Soni, Ramesh; Schimmel, Ku ; Slack, F ede ick; Nicholls, Jeananne
A icle
India's en ep eneu ial awakening: Na iga ing geopoli ical
shi s and domes ic policy e o ms
Adminis a i e Sciences
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Sugges ed Ci a ion: Soni, Ramesh; Schimmel, Ku ; Slack, F ede ick; Nicholls, Jeananne (2025) :
India's en ep eneu ial awakening: Na iga ing geopoli ical shi s and domes ic policy e o ms,
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Ci a ion: Soni, R., Schimmel, K., Slack,
F., & Nicholls, J. (2025). India’s
En ep eneu ial Awakening:
Na iga ing Geopoli ical Shi s and
Domes ic Policy Re o ms.
Adminis a i e Sciences,15(4), 122.
h ps://doi.o g/10.3390/
admsci15040122
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A icle
India’s En ep eneu ial Awakening: Na iga ing Geopoli ical
Shi s and Domes ic Policy Re o ms
Ramesh Soni 1,* , Ku Schimmel 2, F ede ick Slack 1and Jeananne Nicholls 2
1Depa men o Managemen , Indiana Uni e si y o Pennsyl ania, Indiana, PA 15705, USA; [email p o ec ed]
2Depa men o FAME, Slippe y Rock Uni e si y, Slippe y Rock, PA 16057, USA;
[email p o ec ed] (K.S.); [email p o ec ed] (J.N.)
*Co espondence: [email p o ec ed]; Tel.: +1-724-357-7786
Abs ac : This pape examines he in e sec ion be ween en ep eneu ship go e nmen
policy and manage ial heo y. The con ex chosen o his s udy is India. India has expe i-
enced a signi ican global geopoli ical shi ha is coinciding wi h India’s domes ic policy
e o ms and no able domes ic ini ia i es. Since 2014, India’s en ep eneu ial ecosys em
has seen a signi ican inc ease in he numbe o s a ups and unico ns. This pape p esen s
a gumen s ha he con luence o global ealignmen s, such as he di e si ica ion o supply
chains away om China and inc easing in e es in he Indo-Paci ic egion, along wi h
domes ic ini ia i es like “Make in India”, “S a up India”, and digi aliza ion d i es, along
wi h massi e in es men s in in as uc u e imp o emen s, ha e made India a desi able
des ina ion o en ep eneu ial ac i i y. By examining hese ac o s h ough he lens o h ee
heo ies— esou ce-based iew, global alue chain, and inno a ion ecosys em heo y— his
pape iden i ies key oppo uni ies and challenges o en ep eneu s ac oss a ious sec o s.
I is hoped ha his esea ch will con ibu e o a deepe unde s anding o India’s e ol ing
en ep eneu ial landscape. In addi ion, en ep eneu s, policymake s, and in es o s can
bene i om his a icle o unde s and he oppo uni ies and challenges India poses in
o de o con ibu e o India’s con inued economic g ow h and i s eme gence as a global
en ep eneu ial powe house. Finally, his pape helps o b idge he gap be ween economic
policy and managemen heo y.
Keywo ds: en ep eneu ship; economic e o ms; make in India; inno a ion; digi al
ans o ma ion; esou ce-based iew; global alue chain; inno a ion ecosys em heo y
1. In oduc ion
This pape highligh s a success ul, ocused use o go e nmen policy o c ea e an
en ep eneu ship ecosys em. Since he economic libe aliza ion ha s a ed in 1991, Indian
GDP has jumped om he 17 h anked o he 5 h anked economy in he wo ld, wi h GDP
inc easing om USD 270 B in 1991 o abou USD 3.5 illion in 2023 (Figu e 1). This g ow h
exceeds he g ow h explained by popula ion inc eases in India. Despi e his la ge g ow h in
GDP, India lags behind o he majo economies in e ms o pe capi a GDP, which was jus
USD 2480.80 in 2024, o abou USD 8103 when adjus ed o pu chasing powe pa i y. Ye ,
India is expec ed o become a majo g ow h engine o he wo ld in he 21s cen u y. The
ac o s ha a o India’s g ow h a e i s (1) as and you h ul popula ion, (2) bu geoning
middle class, and (3) apidly de eloping in as uc u e, including digi al in as uc u e.
China, wi h a ocus on he indus ial sec o , unde wen a simila bu mo e explosi e g ow h
wi h he same a o able ac o s (Boswo h & Collins,2008). Hence, India has a ac ed
signi ican a en ion om in es o s and en ep eneu s om all o e he wo ld. Ano he se
Adm. Sci. 2025,15, 122 h ps://doi.o g/10.3390/admsci15040122
Adm. Sci. 2025,15, 122 2 o 20
o ac o s ha a e ueling his su ge in in e es a e (a) d ama ic geopoli ical shi s on he
in e na ional s age and (b) India’s domes ic policy e o ms du ing he las en yea s o so.
Adm. Sci. 2025, 15, x FOR PEER REVIEW 2 o 20
wi h he same a o able ac o s (Boswo h & Collins, 2008). Hence, India has a ac ed sig-
ni ican a en ion om in es o s and en ep eneu s om all o e he wo ld. Ano he se o
ac o s ha a e ueling his su ge in in e es a e (a) d ama ic geopoli ical shi s on he in e -
na ional s age and (b) India’s domes ic policy e o ms du ing he las en yea s o so.
Figu e 1. India’s GDP (cu en US dolla s). Da a om Wo ldbank.o g.
