ROLE OF FINANCIAL INSTITUTION AND COMMERCIAL BANKS IN ENTREPRENEURSHIP DEVELOPMENT IN INDIA

DILIP M. MISAL¹*
¹Department of Economics, CSPM Arts Senior College, Dr Babasaheb Ambedkar Marathwada University, Aurangabad, 431004, Maharashtra
* Corresponding Author : dilipmisal2012@rediffmail.com

Received : 12-07-2016     Accepted : 03-08-2016     Published : 14-08-2016
Volume : 7     Issue : 1       Pages : 265 - 267
Int J Econ Bus Model 7.1 (2016):265-267

Keywords : Entrepreneurs, Universal Economies, Banks
Academic Editor : Mishra Mahendra
Conflict of Interest : None declared
Acknowledgements/Funding : None declared
Author Contribution : None declared

Entrepreneurs shape the financial fate of nations by creating wealth and service, offering products and services, and generating taxes for governments. That is why entrepreneurship has closely been linked to the financial growth of the country. Entrepreneurs convert ideas into financial opportunities through innovations, which are considered to be a major source of competitiveness in an increasingly universalizing world economy. India has been growing at a relatively high rate in the last few years, and is likely to be the largest economy in the world by 2050. India is second among all nations in total entrepreneurship activity as per the Universal Entrepreneurship Monitor Report 2002. The liberalization of the nation since 1991 has paved the way for a huge number of people to become entrepreneurs. Developing countries like India are striving to be outward looking universal economies rather than inner looking local economies. This will be possible only if the banks and financial institutions encouraged to the new entrepreneurs. Entrepreneurship can be refined among the present youth and it can be developed systematically with the help of Banks and financial institutions.