India among top 5 economies for ease of starting new business: Global survey
India Today
According to a report from a global consortium of over 500 researchers, India is among the top five economies where it is easier to begin a new business.
India is among the top five easiest places to start a new business, a global consortium of over 500 researchers said on Thursday in its latest report, putting the country on top amongst low-income economies on different entrepreneurial framework conditions.
The Global Entrepreneurship Monitor (GEM) 2021/2022 report, unveiled at the Dubai Expo, gathered data via a survey of at least 2,000 respondents across each of 47 high, medium and low-income economies.
The survey of Indian respondents, who answered questions on their entrepreneurial activity, attitudes to enterprise and view of their local entrepreneurial ecosystem, found that 82 per cent think it is easy to start a business, placing India fourth globally.
As many as 83 per cent believe that there are good opportunities to start a business in their area second globally and 86 per cent believe they have the skills and knowledge to start a business fourth globally.
Besides, 54 per cent cite fear of failure as a reason for not planning to start a new business in the next three years, placing India second out of 47 in this list.
The GEM report put India on the top amongst low-income economies (according to GDP per capita) on different Entrepreneurial Framework Conditions such as Entrepreneurial Finance, Ease of Access to Finance, Government Policy: Support and Relevance; and Government Support: Taxes and Bureaucracy; while Government Entrepreneurial Programmes was ranked second highest.
However, the results indicated that entrepreneur sentiment of growth expectation was weak with more than 80 per cent of Indian entrepreneurs reporting much lower growth expectations than last year.