The wo ld has been expe iencing a ecalib a ion o geopoli ical dynamics o e he las 60
yea s. A e he Second Wo ld Wa , he economy o Japan, wi h hei in ense ocus on quali y
imp o emen , ca apul ed o he second la ges economy in he wo ld. Then came he ise o
China, which is cu en ly he wo ld’s second la ges economy in e ms o GDP and is posi-
ioned o ise o numbe one in abou 10 yea s om now (Mo ison, 2019). Howe e , he global
pandemic and ising ade ensions ha e b ough o he o e he isks o ulne abili y caused
by concen a ed supply chains. As a esul , mul ina ional co po a ions a e a emp ing o di-
e si y and mo e away om hei eliance on a single sou ce o elimina e hese ulne abili ies
(McKinsey Global Ins i u e, 2023). India, gi en i s democ a ic ins i u ions and la ge, young
wo k o ce, could bene i om his shi . Mo eo e , gi en he s a egic impo ance o he Indo-
paci ic egion, as well as India’s ole in he geopoli ics o he egion, India is a ac ing engage-
men and in es men s om key global pa ne s (Pan , 2022).
The cu en go e nmen unde s ands ha i India is o play a la ge ole in he wo ld,
i mus amelio a e he condi ion o a la ge, impo e ished popula ion in he coun y. To-
wa d his end, he Indian go e nmen announced a se ies o policy e o ms, as well as
new ini ia i es o os e economic g ow h. Among hese ini ia i es a e “Make in India”,
“Digi al India”, and “S a up India”. These ha e c ea ed an en i onmen o p omo e en-
ep eneu ial ac i i ies (Kuma , 2018). These and o he ini ia i es and policy e o ms a e
simpli ying bu eauc a ic egula ions, c ea ing suppo s uc u es o s a up and
small/medium en e p ises (SMEs), and p omo ing inno a ion. Addi ionally, as s a ed by
S ini as (2021), he go e nmen is expanding effo s o digi ize India. This has aken he
o m o (a) India’s highly success ul uni ied paymen in e ace (UPI), which has made In-
dia a wo ld leade in ins an paymen s wi h no cos o he paye o payee, (b) he expan-
sion o in e ne connec i i y, and (c) digi al go e nmen . These effo s ha e made i pos-
sible o en ep eneu s o explo e new ma ke s and oppo uni ies (S ini as, 2021).
Gi en hese geopoli ical de elopmen s and he domes ic effo s o he p esen go -
e nmen , India is now uniquely placed o se e as e ile g ound o oppo uni ies o local
and in e na ional en ep eneu s. This pape a emp s o explo e hese oppo uni ies in
ligh o inno a ion ecosys ems, global alue chains, and a esou ce-based iew: h ee ma-
jo heo e ical amewo ks o s a egic managemen . The au ho s asse ha he p esen
0M
500,000M
1,000,000M
1,500,000M
2,000,000M
2,500,000M
3,000,000M
3,500,000M
4,000,000M
1991
1993
1995
1997
1999
2001
2003
2005
2007
2009
2011
2013
2015
2017
2019
2021
Figu e 1. India’s GDP (cu en US dolla s). Da a om Wo ldbank.o g.
The wo ld has been expe iencing a ecalib a ion o geopoli ical dynamics o e he
las 60 yea s. A e he Second Wo ld Wa , he economy o Japan, wi h hei in ense ocus
on quali y imp o emen , ca apul ed o he second la ges economy in he wo ld. Then
came he ise o China, which is cu en ly he wo ld’s second la ges economy in e ms
o GDP and is posi ioned o ise o numbe one in abou 10 yea s om now (Mo ison,
2019). Howe e , he global pandemic and ising ade ensions ha e b ough o he o e
he isks o ulne abili y caused by concen a ed supply chains. As a esul , mul ina ional
co po a ions a e a emp ing o di e si y and mo e away om hei eliance on a single
sou ce o elimina e hese ulne abili ies (McKinsey Global Ins i u e,2023). India, gi en i s
democ a ic ins i u ions and la ge, young wo k o ce, could bene i om his shi . Mo eo e ,
gi en he s a egic impo ance o he Indo-paci ic egion, as well as India’s ole in he
geopoli ics o he egion, India is a ac ing engagemen and in es men s om key global
pa ne s (Pan ,2022).
The cu en go e nmen unde s ands ha i India is o play a la ge ole in he wo ld, i
mus amelio a e he condi ion o a la ge, impo e ished popula ion in he coun y. Towa d
his end, he Indian go e nmen announced a se ies o policy e o ms, as well as new
ini ia i es o os e economic g ow h. Among hese ini ia i es a e “Make in India”, “Digi al
India”, and “S a up India”. These ha e c ea ed an en i onmen o p omo e en ep eneu ial
ac i i ies (Kuma ,2018). These and o he ini ia i es and policy e o ms a e simpli ying
bu eauc a ic egula ions, c ea ing suppo s uc u es o s a up and small/medium en e -
p ises (SMEs), and p omo ing inno a ion. Addi ionally, as s a ed by S ini as (2021), he
go e nmen is expanding e o s o digi ize India. This has aken he o m o (a) India’s
highly success ul uni ied paymen in e ace (UPI), which has made India a wo ld leade in
ins an paymen s wi h no cos o he paye o payee, (b) he expansion o in e ne connec-
i i y, and (c) digi al go e nmen . These e o s ha e made i possible o en ep eneu s o
explo e new ma ke s and oppo uni ies (S ini as,2021).
