and goods, resulting in the creation of new job opportunities.The Indian government has consistently assigned and strived to increase the value and funding for rural entrepreneurship growth and promotion.Risk aversion, a lack of technological know-how, a shortage of skilled labour, a lack of communication infrastructure, and limited access to critical services is just a few of the major barriers to rural entrepreneurship's growth.This paper examines the current state of rural entrepreneurship, including its definition, the characteristics required of entrepreneurs, the challenges and opportunities faced by entrepreneurs, career entrepreneurship, and the role of institutions supporting rural entrepreneurship in fostering and expanding rural businesses.This will enable those involved to gain a holistic understanding of entrepreneurial activities, the state of rural entrepreneurship in India, current initiatives in the form of rural entrepreneurship development schemes and programmes, and the establishment of institutional networks for rural entrepreneurship growth.
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