Entrepreneurship in a Globalised Economy

Abstract

Globalization, as a concept, refers both to the “Shrinking” of the world and our increased consciousness of the world as a whole. It is a term used to describe the changes in societies and the world economy that have resulted from dramatically increased cross-broader trade, investment and cultural exchange. The affects of globalization have been felt in every nation, region and culture as it has produced a growing interdependence of people with regard to political systems, social influence, economics and cultural exchanges. India’s approach to the promotion of entrepreneurial firms is unique, and to some extent, overwhelming. The country has a dedicated ministry for small scale industries at the federal level supported by several agencies at federal and state levels. Besides, numerous commercial banks, regional rural banks, urban and cooperative credit lending institutions participate in funding the micro, small, and medium enterprises. Such an effort, though seemingly superfluous, is the dire need for a country to enhance the competitiveness of entrepreneurial firms in order to unite them under an organized structure and integrate their operations into that of major global firms. Three national-level Entrepreneurship Development Institutes are engaged in skill development. This paper offers a critique of the present policy with regards to the SMEs with a prospective outlook