University of Glasgow India 2nd Best for Business Startups

21 Feb, 2024

University of Glasgow India 2nd Best for Business Startups

India has made a significant leap in the National Entrepreneurship Context Index (NECI), catapulting from the 16th position in 2021 to the remarkable second spot in 2023. According to the latest Global Entrepreneurship Monitor (GEM) 2023/2024 Report, India emerges as one of the top destinations globally to kickstart a business venture, securing the second rank among 49 countries. This assessment, rooted in insights from a comprehensive survey conducted with experts across India, evaluates the nation based on 13 critical Entrepreneurship Framework Conditions (EFCs). The findings, meticulously generated by the University of Glasgow Adam Smith Business School, underscore India's outstanding performance, with all EFCs deemed more than sufficient—an achievement shared by only two other GEM countries, the Netherlands and the United Arab Emirates.

India's robust standing is reinforced by its commendable scores in pivotal framework conditions such as 'social and cultural norms' favouring entrepreneurship and robust 'entrepreneurship education' at various educational levels. Notably, India is one of the select few countries where experts affirm satisfactory social support for women entrepreneurs and commendable resource access. Sreevas Sahasranamam, a professor at the University of Glasgow Adam Smith Business School and co-author of the global GEM report, lauds India's positive trajectory, attributing it to various initiatives and cultural shifts promoting entrepreneurship, including educational reforms and the popularisation of entrepreneurial endeavours through media platforms like 'Shark Tank.'

India's ascent to the second position marks a significant advancement from its previous rankings, indicating a burgeoning entrepreneurial ecosystem fueled by robust support structures and the burgeoning confidence and aspirations of its youth. However, amidst this promising landscape, concerns linger regarding the driving forces behind entrepreneurship, notably the scarcity of employment opportunities, which propels a significant proportion of individuals towards entrepreneurial ventures. This trend, coupled with a predominant focus on consumer services over business services, underscores the imperative for targeted interventions to foster a more diverse and dynamic entrepreneurial landscape in India. With renewed emphasis on nurturing business service entrepreneurs and facilitating the growth and scalability of startups, India is poised to capitalize on its entrepreneurial potential and foster sustainable economic growth.