Gi en hese geopoli ical de elopmen s and he domes ic e o s o he p esen go -
e nmen , India is now uniquely placed o se e as e ile g ound o oppo uni ies o
local and in e na ional en ep eneu s. This pape a emp s o explo e hese oppo uni ies
in ligh o inno a ion ecosys ems, global alue chains, and a esou ce-based iew: h ee
majo heo e ical amewo ks o s a egic managemen . The au ho s asse ha he p esen
go e nmen ’s emphasis on he ease o doing business and he p omo ion o inno a ion has
Adm. Sci. 2025,15, 122 3 o 20
led o a mo e suppo i e ins i u ional en i onmen o local and in e na ional en ep eneu s
in India. The au ho s explo e how he con luence o h ee occu ences—geopoli ical shi s,
domes ic policy e o ms, and he enhanced a ailabili y o i m-le el esou ces—is shaping
he en ep eneu ial landscape in India. The imeline o he pape is om he 2010s o 2024.
This ex ended ime ame allows o policies o be enac ed and ha e hei impac —posi i e
o nega i e— ecognized. The analysis in his pape helps explain he ac o s p omo ing
en ep eneu ial success in India, which in u n can be aluable no jus o en ep eneu s,
bu also o policymake s as well as in es o s.
2. The Con luence o Global Poli ical T ends
Cu en ly, he wo ld is expe iencing ans o ma i e geopoli ical dynamics. The e is a
ebalancing o shi ing o powe aking place be ween eme ging and es ablished economic
alliances and na ions, which is c ea ing challenges as well as oppo uni ies o na ions
wo ldwide. This a icle examines how he poli ical changes in coun ies such as USA,
Russia, and China a e gi ing ise o en ep eneu ial oppo uni ies in India. This a icle
illus a es how en ep eneu s, by being s a egic, can ake ad an age o hese e ol ing
powe shi s.
2.1. Cu en Global T ends
2.1.1. The US–China Dynamic and Supply Chain Di e si ica ion
The US p esiden Donald T ump s a ed his 2017–2021 “ e m by launching a ade
wa wi h China” o ul ill his campaign p omise (Allen-Eb ahaminian,2021). Du ing
P esiden T ump’s second e m ha s a ed in Janua y 2025, ade ensions wi h China
con inues. Addi ionally, ade dispu es expanded o include Canada and Mexico, and he e
a e indica ions o possible u u e ade ac ions in ol ing o he na ions. Inciden ally, i
mus be poin ed ou ha P esiden Biden (2021 o 2025) no only con inued bu expanded
he a i on China om he i s e m o P esiden T ump. To make he ma e wo se,
du ing he i s e m o P esiden T ump, he i us ha caused he COVID-19 pandemic
was aced o Wuhan, China. Ne e heless, he pandemic exposed he global supply chain’s
ulne abili y, gi en he o e eliance on one single sou ce—China. Gi en ha he Uni ed
S a es and China we e al eady engaged in an escala ing ug o wa wi h espec o s a egic
compe i ion, mul ina ional co po a ions (MNCs) and go e nmen s uni ied o di e si y and
educe single-sou ce dependency (McKinsey Global Ins i u e,2023). Gi en i s la ge and
young popula ion, s ong democ a ic ins i u ions, and g owing manu ac u ing capabili ies,
India is well sui ed o be one o he main bene icia ies o he supply chain di e si ica ion
s a egy. Many MNCs emb aced he “China Plus One” s a egy and s a ed de eloping
second manu ac u ing si es in coun ies like India o mi iga e isks and build esilience
(Fe nandes & Sha ma,2021). This end c ea es oppo uni y o en ep eneu s in India.
2.1.2. The Russia–Uk aine Con lic and Ene gy Secu i y
The p olonged con lic be ween Russia and Uk aine has sen shockwa es h ough
he global ene gy ma ke . I is ob ious ha ene gy secu i y and di e si ica ion a e needed
o e e y coun y, including India. India’s long-s anding eliance on ene gy impo s
equi es con inued s a egic e o s o mee i s ene gy needs. I mus be no ed ha India
con inued o buy “cheap” oil om Russia while he US and he wes boyco ed i du ing
he Russia–Uk aine con lic . Ne e heless, he Russia–Uk aine wa has c ea ed an opening
o en ep eneu s in he enewable ene gy sec o . As Bha acha ya (2022) indica es, India
has decla ed e y ambi ious enewable ene gy adop ion a ge s. Cu en geopoli ics
u he incen i izes in es men s in sola , wind, and o he enewal/clea ene gy sou ces.
Thus, he e a e oppo uni ies o en ep eneu s o exploi his end by de eloping new
Adm. Sci. 2025,15, 122 4 o 20
echnologies and inno a i e solu ions o he p oduc ion, s o age, and dis ibu ion o
enewable/clean ene gy.
2.1.3. China’s Bel and Road Ini ia i e and Regional Connec i i y
China’s Bel and Road Ini ia i e (BRI), al e na i ely known as he New Silk Road
ini ia i e, was launched in 2013 o ini ially “link Eas Asia and Eu ope h ough physical
in as uc u e”, bu i has now expanded o include A ica, Oceania, and La in Ame ica
(McB ide e al.,2023). McB ide e al. (2023) poin ou ha he USA and some Asian coun-
ies see his as a T ojan ho se o mili a y expansion and s a egic in luence. Pe haps his
has c ea ed an impe us o India o u he s eng hen i s own egional pa ne ships. In his
espec , Indian en ep eneu s can u ilize hei unde s anding o cul u al and ma ke nu-
ances o neighbo ing coun ies and de elop economic en u es anging om in as uc u e
de elopmen o c oss-bo de ade and echnology ans e (Pan ,2022).
These ac o s combine o inc ease compe i ion globally o esou ces and ma ke s.
