Key highlights of survey:
- Entrepreneurship as a strategy to fuel productivity growth and wealth creation.
- The Survey stated that as per World Bank’s Data on Entrepreneurship, it is seen that India ranks third in number of new firms created.
- The same data shows that new firm creation has gone up dramatically in India since 2014.
- 2 % cumulative annual growth rate of new firms in the formal sector during 2014-18, compared to 3.8 % during 2006-2014.
- About 1.24 lakh new firms created in 2018, an increase of about 80 % from about 70,000 in 2014.
- New firm creation in services is significantly higher than that in manufacturing, infrastructure or agriculture.
- A 10 percent increase in registration of new firms in a district yields a 1.8 % increase in Gross Domestic District Product (GDDP).
- Literacy and education in a district foster local entrepreneurship significantly:
- Impact is most pronounced when literacy is above 70 per cent.
- New firm formation is the lowest in eastern India with lowest literacy rate (59.6 % as per 2011 Census).
- The Survey notes that the entrepreneurial activity in the Manufacturing sector is highest in the regions of Gujarat, Meghalaya, Puducherry, Punjab and Rajasthan.
