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Economic development in India: the role of individual enterprise (and entrepreneurial spirit)

Author

Listed:
  • Anil K. Lal

    (Pittsburg State University, Pittsburg, Kansas, U.S.A.)

  • Ronald W. Clement

    (Pittsburg State University, Pittsburg, Kansas, U.S.A.)

Abstract

The Indian economy provides a revealing contrast between how individuals react under a government-controlled environment and how they respond to a market-based environment. Evidence suggests that recent market reforms that encouraged individual enterprise have led to higher economic growth in that country. India can generate additional economic growth by fostering entrepreneurial activity within its borders. To pursue further the entrepreneurial approach to economic growth, India must now provide opportunities for (1) education directed specifically at entrepreneurial skills, (2) financing of entrepreneurial efforts, and (3) networking among potential entrepreneurs and their experienced counterparts. Further, although the Indian government should establish policies supportive of entrepreneurial efforts, its role overall should be minimized so that the influence of the free market and individual self-interest can be fully realized.

Suggested Citation

  • Anil K. Lal & Ronald W. Clement, 2005. "Economic development in India: the role of individual enterprise (and entrepreneurial spirit)," Asia-Pacific Development Journal, United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), vol. 12(2), pages 81-99, December.
    • Handle: RePEc:unt:jnapdj:v:12:y:2005:i:2:p:81-99
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    File URL: http://www.unescap.org/sites/default/files/apdj12-2-5-lal.pdf
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    References listed on IDEAS

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    2. Dani Rodrik, 1996. "Understanding Economic Policy Reform," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 9-41, March.
    3. Pranab Bardhan, 1997. "Corruption and Development: A Review of Issues," Journal of Economic Literature, American Economic Association, vol. 35(3), pages 1320-1346, September.
    4. Sanjaya Lall, 2001. "Competitiveness, Technology and Skills," Books, Edward Elgar Publishing, number 2298.
    5. Wade, Robert, 1985. "The market for public office: Why the Indian state is not better at development," World Development, Elsevier, vol. 13(4), pages 467-497, April.
    6. Vijay Joshi, 2001. "Capital Controls and the National Advantage: India in the 1990s and Beyond," Oxford Development Studies, Taylor & Francis Journals, vol. 29(3), pages 305-320.
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    Cited by:

    1. Sameer Lama & Hrikesh Bhandari, 2013. "Dynamics of Entrepreneurship: A Study on the Perception of Gen Y," International Journal of Reviews and Studies in Economics and Public Administration, National Statistics, vol. 1(1), pages 18-30, December.
    2. Hongjun Guan & Zhen Zhang & Aiwu Zhao & Jinyuan Jia & Shuang Guan, 2019. "Research on Innovation Behavior and Performance of New Generation Entrepreneur Based on Grounded Theory," Sustainability, MDPI, vol. 11(10), pages 1-19, May.
    3. Anil K. Lal, 2017. "Foreign Direct Investment, Trade Openness And Gdp In China, India And Mexico," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 62(05), pages 1059-1076, December.

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    More about this item

    Keywords

    Economic development; individual enterprise;

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development
    • M1 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration

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