India’s policies, wi h espec o i s egional pa ne ships, a e no new, bu hei in e ac ion
wi h global powe dynamics would c ea e economic ecosys ems, which, in u n, would
c ea e oppo uni ies o global as well as Indian en ep eneu s.
3. India’s Economic Domes ic Policies and Po en ial
3.1. India’s Domes ic Policy Landscape
Beyond he ex e nal geopoli ical shi s ha we e add essed in he abo e pa ag aphs,
he domes ic policy changes unde he cu en go e nmen ha e played a c ucial ole in
os e ing en ep eneu ial cul u e as well as oppo uni ies. India’s en ep eneu ial landscape
is unde going a signi ican e olu ion, ueled by a spa e o ambi ious, ye commonsense,
domes ic policy e o ms unde he cu en poli ical leade ship. Mo e speci ically, ini ia i es
such as “Make in India”, “S a up India”, and “Digi al India” ha e c ea ed a mo e sup-
po i e en i onmen o business and inno a ion (Kuma ,2018). These new policies and
ini ia i es ha e ocused on a ionalizing egula ions, boos ing in es men , and suppo ing
s a ups and small businesses o lou ish. The e ol ing geopoli ical landscape p esen s a
complex a ay o challenges and oppo uni ies o India. I India can na iga e hese shi s
s a egically and exploi i s domes ic s eng hs, i can posi ion i sel as a majo des ina ion
hub o en ep eneu ial ac i i y. Th ough wise policy decisions, India is posi ioning i sel
o adap and capi alize on hese global changes. En ep eneu s, in u n, can capi alize on
hese eme ging oppo uni ies by de eloping inno a i e solu ions ha ca e o he changing
needs o he global economy. This a icle examines how hese policy changes and ini ia i es
a e c ea ing a igo ous ecosys em o en ep eneu ial ac i i y, os e ing inno a ion, and,
mo e impo an ly, a ac ing in es men ac oss a ious sec o s. The ollowing pa ag aphs
discuss some o hese key policies and ini ia i es u he .
3.1.1. Make in India: Boos ing Manu ac u ing and Expo s
Launched in 2014, he “Make in India” campaign unde he p esen go e nmen is
deemed as he la ges ini ia i e e e o a ac o eign di ec in es men o s a manu ac-
u ing in India (Meh a & Rajan,2017). The campaign aims o ans o m India in o a global
manu ac u ing des ina ion. Kuma (2018) con ends ha his policy has c ea ed nume ous
oppo uni ies o en ep eneu s in sec o s such as elec onics, au omobiles, ex iles, and
pha maceu icals due o he ini ia i e’s ocus on key enable s such as he p omo ion o
domes ic manu ac u ing, encou agemen o o eign di ec in es men (FDI), and accele -
a ion o echnology ans e . I mus be s a ed ha India has no banned he impo o
manu ac u ed goods, such as iPhones; a he , i is ac i ely incen i izing manu ac u ing
wi hin India o boos i s indus ial base. In addi ion, he ocus on he ease o doing business,
Adm. Sci. 2025,15, 122 5 o 20
in as uc u e de elopmen , and skill enhancemen has s eng hened he manu ac u ing
ecosys em, enabling en ep eneu s o compe e globally.
3.1.2. S a up India: Fos e ing Inno a ion and En ep eneu ship
Acco ding o a p ess elease by he Go e nmen o India (2016), he Minis y o
In o ma ion and B oadcas ing launched se e al new ini ia i es in 2016. The “S a up India”
ini ia i e was launched on 16 Janua y 2016, wi h he goal o p omo ing a h i ing s a up
ecosys em in India ac oss all demog aphics in India. A simila ini ia i e called “S andup
India” was launched on 5 Ap il 2016. The key dis inc ion be ween he wo ini ia i es was
ha he second one was gea ed owa d women, disad an aged classes, and ibal sec ions o
socie y. These ini ia i es p o ided inancial assis ance, men o ship, and egula o y suppo ,
wi h he hope o encou aging a new gene a ion o en ep eneu s o pu sue inno a i e
ideas and build g owing businesses. Fu he , he Go e nmen o India has suppo ed
he es ablishmen o incuba o s, accele a o s, and unding mechanisms, which, in u n,
has u he acili a ed he g ow h o s a ups ac oss di e se sec o s o economy, including
echnology, heal hca e, and educa ion (Du a,2019).
3.1.3. Digi al India: Expanding Digi al In as uc u e and Access
Acco ding o MyGo India (n.d.), he “Digi al India” p og am was launched on 1 July
2015. The aim o he p og am was o use echnology o enable “access o be e se ice o
educa ion, heal hca e, and ag icul u e”. In almos a decade since i s launch, i has “laid he
ounda ions o a s ong, obus and secu e Digi al India”. The ini ia i e’s aim is o close he
digi al di ide and ans o m India in o a digi ally empowe ed socie y. E en hough in e ne
use and mobile pene a ion in India is low by he de eloped wo ld’s s anda d, India is
expanding in e ne connec i i y, p omo ing digi al li e acy, and encou aging he adop ion
o digi al echnologies. Especially p aisewo hy is India’s uni ied paymen in e ace (UPI),
which has esul ed in a cash- o-digi al paymen ans o ma ion (Denny,2024). The Digi al
India ini ia i e has unlocked new ma ke s and oppo uni ies o en ep eneu s in he
digi al economy. Acco ding o S ini as (2021), he g ow h o he e-comme ce, in ech,
and digi al heal h sec o s symbolizes he ans o ma i e impac o “Digi al India” on he
en ep eneu ial landscape.
