The latest Global Entrepreneurship Monitoring (GEM) report covering 47 countries for 2021-22 – carried out by EDII for India – indicated that compared to the last year’s sharp nosedive in entrepreneurial activities, this year saw a rise – almost matching pre-Covid levels of entrepreneurial activities numbers.
The survey indicated that among BRICS countries, India saw the highest number of entrepreneurial willingness, but also the highest fear of failure. The ‘scarce jobs’ remains the top reason for the entrepreneurs to enter into the startups/new businesses. The survey indicated that 2.8% blamed Covid for closure of startups.
Dr Sunil Shukla, director general of Entrepreneurship Development Institute of India (EDII), along with Pankaj Bharati and Amit Kumar Dwivedi, faculties from EDII, prepared the India component for the global report.
The results indicated that against business exits of eight establishments, there were 14 new, indicating growth of the business. Majority of the opportunities were seen in consumer-oriented services.
Dr Dwivedi said that compared to past surveys, the gap between urban and rural areas is narrowing. He also pointed out that western region of India has continued to do well on entrepreneurship front.