The role of entrepreneurship in the economic development and growth of a country or region is often overlooked. In any case, it is not given the importance it deserves, especially in the economic literature.
In fact, until recently, economists were reluctant to rely on entrepreneurship as a possible determinant of economic performance. A standard economic explanation, if it is important, comes from testable hypotheses and quantifications.
Cultures and traditions are vague in determining economic outcomes, although the same situations are addressed in the economic literature with the help of multiple equilibrium conditions. Even then the explanations are incomplete. For example, within a geographical boundary, there are sufficient connections between sociocultural values and economic outcomes.
More specifically, at the family level, economic decisions are often made in accordance with beliefs and traditions. For example, the choice of schools or colleges, the professions to be occupied or living in a given area are not determined simply by economic decisions. In many of these situations, ethnicity can play an important role.
In India, the government realized the importance of entrepreneurship and established institutions at national and state level to develop entrepreneurship and also to assist first-generation entrepreneurs. Although it is difficult to reach a firm conclusion on the creation of a new generation of entrepreneurs, the need to do so is clearly established.