State govts increasingly promoting entrepreneurship: study

State govts increasingly promoting entrepreneurship: study

New Delhi: State governments are increasingly moving in the direction to promote entrepreneurship and are adopting newer approaches for its development, a study by global consultancy KPMG says.

As per the study in association with TiE, a non-profit organization fostering entrepreneurship, governments in six states, Punjab, Gujarat, Delhi, Tamil Nadu, Karnataka and Maharashtra are becoming more receptive to entrepreneurial demands.

The report said, while different state governments are taking proactive policy decisions or framing innovative industrial strategies, awareness of the same is low among entrepreneurs in several states.

Similarly, in many areas, policies need to be made more current with today’s environment. For example, in Delhi, the basic policy framework has not been revised for the last 27 years. Hence, many entrepreneurs are not aware of the policies and perhaps were not able to harness benefits while starting their entrepreneurial journey, the report revealed.

“Governments-central, state and local, their policies, incentives and programs play a substantial role in influencing entrepreneurs. In many cases, governments are moving towards friendlier policies but more rapid change is necessary," KPMG India executive director Jehil Thakkar said.

On the other hand, emergence of opportunities in many sectors and lack of opportunity in others have driven some young people to strike out on their own.