India is the second of the top 10 countries that was categorised in Group C in terms of income groups according to the World Bank (less than $20,000), but evidently this hasn’t stopped entrepreneurs in the region from finding new business opportunities. The economy is the second of just three on this list, and indeed generally, that managed to earn a score of 5 or above across all Framework Conditions.
Particular strengths were found in Ease of Entry: Market Dynamics (7.0), Physical Infrastructure (6.7) and Government Policy: Support and Relevance (6.6). In 2022, Indian Prime Minister Narendra Modi launched multiple initiatives to support small businesses, including the “Raising and Accelerating MSME Performance” (RAMP) project and the “Capacity Building of First-time MSME Exporters”.
Entrepreneurial activity saw three out of four adults in the country agree that there were good business opportunities to be taken. Additionally, along with Lithuania, India proved to have one of the four lowest proportions of entrepreneurs who planned to use more digital technologies in their products.