India, a land of vibrant culture and entrepreneurial spirit, thrives on the ingenuity and resourcefulness of its people. Amidst the bustling streets and urban landscapes, there lies a significant yet often overlooked segment of the economy – home-based enterprises. These businesses, operated from the comfort of one's home or nearby premises, constitute a crucial component of India's economic fabric, contributing to employment, productivity, and overall economic growth. 1. Evolution of Home-Based Workforce Over the past few decades, the landscape of home-based enterprises in India has witnessed both growth and flux. According to data sourced from the National Sample Survey, the number of home-based workers stood at approximately 47.14 million in 2004-05. This figure saw a modest increase to 49.20 million by 2011-12. However, a noticeable decline was observed in 2017-18, with the estimated count dropping to 41.85 million. Despite this fluctuation, home-based work consis
Looking at the current economic scenario it is somewhat absurd in context of talking about normal growth. Although getting a satisfactory growth rate in agriculture, manufacturing, transport, communication, real estate, information technology and service sector by inclusion of high tech models and reforms, rural entrepreneurship isn't getting a good ambience to flourish.
1950-51 | 2020-21 | |
National Income | 269724 Crores | 11718380 Crores |
Per Capita National Income | 7513 | 86456 (annual growth rate 3.55%) |
Economic inequality is a common thing. Almost everyone gets how it brought social change and disparity among people. Reasons could be anything such as lack of clarity in current business models, worst norms or low level of economic idea execution.
Rural areas have several problems and some remain unsolved from the beginning of democracy. The most common problems that rural areas have are poverty, illiteracy, poor health and unemployment.
Rural entrepreneurship is just the hope of development as well as financial inclusion of rural people. Most people are busy in traditional livelihood which gives them basic earning of their daily bread butter. Industrialization also brought hope to rural people for the betterment.
Entrepreneurship is identified as a key instrument in the process of industrialization in particular and economic development in general. Most industries choose rural environments because of low cost investment. Land and labour are easily available at low cost in rural areas only. So the big game is how to procure raw material, how to communicate and how to connect and transport.
Some agri product which attract more for rural entrepreneurship
Food processing
Dairy farming
Sericulture
Bee-keeping
Mushroom Cultivation
Fisheries
Other allied activities