ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The role of entrepreneurship in economic development is substantial. After all, entrepreneurs don’t just build businesses and grow their personal wealth; they also impact the economy by creating new jobs and opportunities, driving innovation, and developing new markets, products, and services.

Detailed explanation-2: -The aim of economic development is to improve the material standards of living by raising the absolute level of per capita incomes. Raising per capita incomes is also a stated objective of policy of the governments of all developing countries.

Detailed explanation-3: -Q. Who plays major role in economic planning in India? Planning Commission, agency of the government of India established in 1950 to oversee the country’s economic and social development, chiefly through the formulation of five-year plans.