International Journal of Commerce and Management Research

Entrepreneurship development has been playing a pivotal role inrnstrengthening the economic development of any country irrespective of itsrndevelopment trajectory. The fact that has to be digested is mainly because ofrnfond of entrepreneurial spirit, the economic development of the people of anyrneconomy can be improved. But, actually the under developed and developingrncountries like India should have to indulge themselves in filling thernentrepreneurial spirit in Young Turks, who are the conflagrations in bringingrneconomic progress.

In addition to the contribution from Entrepreneurs, Development banksrnshould also have to poke their nose in providing both financial andrnnon-financial assistance to the Entrepreneurs in the form of relaxing therncumbersome procedure of registration process, creating friendly atmosphere forrngenuine entrepreneurs, liberalizing the norms in sanctioning and timelyrndisbursement of loans by eradicating hurdles in receiving loans, moderate ratesrnof interest, removing hindrances in starting of production, making available ofrnadequate number of installments, healthy rate of return on investments andrndiscouraging the indifferent attitude of the government officers towardsrnbeneficiaries, etc.

Eventually, for achieving the robust economic development for anyrncountry, the government itself has to fulfill its part in making available ofrnboth financial and non-financial assistance sufficiently alike, devisingrninnovative policies and schemes in development banks which have to take arnforward step in scrutinizing loan applications transparently and their timelyrndisbursement of loan amounts, providing upgraded technology, drawing variousrntraining programmes for polishing the skills of entrepreneurs and imparting newrnknowledge, offering low interest rate loans, providing subsidies to motivaternthe entrepreneurs, etc.

If all these players do take a part in accomplishing the economicrndevelopment of a country, then it will be achieved as smoothly as possible byrnencountering all the barriers who act as prickles in different stages of achievement.