New Delhi, December 11 (IANS). Women now have 20.5 percent stake in MSMEs in India. Nearly 45 per cent of startups are now originating from tier 2 and 3 cities, signaling a significant shift towards regional entrepreneurship growth, according to a report on Wednesday.
The KPMG in India report said there are more than 1,000 incubators across the country providing access to resources, mentorship and funding.
Initiatives like the Women Entrepreneurship Platform (WEP) and Pradhan Mantri Mudra Yojana are empowering women and low-income entrepreneurs, promoting local development and future women leadership.
“Democratization of entrepreneurship in India is not just a trend, but a powerful movement towards sustainable economic growth,” said Supreet Sachdev, Office Managing Partner – Bengaluru, KPMG in India.
Sachdev said that by fostering a diverse and inclusive entrepreneurship ecosystem, we are paving the way for a more resilient and innovative economy.
Programs such as the Start-up Village Entrepreneurship Program (SVEP) help rural groups set up non-agricultural enterprises by providing business support, funding and information services.
Government-backed incubators under Atal Innovation Mission (AIM) and private sector initiatives also play an important role in democratizing entrepreneurship by providing critical support nationwide.
According to the report, “India’s startup ecosystem, now the third largest globally, has contributed significantly to GDP growth while demonstrating resilience despite various challenges.”
Moreover, there are also challenges like monopoly of big tech companies, which limits startup growth and funding disparities, with entrepreneurs from Tier 2 and 3 cities facing more challenges in securing funding.
The report suggested advocating transparency and fairness in competition, implementing equitable technology access policies and promoting digital literacy, and expanding angel networks and incubators to tier 2 and 3 cities.
Akhilesh Tuteja, KPMG in India, said, “The solid foundation being laid through communities like TiE, government initiatives, technological advancements and private sector collaboration – has the potential to redefine India’s global position as an innovation hub Keeps.”
–IANS
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