Socio Economic Context For Entrepreneurship Development In Karnataka, India

Abstract

The activity of entrepreneurship due to its utility towards creating economic output has raised interest in policy (Smith et al., 2019) and research (Ketchen et al. 2007). The most famous “Theory of Economic Development” proposed by J. Schumpeter in 1934 is relevant even in the 21^st Century. The establishment of a casual relationship between enterprising activity and economic value attracts the interests of scholars during situation of crisis. However it is important to define the expected value to be obtained through entrepreneurial activity. In this conceptual research paper the expected value creation is employment generation. And it is defined as the need for entrepreneurial activity.  For this purpose the nature of Indian economy from past to present and the status of entrepreneurial activity in India are understood. Further the preparedness for the entrepreneurial activity in the South Indian State of Karnataka is also analysed to attract the interest of the scholars for further research and policy makers to produce concrete policies for the development of the State and the Nation at large.