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Entrepreneurship is the quality of being an entrepreneur, i.e. one who undertakes an enterprise. The term puts emphasis on the risk and effort taken by individuals who both own and manage a business, and on the innovations resulting from their pursuit of economic success. National Policy for Skill Development and Entrepreneurship, 2015 aims to bring the world of education and training closer to the world of work so as to enable them together build a strong India. It provides clarity and coherence on how skill development efforts across the country can be aligned within the existing institutional arrangements. The policy links skill development to improved employability and productivity. Make in India is an initiative of the Government of India to encourage multinational, as well as domestic companies to manufacture their products in India. It was launched by Prime Minister Narendra Modi on September 25, 2014. The objective is to make India as the top destination globally for foreign direct investment (FDI). Presently, India is one of the youngest nations in the world with more than 62 percent of its population in the working age group (15-59 years), and more than 54 percent of its total population below 25 years of age. The problem of the educated unemployed raises special issues. It has to be tackled through proper educational planning and schemes of training, skill formation and entrepreneurial development. This book provides a comprehensive account of policies and programmes for entrepreneurship development in India. More importantly, it details various programmes and schemesincluding the flagship Make in India Campaignof the Government of India to create jobs for the young population of India.

International Monetary Fund (IMF) has hailed India as a bright spot amidst a slowing global economy. According to World Economic Forum, Indias growth is extraordinarily high. In its bi-annual World Economic Outlook (January 2018 update), IMF has projected 7.4 percent growth rate for India in 2018-19 and 7.8 percent in 2019-20. This is against the 3.9 percent global growth rate predicted for 2018-19. Interestingly, IMF has projected Chinas growth to gradually slow down to 5.5 percent from 6.6 percent in 2018-19. It has, thus, held thatIndiawill be the worlds fastest-growing major economy at least for the next two years (2018-19 and 2019-20). Indian economy has the potential to achieve, and even surpass, the 10 percent growth rate. However, this achievement hinges critically on: (a) improvement of the domestic savings rate (including public savings), (b) increased public investment, (c) efficient, reliable and affordable infrastructure, (d) higher inflow of foreign capital, (e) better credit delivery system, (f) labour reforms, (g) reduction in transaction costs, (h) improvement in technology and quality and (i) export competitiveness. Indian economy has matured in several important respects. It is now much more integrated with the world economy and has benefited from this integration in many ways. The outstanding success of IT and IT-enabled services has demonstrated what Indian skills and enterprises can do, given the right environment. Similar strength is now evident in sectors such as pharmaceuticals, auto components and, more recently in textiles. These gains in competitiveness need to be spread to other sectors also. India has established a strong and diversified manufacturing base for the production of a wide variety of basic and capital goods to meet the requirements of various sectors including heavy electrical, power generation, power transmission, automobiles, shipping, mining, chemicals, and petroleum. Entrepreneurial culture is picking up in India. There is enough evidence that Government is withdrawing, though gradually, as a controller and licenser of private activity and allowing competition and market forces to guide investment decisions. Multinationals and foreign governments have started taking note of Indias rise and recognizing opportunities for investments and enterprise. Indias massive workforce and democratic functioning suggest that the future of labour-intensive industry lies here. No doubt, India is poised to claim its rightful place as worlds economic power in the 21st century. A wide range of forecasts indicate that by 2020, India will be home to 135 crore people, of whom 90.6 crore will be of working age. These 90.6 crore will need jobs to sustain Indias growth, and these jobs can only be provided by the sustained growth of the manufacturing and services sectors. This book provides a comprehensive account of Indias economic problems, policies and performance during the post-Independence period, with focus on post-1991 period of economic reforms. The work contains 44 chaptersgrouped into 10 theme Partswhich touch almost all the aspects of the Indian economy. The book is designed to interest a cross-section of readers interested in the developments in the Indian economy since 1947.

