ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Drives economic growth and creates new job. Encourages innovation by bringing new ideas, products, and services to the market. Contributes to social change by developing products or services that reduce people’s dependence on outdated technologies.

Detailed explanation-2: -Solved Question for You Entrepreneurship is concerned with the production of goods and services in the economy. Thus, it directly affects employment, revenue generation, and foreign exchange. Therefore, it affects the whole economy in general.

Detailed explanation-3: -Since India is a developing nation, the importance of entrepreneurship is significant, and entrepreneurs are essentially national assets. New business ventures enable the growth of new markets and the creation of fresh wealth. Most importantly, they create jobs – a national priority –and higher incomes.

Detailed explanation-4: -Entrepreneurship is an important driver of industrial modernisation and developing entrepreneurship potential in regions in industrial transition is one role for concerned policymakers. It enables the creation of new firms and businesses and helps avoid being locked into existing and dominant industrial structures.

Detailed explanation-5: -It creates employment opportunities. It generates financial resources for further development. It ensures equality of income wealth and thus a balanced regional development. The public sector plays a vital role in contributing to the Human Development Index via its functioning in health and education services.