Business: A New Warrior For India’s Economy

India was known as agricultural land for a very long time but with the passing time, the country needs to get in a new avatar to fight and survive the war of decreasing economy and increasing population. Business is fighting as the best warrior here. India’s GDP increased by 5% in the year 2019. It was tremendously shattered when hit by COVID pandemic. Agriculture contributes to the country‚Äôs GDP as the main source becomes a damp squib during a pandemic. It fell to 18.32% in 2020. Service sector, government sector, everything closed down. But the demand for Indian goods maintained their pace in world lifting and providing breath to the Economy. Currently, in 2022 India is a 3.4 trillion economy which will become 5 trillion till 2027 as said by the government?

Business

Role of Business in Indian Economy:

In a developing country like India self-employment is identified as the need of the hour. In the industrial area 95% of them are small businesses. It contributes in both direct and indirect manner.

  • Creating employment: It needs a lot of human resources, creating a lot of job opportunities for the young generation. Qualified and skilled people easily get a way to earn their living. Few sectors like network marketing don’t even ask for academic qualifications providing a major opportunity to the poor and literates.
  • Improves standard of living of common people:Entrepreneurs introduce new and better products in the market at a cheap rate. There are many companies competing against each other’s products leading to cheaper and better products for the customers.
  • Adds to the country’s National Income:It provides a number of job opportunities which increases income leading to an increment in demand for goods and services. It ascends market transactions adding to the country’s revenues.
  • Increases economic growth of the country:It is clear from the above point how it adds to the National income of the country. As the country’s income increases it plans for new projects and schemes resulting in increase in economic growth.

Small businesses are most underrated. They must get recognized. Nowadays digital media has become a bridge between them and audiences. Although they have their own advantages and disadvantages, they are a great help in thwarting unemployment. They also help local communities. We acknowledged a lot of advantages and there are few disadvantages which can be counted on fingers, government should address these in order to make it better. So, that the young generation gets motivated to join the sector.

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