Introduction of Goods and Services Tax (GST) from July 1, 2017 was undoubtedly the biggest tax reform in the fiscal history of India. After missing several deadlines and overcoming almost a decade of political differences, GSTa uniform nationwide tax finally replaced a multi-layered set of Central and State taxes and levies. Implementation of GST left behind an inefficient, complicated and fragmented indirect tax system. GST subsumed a profusion of Central and State indirect taxes to create a single unified market. The new tax is contributing to make India a seamless national market, boosting trade and industry and, in turn, economic growth. Common tax bases and common tax ratesacross goods and services and across States and between Centre and Statesare facilitating administration and improved compliance while also rendering manageable collection of taxes on inter-State supply of goods and services. Enactment of the Constitution (One Hundred and First Amendment) Act, 2016 and the subsequent introduction of GST marked a clear departure from the initial scheme of distribution of tax powers between the Centre and the States envisaged in the Constitution of India. Prior to this Amendment, taxation powers between the Centre and the States were clearly demarcated in the Constitution with no overlaps between their respective domains. In other words, there were no concurrent powers of taxation (or joint occupancy of tax fields) by the two levels of government. Broadly, the Centre had the powers to levy tax on the manufacture of goods while the States enjoyed the powers to levy tax on the sale of goods. In the case of inter-State sales, the Centre had the power to levy Central Sales Tax (CST). The Constitution (One Hundred and First Amendment) Act, 2016 inserted Article 246A in the Constitution which now confers concurrent powers upon both the Parliament and the State Legislatures to make laws with respect to GST. The dual GST imposes tax on the same taxable eventsupply of goods and servicessimultaneously by the Centre and the States. Both the Centre and the States are empowered to levy GST across the value chain from the stage of manufacturing to consumption. The assignment of concurrent jurisdiction to the Centre and the States for levying GST requires an institutional mechanism to ensure that decisions related to the structure, design and operation of GST are taken jointly by the Central and State Governments. Goods and Services Tax Council (GST Council) is a unique institutional mechanism for this purpose having Constitutional force. The introduction of GST has changed the landscape of fiscal federalism in India. It has charted out a new course for Centre-State fiscal relations. Signifying the spirit of co-operative federalism, GST is a historic and game-changing tax reform. This book explains various aspects of GST, in simple, lucid and non-technical language, to a cross-section of readers including teachers and students of economics, commerce, law, public administration, business management, and chartered accountancy. It will also serve the needs of legislators, business executives, entrepreneurs and investors, and others interested in understanding the basics of GST. The book contains 29 chapters organized into 4 Parts. Part I, consisting of 5 chapters, provides conceptual clarity as regards taxation of goods and services and describes pre-GST indirect tax system of India. Part II, comprising 4 chapters, records the Constitutional amendments, legislative measures and other efforts leading to the introduction of GST. Part III, containing 10 chapters, explains the current Constitutional provisions pertaining to taxes in India and various aspects of GST including its salient features, exemptions, threshold limits, composition scheme, rate structure, administration, anti-profiteering provisions, technological infrastructure, and implication of the tax for various sectors of the Indian economy. Part IV, consisting of 10 chapters, deals with the post-Independence evolution of fiscal federalism in India and the impact of GST on Centre-State fiscal relations. There are 4 appendices to the book which provide GST-relevant literature. Glossary of GST-related terms, bibliography and index also form part of the book.

In the 21st Century, tourism has emerged as a leading sector across the globe. This sector has been widely acknowledged for its contribution to national income, foreign exchange reserves, employment creation, expansion of local business, poverty alleviation, infrastructure development, balanced regional development, cultural exchanges, and above all for developing and maintaining international relations and world peace. The development of tourism sector generates growth due to its linkage effects and cross-sectoral synergies which lead to the progress of other sectors including agriculture, handicrafts, healthcare, education, transport and communication, construction etc. On the social front, expansion of tourism brings positive changes in the population structure, occupational patterns, value system, individual behaviour, family relationships, collective lifestyles, moral conduct, creative expressions, traditional ceremonies and community organizations. In India, tourism has become the most vibrant service sector activity and a multi-billion dollar industry over the years. The natural surroundings, architectural masterpieces, music, dance, paintings, customs and languages have all made India a tourist paradise. The strategies and policies of the Government of India including Incredible India and Athithi Devo Bhava have significantly contributed to the expansion of tourism in India. The present volume contains 14 scholarly papers, authored by experts in the field, which not only provide an overview of the growth of tourism in India, but also give an analytical account of the problems and prospects associated with it.

