A new survey by the Legatum Institute, an independent think tank based in London, shows how entrepreneurs in India view the economy, what they rate as important factors affecting its future growth, and how they assess their own business prospects.
The findings of the survey, which polled a total of 2,357 individuals, reflect optimism about India’s future, with a majority believing that the country is a good place for entrepreneurs to succeed.
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According to the survey,whose findings were shared with Mint, 84% say they believe India is headed in the right direction and 87% that the country will be stronger economically in five years. The two most important factors affecting India’s future growth, the survey shows, are making the government more business-friendly and cleaning up corruption.
Family is the main source of the entrepreneurial spirit and start-up funds in an economy where entrepreneurs swear by ‘jugaad’, the Hindi word meaning ingenuity, often used to bypass stifling rules and corrupt practices, the survey says.
“Future iterations of the survey will allow India’s business leaders, policymakers and thought leaders to track trends and understand how changes in the larger economy are affecting India’s entrepreneurial population,” says the Legatum Institute.
Survey is done by Legatum Institute
Graphics by Sandeep Bhatnagar/Mint