Entrepreneurship Education and Economic Development: An Indian Perspective

Abstract

This article is designed primarily to understand the importance of entrepreneurship education in economic development of a country. The importance of entrepreneurship education arises because of increasing unemployment and under employment in developing countries. Every year thousands of graduates are passing out from various institutions of our country but unfortunately they remain as literate unemployed because they lack the required skill as per the industry standard and ultimately become a burden for the society instead of economically contributing to the society and nation. Hence it is felt that there is an urgent need of skill based education system and development of awareness about entrepreneurship to create an entrepreneurial environment which will help entrepreneurs to start their own venture and to develop the economy. Hence an efficient education system which will create entrepreneurship attitude among the unemployed literate youths and to meet the industry demands which will help in developing the economy is the need of the hour. Further it is recommended that emphasis on practical application has to be given rather than on theoretical appreciation. The government should ensure the establishment of a strong entrepreneurship education system with good curriculum and to establish good study centers with well qualified teaching staff to educate and train the prospective entrepreneurs, and make funds available to them at the end of the programme for business formation.

Keywords: Entrepreneurship, Education, Economic Development, Unemployment

JEL Classification: E24, I25, L26