Economic development of any country largely depends upon the rural entrepreneurship. The growth and development of rural industries facilitate self-employment. It also helps in the maximum utilization of locally available raw materials and labor. Following are some of the roles that rural entrepreneurship plays to ensure the betterment of the society and the country in general at a larger level.
Employment generation: Rural industries play a significant role in employment generation in India with providing large-scale opportunities to laborers of rural areas. Unemployment in rural India can be tackled through rural industrialization.
Foreign exchange influx: We can attract more foreign exchange with the help of rural industrialization. Products that get produced in industries can be exported to other countries at a larger level thereby ensuring the better influx of foreign exchange in the country.
Entrepreneurial development: Entrepreneurial activities can largely take place in rural areas by young and promising entrepreneurs with an aim of the betterment of the society, improvement in livelihoods, creating resources of earning for rural people. It facilitates the development of rural areas.
Proper utilization of local resources: Rural industries help in the proper utilization of local resources like raw materials and labor for productive purposes and thus increases productivity. They can also mobilize rural savings which help in increase of rural funds.
Betterment of society: Rural industrialization can result in more employment generation thereby providing livelihoods resources to the plethora of people. It’s directly proportional to the betterment of society. It creates jobs while securing earnings. Development of an individual in rural areas could impact to the growth of the economy at the same time.
Migration: Migration issue can be sorted out largely by providing employment and earning opportunities to the people of rural India. Issues occurred by migration of masses would be nullified once the rural industrialization takes place in rural areas of India. In recent times, rapid migration has caused the imbalance in the society at a notable scale. This way it can be helpful to check the migration and help the economic development at a significant level.
This way rural entrepreneurship could boost the Indian economy and help it sustain in years to come in an effective manner. It can surely bolster the Indian market to rank among few other developed countries in the top level.