Entrepreneurship development and start up Manipur: The present scenario

Abstract

As the economic development of any nation is dependent upon the purposeful human activity, i.e., entrepreneurial function, it is sometimes referred to as the fourth factor of production. Individual entrepreneurs whose creativity has led to the industrialisation of many nations which enables to bring social transformation through social equality in higher levels of employment, more equitable distribution of income and well-balanced regional development. Due to the potentiality and need of industrialisation in bringing technological revolution through innovation in attaining higher rate of return on social investment and to generate dynamism in social and political life, developing countries like India has to go for quick industrial development and especially for a state like Manipur. Again, industrial growth and economic development of a developing county is deterred by a number issue. In order to fasten the pace of development by removing the hindrances to the economy of India Government of India has initiated a scheme known as 'Startup India' scheme from the year 2016. Accordingly in Manipur, the Government of Manipur has also initiated 'Startup Manipur' from the year 2018. So, the Startup Scheme who has enjoyed the financial assistance under this scheme since it started giving financial assistance through banks in Manipur. In-spite of giving the opportunities, entrepreneurs are facing problems. For successful venture, appropriate support and mentoring is required. Considering the need for industrialisation, this paper discussed the performance, significance and challenge of Start up in Manipur.