India Moves Up a Spot In Global Entrepreneurship Index

India has moved up a spot on the Global Entrepreneurship Index (GEI) of 2018 to occupy the 68th position among 137 countries. India was placed at the 69th rank last year.

The United States retains its position at the top of the list, curated by Washington DC-based policy development organization Global Entrepreneurship and Development Institute (GEDI), that was released on Nov. 29. The institute aims to expand economic opportunities for individuals, communities and nations.

India was at the 76th position in the index in 2014. Last year, the report noted India’s strength in product innovation while the country was deemed weak in the area of technology absorption.

“Each country is ranked according to its GEI score to indicate overall entrepreneurship attitude and potential,” Jonathan Ortmans, the President of the Global Entrepreneurship Network (GEN), said during a session at the Global Entrepreneurship Summit in Hyderabad. A GEI score includes three main sub-indices: entrepreneurial attitudes, entrepreneurial ability, and entrepreneurial aspirations.

The organization gathers data on the three indices of the local population. They then examine these against the prevailing social and economic infrastructure with factors such as broadband connectivity and the transport links to external
markets.

GEN India plans to appoint 30 state ambassadors who will lead all its initiatives in the country, including policy panels, entrepreneurship celebrations, national competitions and partnerships in their respective states.

The network is conducting a series of public policy focused round table events in India to explore innovative public sector approaches to stimulate new firm formations and growth. Six to eight policy panels are being planned to reach all 30 states by the end of 2018 to promote entrepreneurship, create jobs, incentivize capital investments and work towards the sustainability of Indian enterprises by creating global linkages, it said in a statement.

Countries that follow the United States at the top 10 places of the Global Entrepreneur Index are Switzerland, Canada, United Kingdom, Austria, Denmark, Iceland, Ireland, Sweden and France.