In the development strategy adopted after Independence in 1947, India paid insufficient attention to improve business environmentso crucial for rapid economic development to combat the twin problems of poverty and unemployment. As a consequence, entrepreneurs struggled to do business in the face of restrictive policies and regulations that choked rather than enabled business enterprises. Myriad rules and regulations inhibited business growth and held back India from achieving its potential. Economic reforms initiated in 1991 marked a clear change in direction as successive governments started paying attention to difficulties faced by businesses. Although the situation has improved considerably in recent years yet India remains a tough place to do business as per benchmarks of developed countries. In the World Banks Doing Business Report, 2015, India was placed at 142 among 189 countries in terms of ease of doing business. India ranked even below Pakistan which occupied 128th rank and much below China which secured 90th rank. Encouragingly, India jumped to 100th rank in the 2018 Report. The improved ranking has enhanced Indias global image as a promising investment destination. Governments target of breaking into the list of top 50 countries is ambitious, yet achievable if it gets its priorities right on the weak areas. India is presently the worlds fastest growing major economy. In the last few years, it has emerged as a global economic power, a leading outsourcing destination and a favourite of international investors. Indian industry has upgraded technology and product quality to a significant degree and met the challenges of openness after being protected for so long. This book records and reviews the business environment in India prior to the initiation of economic reforms in 1991 (i.e. for the period 1947 to 1990). It provides a detailed account of policies and measures adopted for industrial liberalization, financial deregulation and trade openness since 1991. More importantly, it explains various programmes and schemes announced and implemented by the Government in recent years to catapult the Indian economy to a higher growth trajectory. The book contains 29 chapters which have been categorized into five theme parts. Part I of the book, consisting of 2 chapters, describes the current state of ease of doing business in India. India is compared with leading countries of the world in terms of Doing Business Report, 2018 of the World Bank. Similarly, States in India are compared based on recent reports on Assessment of State Implementation of Business Reforms released by the Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce and Industry, Government of India. Part II, containing 5 chapters, traces, in historical perspective, the business environment in India prior to the initiation of economic reforms in 1991. It explains excessive regulation and control of private enterprise, state domination of financial sector, multiple and punitive tax regime, protectionist foreign trade policy and restrictions on foreign capital. Part III, comprising 7 chapters, provides a detailed account of policies and strategies to unshackle the economy from the cobwebs of unnecessary bureaucratic controls. It particularly focuses on: (a) legislative measures to promote and facilitate private enterprise, (b) tax reforms, including the introduction of Goods and Services Tax (GST) from July 1, 2017 and (c) stimulus to foreign direct investment (FDI). Part IV, consisting of 12 chapters, explains various programmes and schemes announced and implemented by the Government in recent years. These include, inter alia, Make-in-India Campaign, Start-up India Initiative, Micro Units Development and Refinance Agency (MUDRA), Stand-up India Scheme, eBiz Project, Smart Cities Mission, National Skill Development Mission (NSDM), Pradhan Mantri Kaushal Vikas Yojana (PMKVY), Atal Innovation Mission (AIM) and Digital India. Part V, containing 3 chapters, spells out current challenges facing the Indian economy and assesses its future prospects.

