Entrepreneurship and Innovation as Drivers of Sustainable and Inclusive Economic Growth: A Roadmap for Viksit Bharat @2047

Abstract Entrepreneurship and innovation are increasingly recognised as important forces behind economic transformation, employment generation and social development. For a country such as India, which is working towards the vision of Viksit Bharat @2047, the role of entrepreneurs extends beyond establishing new businesses. Entrepreneurs identify unmet needs, introduce new products and services, create employment, improve productivity and contribute to the formalisation of economic activity. Innovation, in turn, provides the means through which entrepreneurial ideas are converted into practical and scalable solutions. This paper examines the role of entrepreneurship and innovation in promoting sustainable and inclusive economic growth in India, with particular reference to the vision of Viksit Bharat @2047. The study is conceptual and is based on secondary information obtained from government publications, Startup India resources and relevant academic literature. The paper discusses the relationship between entrepreneurial activity, innovation, employment generation, digital transformation, social inclusion and sustainable development. It also examines the emerging startup ecosystem in India and the importance of government initiatives in creating an enabling environment for entrepreneurs. The analysis suggests that entrepreneurship and innovation can contribute significantly to economic development when supported by access to finance, appropriate skills, digital infrastructure, research and development, intellectual property protection, market access and institutional support. However, challenges such as uneven access to resources, limited entrepreneurial capabilities, fear of failure, regulatory complexity and the digital divide continue to affect entrepreneurial participation. The paper argues that achieving the Viksit Bharat @2047 vision requires a broader understanding of entrepreneurship that includes rural enterprises, women entrepreneurs, social enterprises, student innovators, technology-based startups and traditional businesses adopting innovative practices. The paper concludes by proposing a framework for strengthening entrepreneurship and innovation as instruments of inclusive, resilient and sustainable national development.