3.1.4. In as uc u e De elopmen : Connec ing Ma ke s and Enhancing E iciency
Acco ding o KPMG (2024), in he las en yea s, India has expe ienced emendous
expansion in i s in as uc u e, including oads, ailways, me o ail ne wo ks, po s, and
ai po s. This expansion has signi ican ly imp o ed connec i i y and logis ics ac oss he
coun y, which has no only acili a ed he mo emen o goods and se ices bu also
c ea ed new oppo uni ies o en ep eneu s in sec o s such as anspo a ion, logis ics,
and cons uc ion. Many o hese in as uc u e p ojec s ely on public–p i a e pa ne ships
(PPPs) o unding. India is also commi ed o de eloping dedica ed eigh co ido s
and indus ial co ido s, which would po en ially u he enhance he e iciency o supply
chains, enabling businesses o ope a e mo e e ec i ely (Goyal,2020).
3.1.5. Policy Re o ms: Simpli ying Regula ions and P omo ing In es men
Beyond he highly isible and p omo ed ini ia i es desc ibed abo e, he go e nmen
has implemen ed nume ous policy e o ms o simpli y egula ions wi h he goal o educing
bu eauc a ic hu dles o p omo ing in es men s. Some o he e o ms a e also aimed a
educing he pa allel (o black) economy ha exis s o la ge-scale ax e asion. These
e o ms ha e included measu es such as he Goods and Se ices Tax (GST), insol ency
and bank up cy codes, and he libe aliza ion o Fo eign Di ec In es men (FDI) no ms.
Acco ding o The Wo ld Bank (2023), hese ini ia i es ha e c ea ed a mo e p edic able and
Adm. Sci. 2025,15, 122 6 o 20
anspa en business en i onmen , encou aging bo h domes ic and o eign in es o s o
pa icipa e in India’s g ow h s o y.
The con e gence o hese ini ia i es and domes ic policy e o ms has c ea ed a playing
ield ha is e y a o able o en ep eneu s ha a e looking o capi alize on he oppo uni-
ies p esen in India. A new gene a ion o empowe ed en ep eneu s a e eage o pu sue
hei d eams and con ibu e o India’s economic g ow h, gi en ha he go e nmen is
p omo ing inno a ion and in es men , as well as imp o ing he ease o doing business. As
India con inues o na iga e he complexi ies o he global landscape, i s domes ic policy
e o ms will ans o m i s en ep eneu ial u u e.
3.2. Indian En ep eneu ial Po en ial
India, wi hou a doub , is expe iencing an en ep eneu ial awakening. This sec ion
o he a icle a emp s o (a) explo e he his o ical con ex o Indian en ep eneu ship,
(b) analyze he cu en eme ging ends, and (c) examine he immense po en ial o his
mush ooming ecosys em. I is ascina ing o examine he in e sec ion o cul u al, economic,
and policy ac o s, wi h he hope o unde s and he unique cha ac e is ics and u u e
ajec o y o Indian en ep eneu ship.
3.2.1. His o ical Con ex : F om T adi ion o Inno a ion
Acco ding o The Financial Exp ess (2023), en ep eneu ship in India has deep his o i-
cal oo s, wi h a ich adi ion o me chan communi ies and amily businesses, da ing as
a back as 3300 BCE o he Indus Valley Ci iliza ion. La e , abou 3000 yea s ago, “Indian
ade s engaged in e-expo ing silk om China o Cen al Asia and ading ho ses om
Wes Asia o China”. T ade s and a isans c ea ed a bu geoning economy h ough he
yea s, making India, along wi h China, he la ges economy up un il he s a o he 18 h
cen u y (Aiya ,2023). Howe e , he colonial pe iod saw a decline in indigenous indus ies
and he eme gence o a isk-a e se cul u e (Goswami,2010). A e gaining independence
in 1947, India adop ed a socialis model wi h a ocus on s a e-led de elopmen . While
his app oach achie ed some success in building co e indus ies, i also s i led p i a e
en e p ises and inno a ion, wi h ampan go e nmen al co up ion abound. Up un il he
economic libe aliza ion o 1991, India was known as he License Raj, e e ing o India’s
s ic go e nmen al egula ion o e he economy—businesses equi ed pe mi s and licenses.
The economic libe aliza ion o 1991 s a ed c ea ing new oppo uni ies o en ep eneu s
(Panaga iya,2008).
3.2.2. Eme ging T ends: A Dynamic Ecosys em
In ecen yea s, India’s en ep eneu ial landscape has unde gone a d ama ic ans o -
ma ion. Se e al ac o s ha e con ibu ed o his shi , as lis ed below:
•
Demog aphic Di idend: India has a young and g owing popula ion, wi h bo h skilled
and unskilled labo . India is in a p ime posi ion o enjoy his demog aphic di idend
i India can inc ease he pa icipa ion o women in he labo o ce (Ma ois e al.,
2022). This demog aphic di idend p o ides a signi ican ad an age o en ep eneu s,
o e ing a as consume ma ke and a alen ed wo k o ce (Bloom e al.,2010).
•
Technological Ad ancemen s: India is seeing a apid deploymen o echnology, pa -
icula ly in he IT and elecommunica ions sec o s. This has ueled inno a ion and
c ea ed new oppo uni ies o en ep eneu s. As S ini as (2021) poin s ou , he ise
o he in e ne and mobile echnology has led o he eme gence o a ib an digi al
economy in India.
•
Policy Re o ms: The go e nmen ’s p oac i e policies, such as “Make in India”,
“S a up India”, and “Digi al India”, ha e awakened he inna e en ep eneu ial u ges
Adm. Sci. 2025,15, 122 7 o 20
o young Indians. These ini ia i es ha e ocused on simpli ying egula ions, p omo ing
in es men , and os e ing inno a ion, hus c ea ing a e ile g ound o en ep eneu ial
ac i i y (Kuma ,2018).
