ENTREPRENEURSHIP EDUCATION AND DEVELOPMENT IN INDIA

Abstract

Entrepreneurship education is considered as one of the most influential forces that determine the health of the economy. The Indian economy needs emergence of new, innovative and enthusiastic entrepreneurs and education is an important factor in developing entrepreneurial competencies in individuals. India is a young country with average of about 63 per cent population currently being in the working age group of 15 to 59 years. Studies have found that entrepreneurship prevalence rates are highest in the 25-34 age groups. Entrepreneurship education in India has gained relevance in today’s context. Education in the area of entrepreneurship may help people to develop skills and knowledge, which could benefit them for starting, organizing and managing their own enterprises. However, considering the basic synergies of core management subjects such as marketing and entrepreneurship, both of which provide an opportunity to develop unique solutions to satisfy customer needs, the study of entrepreneurial aspects as a prerequisite for management education and research seems indispensable when specifically catering to the growing entrepreneurial intent in developing economies. This approach necessitates a compulsory initiation of entrepreneurship courses early in the curricula of contemporary business schools. This paper aims at explaining the importance of entrepreneurial education and Development in India to propose an effective ecosystem for integrating and promoting entrepreneurship education as fundamental to mainstream business education and development in India.