The infrastructure is important for faster economic growth and alleviation of poverty in the country. The adequate infrastructure in the form of road and railway transport system, ports, power, airports and their efficient working is also needed for integration of the Indian economy with other economies of the world.
Infrastructure is crucially an important sector for the overall development of any country. In India, it is considered as the backbone of the country’s economy as it integrates projects on a large scale and strengthens its competitiveness on a global level. The infrastructural facilities such as roads, railways, metro rails, and so on are required to potentially increase the productivity and seamless functioning of other business sectors in India. Given the present market scenario, the Indian government plans to spend USD 1.4 trillion during 2019 – 2023 on infrastructure with an investment of USD 750 billion on railways infrastructure by 2030.
Importance of entrepreneurship to an economy
For a variety of reasons, from helping the development of social change to driving the invention of new things, the importance of entrepreneurship is significant. Entrepreneurs are also viewed as national assets for the greatest possible outcome. Some of the most advanced countries are world leaders because of their forward-thinking creativity (ability to create interesting things), science, and entrepreneurship.
Great entrepreneurs have the potential, on a local and national level, to change the way we live and work. If successful, their inventions can raise living standards. They can also create online jobs and add to a growing economy like India. Along with creating wealth and entrepreneurial projects. Evidently, all of these reasons dignify the importance of entrepreneurship.
Entrepreneurship is important because it is capable of improving living standards and creating capital. This is true, not only for entrepreneurs but also for related companies. Businessmen also help drive change with entrepreneurship, where new and improved products allow the growth of new markets. However, too much entrepreneurship can be harmful to economic growth.