•
G owing In es men : India is a ac ing signi ican in es men om bo h domes ic
and o eign sou ces. Su ging en u e capi al and p i a e equi y in es men s p o ide
c ucial unding o s a ups and g ow h-s age companies (KPMG,2023).
•
Global Recogni ion: The e a e se e al Indian en ep eneu s who a e gaining ecogni-
ion on he global s age, as hey ha e success ully expanded hei businesses globally.
As s a ed by Bala Sub ahmanya (2022), e en hough only a e y small pe cen age
o s a ups ha e achie ed he dis inc ion o unico n s a us, Indian s a ups ha e
demons a ed he po en ial o inno a ion and scalabili y in he Indian ecosys em (CB
Insigh s,2023).
3.3. Unleashing Po en ial: Challenges and Oppo uni ies
Despi e he signi ican p og ess made in ecen yea s, Indian en ep eneu ship s ill
aces se e al challenges:
•
In as uc u e Bo lenecks: India has made signi ican imp o emen s o i s na ional
in as uc u e, as s a ed ea lie in his pape . Howe e , he e is s ill a long way o go.
Inadequa e in as uc u e, pa icula ly in anspo a ion and logis ics wi hin owns o
ci y cen e s, can hinde business ope a ions and inc ease cos s.
•
Bu eauc a ic Hu dles: E en hough he p esen go e nmen has been making s ides
owa d egula o y e o ms, India is s ill a coun y wi h complex egula ions and
bu eauc a ic p ocesses. G easing he palm is s ill a way o li e in go e nmen o ices.
These p ocesses can c ea e oadblocks o en ep eneu s, pa icula ly o small- and
medium-sized en e p ises (SMEs).
•
Skill Gaps: While India has a la ge wo k o ce, skill gaps pe sis in many sec o s,
including heal hca e, cons uc ion, IT, semiconduc o manu ac u ing, and banking,
inancial se ices, and insu ance (BFSI). This can impac en ep eneu s.
•
Access o Finance: Despi e many success ul go e nmen al ini ia i es o inc ease
access o inance o en ep eneu s, access o inance emains a challenge o many
en ep eneu s, pa icula ly hose in he ea ly s ages o hei en u es. The challenge is
e en mo e se ious o women en ep eneu s han men.
•
Excessi ely Compe i i e, P ice-Sensi i e En i onmen : India is a coun y wi h a p ice-
conscious, cu - h oa compe i i e ma ke place. As a esul , he ailu e a e o s a ups
is ela i ely high.
3.4. The Way Fo wa d: A Collabo a i e App oach
I would be impossible o ha ness he powe o Indian en ep eneu ship in isola-
ion; his equi es an app oach in which he go e nmen and he p i a e sec o wo k in
conjunc ion wi h academia o achie e he ollowing:
•
S eng hening In as uc u e: In es ing in he c ea ion o mo e anspo a ion, logis ics,
and ene gy sys ems o achie e g ea e business e iciency and compe i i eness.
•
Simpli ying Regula ions: Simpli ying egula ions and educing bu eauc a ic hu dles
o a oid o e bu dening en ep eneu s, which will enhance he ease o doing business.
•
Enhancing Skills: The p omo ion o educa ion and skills de elopmen will p epa e he
wo k o ce wi h a p ope ap i ude ele an o he needs o he e e -changing economy.
•
Access o Finance: Ven u e capi al, angel in es o s, and go e nmen schemes can
p o ide access o inance o en ep eneu s.
Adm. Sci. 2025,15, 122 8 o 20
•
Fos e ing Inno a ion: Inno a ion can be os e ed by p omo ing esea ch and de elop-
men cul u e, incuba ion cen e s, and men o ship p og ams ha will d i e he c ea ion
o new ideas and echnologies.
These s eps will libe a e he en ep eneu ial spi i in India and enable i o compe e a
he e y op le el o inno a ion and economic g ow h in he wo ld. The ollowing p o ides
an o e iew o h ee heo ies ha explain SME g ow h in India and hei ela ionship o
economic policies. These a e he esou ce-based iew o a i m, he global alue chain, and
inno a ion ecosys em heo y, each o which ha e implica ions bo h o he coun y o India
and i s economic policy and he en ep eneu s hemsel es. The ollowing sec ion o his
a icle desc ibes he au ho s’ p oposi ions based on hese h ee heo e ical amewo ks and
hei links o go e nmen policies.
4. SME G ow h in India: P oposi ions and Explana ions
The ocus o his sec ion is o p o ide a syn hesis o managemen heo y and go e n-
men policy in a way ha demons a es hei in e ac ion and impac . Each e iew o a
heo y and i s linkage o Indian economic policies, ollowed by he p oposi ions, p o ides
oppo uni ies o u u e empi ical esea ch.
4.1. Resou ce-Based View
The esou ce-based iew (RBV) is a heo e ical amewo k ha emphasizes a i m’s
o coun y’s in e nal esou ces and capabili ies as key d i e s o sus ained compe i i e
ad an age (Ba ney,1991). The RBV a gues ha unique esou ces— angible asse s, in-
angible asse s, and o ganiza ional capabili ies— ha a e aluable, a e, inimi able, and
non-subs i u able c ea e a basis o g ow h and compe i i e ad an age (Ba ney,1991;
We ne el ,1984).
