India Ranks Second Globally in Entrepreneurship Landscape: GEM 2023/2024 Report
India’s Entrepreneurial Ecosystem Soars, Experts Rate Conditions Highly Favorable
BILKULONLINE
Ahmedabad, May 1: India has secured the second position among 49 economies globally in the National Entrepreneurship Context Index (NECI), according to the Global Entrepreneurship Monitor (GEM) 2023/2024 Report. The report, based on assessments by experts in India, evaluates countries on 13 Entrepreneurship Framework Conditions (EFCs). India’s performance is exceptional, with all EFCs assessed as more than sufficient, placing it alongside the Netherlands and the United Arab Emirates.
India’s rise from the 16th position in 2022 to the 4th in 2023 and now 2nd in 2024 reflects its impressive and growing ecosystem enablers. Sunil Shukla, National Team Leader of the GEM India Team, and Director-General of the Entrepreneurship Development Institute of India (EDII) in Ahmedabad, expressed optimism about India’s entrepreneurial landscape, attributing the country’s success to strong support for entrepreneurship in social and cultural norms, and robust entrepreneurship education at all levels.
The report also highlights that Indian entrepreneurs are driven by a desire to make a difference in the world, with more than four out of five citing this as a motivation. Additionally, three out of four entrepreneurs start businesses to continue family traditions. However, there is concern as some entrepreneurs cite the scarcity of jobs as a reason for starting a business, reflecting a broader global economic slowdown seen in other emerging markets and Eastern European countries.
