THE FUTURE EMPOWERMENT OF INDIA THROUGH SMALL BUSINESSES: THE SIGNIFICANCE OF NEP 2020 AND KEY GOVERNMENT POLICIES IN FOSTERING SMALL BUSINESSES

Abstract

Small businesses play a vital role in the Indian economy by supporting the industrialization process in rural areas. They contribute significantly to achieving socioeconomic goals such as providing employment, boosting economic growth, encouraging exports, and promoting entrepreneurship. The New Education Policy (NEP) 2020 emphasizes entrepreneurship education and integrates it with academic subjects, equipping students with skills to start small businesses and startups. This paper analyzes the current state of small businesses in India, their socioeconomic impact, and the challenges they face. It also explores how NEP 2020 aids in developing entrepreneurial skills and reviews government initiatives providing technical and financial support to small enterprises. Case studies and examples are included to illustrate the impact and effectiveness of these policies. Additionally, India's performance in fostering small businesses is compared with other countries, and a section on sustainable development discusses the role of small businesses in promoting environmental and social sustainability. The literature survey provides a comprehensive overview of existing research on the role and challenges of small businesses in India.