The RBV o a i m has implica ions o bo h i ms and go e nmen s. Go e nmen s can
p omo e local economic g ow h h ough policies ha include di ec suppo o mul ina-
ional en e p ises, as well as he p o ision o ax and ade incen i es. Go e nmen s can
inc ease o eign di ec in es men ei he h ough pa ne ships o i ms en e ing he ma ke
(Guillen,2000;Deng e al.,2020). These policies become he g ounds o unique esou ces
and compe i i e ad an age.
The RBV holds ha i m-speci ic esou ces ha a e ha d o copy a e he main de e -
minan s o an MNC’s sus ainable ba gaining posi ion o e ime (Moon & Lado,2000).
Posi i e-sum bene i s can also be c ea ed h ough he de elopmen o co-specialized as-
se s by bo h he MNC and he hos go e nmen . Fo ins ance, an MNC can con ibu e
a pa icula ype o echnology o a hos coun y, and he hos go e nmen can de elop
complemen a y indus ies (e.g., componen s) buil a ound he echnology (Liu & Li,2022).
Th ough go e nmen policies, business pa ne ships can c ea e s ong indus y link-
ages ha p omo e inno a ion ac i i ies and business pe o mance. By signing ee ade
ag eemen s and h ough he o ma ion o ax- ee in es men zones, go e nmen s can
p o ide a ounda ion o businesses o imp o e hei inno a ion capaci y o mee p oduc
quali y s anda ds and pu sue quali y managemen sys ems (Cooke,2001). T uong e al.
(2024) show ha hese ag eemen s also play an impo an ole in c ea ing he condi ions
o expo ing goods o o he coun ies. Manu ac u e s mus inno a e o be able o expo
goods and imp o e business pe o mance h ough expansion o in e na ional ma ke s. F ee
ade ag eemen s also c ea e alue supply chains om inpu s o ou pu s. The go e nmen
also assis s by unding and encou aging new aining disciplines o mee labo demand. In
summa y, he go e nmen has a c ucial ole in p omo ing inno a i e pu sui s, acili a ing
apid in e na ional business in eg a ion, and imp o ing he global compe i i eness o i ms
(T uong e al.,2024).
Adm. Sci. 2025,15, 122 15 o 20
wi h p oposi ions ela ed o he go e nmen al policies and he oppo uni ies c ea ed o
en ep eneu s based on he heo y ounda ions. The a ionale and he li e a u e suppo
o each p oposi ion we e de ailed. The analysis has e ealed a complex and e ol ing
ecosys em, wi h go e nmen policies suppo ing en ep eneu ial agili y.
The indings unde sco e he signi ican impac o geopoli ical ealignmen s on India’s
en ep eneu ial oppo uni ies. En ep eneu ial ac i i y ac oss a ious sec o s is enhanced
by he di e si ica ion o supply chains away om China and he inc easing s a egic
impo ance o he Indo-Paci ic egion (McKinsey Global Ins i u e,2023;Pan ,2022). A
mo e conduci e en i onmen o inno a ion and business g ow h has been enhanced by
domes ic policy e o ms, including “Make in India”, “Digi al India”, and “S a up India”
(Kuma ,2018).
Th ough he applica ion o h ee heo ies—RBV, GVC, and inno a ion ecosys em
heo y— his pape has highligh ed he c i ical ole o o mal and in o mal ins i u ions in
shaping en ep eneu ial beha io and ou comes. The o e all ease o doing business is
impac ed by he e ol ing egula o y landscape, go e nmen policies, and cul u al no ms
ha in luence esou ce access and legi imacy. The impo ance o le e aging India’s unique
esou ces, such as i s as alen pool, di e se consume ma ke , and bu geoning digi al
in as uc u e o c ea e and cap u e alue is an in eg al componen o he esou ce-based
iew (Ba ney,1991).
The p ac ical esul s a e clea . Since he p esen poli ical pa y came o o ice in 2014,
India’s en ep eneu ial ecosys em has seen a huge inc ease in he numbe o s a ups and
unico ns—p i a ely held s a up companies alued a o e USD 1 billion. NASSCOM
(2022) epo ed ha he e a e 27,000 s a ups, which makes India he hi d-la ges s a up
ecosys em in he wo ld. This g ow h can be a ibu ed o h ee key ac o s: suppo i e go -
e nmen policies, inc eased unding oppo uni ies, and apid echnological ad ancemen s.
Among he go e nmen ini ia i es, he one ha s ands ou mos is he S a up India
ini ia i e o 2016. This p og am p o ided ax exemp ions and elie in e ms o compliance
equi emen s, and es ablished he Fund o Funds o S a ups (FFS) o INR 100 billion
(abou USD 1.17) o suppo ea ly-s age en u es (DPIIT,2022).
Unde he go e nmen ’s Digi al India Ini ia i e (DII) o 2015, India has expe ienced
expanding in e ne access and inc eased digi al li e acy, which in u n ha e suppo ed a
conduci e en i onmen o echnology-based businesses (Mei Y,2015). Ano he de elop-
men ha coincided wi h DII was he in oduc ion o inexpensi e mobile da a by Reliance
Jio in 2016. The inc ease in compe i ion in he mobile da a space boos ed in e ne pene a-
ion o o e 50% by 2021 (TRAI,2021). As a esul , s a ups could u n hei a en ion o he
p e iously unde se ed ma ke s o u al and semi-u ban a eas. Companies such as Byju’s
(online educa ion, es ablished in 2011), Zoma o, and Pay m jumped on hese ad ancemen s
o dis up adi ional indus ies (Kenney & Zysman,2016).