According to the Fifth Annual Employment-Unemployment Survey of the Ministry of Labour and Employment, 45.7 percent of Indias workforce in 2014-15 was employed in agriculture. Around 13 to 14 percent of Indias national income originates from the agricultural sector. Agricultural sector, thus, occupies a key position in the Indian economy, at least in terms of employment. Regrettably, agricultural sector in India has been witnessing loss of dynamism in recent years. The sector, as a whole, has showed poor performance lately. Signs of agrarian distress are visible in parts of the country. The spate of suicides by farmers in some areas is the most disconcerting manifestation of this distress. Marginal and small farmers have borne the brunt of the adverse circumstances in agriculture. Agricultural crisis has increased overtime due to a number of reasons but mainly owing to widening disparities between agricultural and non-agricultural sectors, resulting in burgeoning gap between the incomes generated per worker from the two sectors. Concerned by the slow growth in the agriculture and allied sectors, the Government of India has launched a series of programmes/schemes in recent years to rejuvenate agriculture and improve farm incomes. These, inter alia, have included the following: (a) Rashtriya Krishi Vikas Yojana (RKVY); (b) Pradhan Mantri Kisan SAMPADA Yojana; (c) Doubling Farmers Income by 2022-23; (d) Pradhan Mantri Fasal Bima Yojana (PMFBY); (e) Pradhan Mantri Krishi Sinchai Yojana (PMKSY); and (f) Farm Loan Waivers. Under National Agriculture Market (e-NAM), farmers can sell their produce on the internet. e-NAM is envisaged as a pan-India electronic trading portal which seeks to network the existing agricultural produce market committees (APMCs) and other market yards to create a unified national market for agricultural commodities. e-NAM is a virtual market but it has a physical market (mandi) at the back end. Indias future agricultural development will require much faster crop diversification in view of changes in consumption pattern. There is growing preference for milk and milk products, meat, poultry, fish, fruits and vegetables. Areas like horticulture and floriculture also hold promise as they have higher export potential. Accelerating the rate of growth of agricultural production must be seen as central to a more inclusive growth. It is imperative that the problems of farmers are addressed with a sense of urgency. The present work focuses on the issues and concerns impacting the Indian agriculture. More importantly, it explains the key reform measures undertaken in recent years to mitigate agrarian distress, modernize agriculture and improve the economic conditions of the farmers, particularly small and marginalized ones.

Intellectual property rights (IPRs) refer to the legal ownership by a person or business of an invention/discovery attached to a particular product or process which protects the owner against unauthorized copying or imitation. With the emergence of the knowledge society and virtual products, the issue of safeguarding the investment in the information-based products has certainly gained high importance. Globalization and the rapid proliferation of technology have elevated the significance of intellectual property protection. The importance of IPRs has increased in recent years in the wake of rapid advancements and proliferation of technology. Intellectual property protection is a key factor for economic growth and advancement in the high technology sector. IPRs are good for business, benefit the public at large and act as catalysts for technical progress. The intangible nature of intellectual property and the worldwide inconsistency of standard practices create challenges for those wishing to protect their inventions, brands, and business methods in foreign markets. The three most common vehicles for protecting intellectual property are patents, trademarks, and copyrights. The Agreement establishing the World Trade Organization (WTO) contains, inter alia, an Agreement on Trade-related Aspects of Intellectual Property Rights (TRIPS). TRIPS Agreement, which came into effect on January 1, 1995, is presently the most comprehensive multilateral agreement on intellectual property. It provides for norms and standards in respect of various areas of intellectual property. This book contains 13 research papers, authored by experts in the field, which explain and examine various aspects of the TRIPS Agreement and the corresponding Indian laws for its implementation.

Despite the rapid spread of financial and banking system in India after Independence in 1947, a large segment of the societyparticularly low-income households in rural areashas very little access to financial services, both formal and semi-formal. As a consequence, many of them have to depend either on their own or high cost informal sources of finance, such as moneylenders. This is particularly true of the sporadic financial requirements of poor households for emergency purposes such as medical treatment. It is well-known that poor people, small entrepreneurs and other disadvantaged groups are presently excluded from the financial sector, which leads to their marginalisation and denial of opportunity to grow and prosper. Hence, financial inclusion of the disadvantaged and marginalized sections of society is a prerequisite for healthy and harmonious socio-economic development of India. Financial inclusion is the process of providing wide range of financial services and adequate credit in time to the weaker sections and low-income groups at an affordable cost. Merely having a bank account may not be a good indicator of financial inclusion. The essence of financial inclusion is to ensure that a range of appropriate financial services are available to every individual so that he/she may show his/her worth to the society. It has been widely accepted that micro finance is the most important tool of financial inclusion. Provisions of micro finance to the poor, especially women in rural areas, coupled with supporting activities like education, training and skill formation, can transform Indian economy on desired lines. Self-help groups (SHGs) represent a unique approach to financial intermediation. The approach combines access to low-cost financial services with a process of self-management and development. The present work is an attempt to emphasize the importance of financial inclusion of the poor and underlines the role of micro finance and SHGs in this endeavour.