India has also seen a g ea ise in en u e capi al and p i a e equi y unding. To al
annual s a up unding g ew om USD 2.2 billion in 2014, as men ioned ea lie , o o e
USD 36 billion in 2021. This is a clea indica ion ha in es o s ha e become con iden
in India’s en ep eneu ial ecosys em (Bain & Company,2022). No jus domes ic, bu
also global in es o s (e.g., So Bank and Sequoia Capi al) ha e s a ed pou ing in unds,
p o iding s a ups wi h ample esou ces o inno a e and scale up hei ope a ions.
In he las 10 yea s, he e is e idence ha s a ups a e showing up in di e se ocus
a eas. The e-comme ce and in ech a eas a e s ill he da ling o s a ups, bu sec o s like
heal hca e, educa ion echnology (ed ech), and agg o ech a e also a ac ing en ep eneu s’
a en ion. Fo ins ance, s a ups like DeHaa , which is a play on he Hindi wo d “deha ”—
a emo e illage—a e ocused on deploying echnology o add ess g ass oo p oblems
ela ed o ine iciencies in he ag icul u al supply chain (NASSCOM,2022). Addi ionally,
Adm. Sci. 2025,15, 122 16 o 20
s a ups in India a e also u ilizing a i icial in elligence, blockchain, and obo ics o c ea e
cu ing-edge solu ions (DPIIT,2022).
The e is ample e idence ha he e o ms unde he p esen go e nmen ha e been
e ec i e o p omo e an en ep eneu ial en i onmen in India. This is e idenced in he
Wo ld Bank a ing o India: In he Global Compe i i eness Index (GCI) 2015–16, India
mo ed up om i s ea lie anking o 71 ou o a o al o 144 coun ies o a anking o 55. As
o 2023, India was anked as 39 h in he wo ld.
6. Conclusions
The powe ul and un a elling en ep eneu ial ecosys em in India is shaped by geopo-
li ical shi s, domes ic policy e o ms, and he s a egic ac ions o en ep eneu s. By un-
de s anding hese complex dynamics and by inco po a ing he insigh s o e ed by he
esou ce-based iew, global alue chain heo y, and inno a ion ecosys em heo y, en-
ep eneu s, policymake s, and in es o s can con ibu e o India’s con inued economic
g ow h and i s eme gence as a global en ep eneu ial powe house (Ge e i e al.,2005;
No h,1990;Ba ney,1991;Adne ,2017). The jou ney ahead is illed wi h oppo uni ies and
challenges, bu wi h s a egic o esigh and collabo a i e e o s, India’s en ep eneu ial
awakening can pa e he way o a b igh e and mo e p ospe ous u u e ha would b ing
back he glo y om India’s golden pas .
7. Theo e ical Con ibu ions and Fu u e Resea ch Di ec ions
This pape con ibu es o he exis ing li e a u e by in eg a ing inno a ion ecosys em
heo y, global alue chain heo y, and he esou ce-based iew o p o ide a comp ehensi e
unde s anding o India’s en ep eneu ial landscape. By examining he in e play o hese
heo e ical pe spec i es, his s udy o e s insigh s in o how en ep eneu s can na iga e
he ins i u ional en i onmen and le e age esou ces o achie e sus ainable compe i i e
ad an age. The p oposi ions p esen ed in his pape o e a oadmap o u u e esea ch
and can guide empi ical in es iga ions in o he speci ic ac o s d i ing en ep eneu ial
success in India, as well as he in e play o go e nmen policy and en ep eneu ial success.
This a icle could lead o se e al u u e esea ch s udies. Impo an ly, his pape
p o ides a nexus be ween go e nmen al policy, en ep eneu ial beha io , and manage-
men heo y. Empi ical in es iga ions can es he p oposi ions p esen ed in he pape and
explo e he nuances o how geopoli ical shi s and domes ic policies impac en ep eneu ial
ou comes ac oss di e en sec o s and egions wi hin India. Fu he , he ole o in o mal
ins i u ions, such as social ne wo ks and cul u al no ms, in shaping en ep eneu ial beha -
io and success may be explo ed mo e ully in u he esea ch. Compa a i e s udies can
also be conduc ed o examine how India’s en ep eneu ial ecosys em di e s om hose
in o he eme ging economies. Such s udies can p o ide aluable insigh in o he unique
ac o s d i ing India’s en ep eneu ial e i al and guide policy de elopmen s o u he
enhance he coun y’s en ep eneu ial po en ial.
Au ho Con ibu ions: Concep ualiza ion, R.S. and K.S.; me hodology, R.S. and K.S.; alida ion, R.S.,
K.S., J.N., and F.S.; o mal analysis, R.S. and K.S.; in es iga ion, R.S. and F.S.; esou ces, J.N. and
F.S.; w i ing—o iginal d a p epa a ion, R.S. and K.S.; w i ing— e iew and edi ing, F.S. and J.N.;
isualiza ion, R.S.; p ojec adminis a ion, R.S. All au ho s ha e ead and ag eed o he published
e sion o he manusc ip .
Funding: This esea ch ecei ed no ex e nal unding.
Ins i u ional Re iew Boa d S a emen : No applicable.
In o med Consen S a emen : No applicable.
Adm. Sci. 2025,15, 122 17 o 20
Da a A ailabili y S a emen : The da a p esen ed in his s udy a e a ailable upon eques om he
co esponding au ho .
Con lic s o In e es : The au ho s decla e no con lic s o in e es .
Abb e ia ions
The ollowing abb e ia ions a e used in his manusc ip :
SME Small and Medium-sized En e p ise
GPP G oss Domes ic P oduc
MNC Mul ina ional Co po a ion
DII Digi al India Ini ia i e
GVC Global Value Chain
RBV Resou ce-Based View
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