Digitization has partially or fully replaced many tasks that were previously done by human labourers. At the same time, computers have made some workers much more productive. Another consequence of digitization is that it has drastically reduced the costs of communication among people across different organizations and locations. Digital India (DI) Vision 2019 is an initiative of the Government of India to integrate Government Ministries and Departments with the people of India. It aims at ensuring the availability of government services to citizens electronically by reducing paperwork. The initiative also includes plans to connect rural areas with high-speed internet networks. DI has three core components. These include creation of digital infrastructure, delivering services digitally and digital literacy. Similarly, National e-Governance Plan (NeGP) of the Government of India aims to make all Government services accessible to the common man in his locality, through common service delivery outlets and ensure efficiency, transparency and reliability of such services at affordable costs to realize the basic needs of the common man. Digital drive and e-governance are both based on internet services. Hence, the quality of internet services is of crucial importance. The present work incorporates a studyin the form of a comprehensive survey involving 52,000 respondentsto assess the quality of internet services (QoIS) in India. The survey undertaken by VOICE and completed in October 2017 focused on various dimensions of internet services, particularly the QoIS and its impact on users. Based on the findings of the survey, VOICE made a number of recommendations to Telecom Regulatory Authority of India (TRAI) and the Government of India. The work provides deep insights into the structure and regulation of internet services in India and hence is an invaluable source of information for various stakeholders in the field.

Human beings are the heartbeat of an organization. They are the brain trust and think tanks of future strategies. Intangible assets, like human capital, decide the use of tangible and material resources innovatively to fulfil the objectives of any business entity. Human resources management (HRM) relates to formulation of strategies by business entities concerning selection, training and rewarding of their personnel. Human resources development (HRD) is concerned with the development of competencies and effectiveness of people working in an organization. The design of HRD system should strengthen corporate planning, production processes, marketing strategies, and budgeting and finance. Skills and knowledge are the driving forces of economic growth and social development for any country. Countries with higher levels of skills adjust more effectively to the challenges and opportunities in domestic and international job markets. As India moves progressively towards becoming a global knowledge economy, it must meet the rising aspirations of its youth. This can be partially achieved through focus on advancement of skills that are relevant to the emerging economic environment. The challenge pertains not only to a huge quantitative expansion of the facilities for skill training, but also to the equally important task of raising their quality. This book provides a vivid account of the various dimensions of HRD including, inter alia, knowledge management, competency mapping, socialization and orientation of employees, training and development, organizational culture and organizational health. It also sets forth the policies and programmes of the Government of India to empower all individuals through improved skills and knowledge to gain access to decent employment and ensure Indias competitiveness in the global market.

Apart from significantly improving the stability of the financial system, banking sector reforms in India since 1991 have supported the transition of the Indian economy to a higher growth path. In comparison to the pre-reforms period, the Indian banking system today is more stable and efficient. However, these gains need to be consolidated into a mature financial system to meet the challenges of financial globalization. Many new processes, products and services offered by banks and other financial intermediaries are now IT-centred. Banks have traditionally been at the forefront of harnessing technology to improve their products, services and efficiency. They have, over a long period of time, been using electronic and telecommunication networks for delivering a wide range of value added products and services. In spite of the technological advances made by the banking system, it is afflicted by a slew of formidable problems, the chief being the accumulation of non-performing assets (NPAs). Indias financial system and economic stability are facing a serious threat due to continuous one-way movement of the NPAs. The enactment of Securitisation, Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002 was an important landmark in the ongoing reforms in the financial sector. The Act enables the setting up of asset management companies, addressing the problem of NPAs of banks and financial institutions and enhancing rights of the creditors. This book provides a vivid account of the banking sector reforms in India since 1991. More importantly, it analyzes the various aspects of the problem of NPAs of banks with the help of data/information available in public domain.