The Potential Role of Irrationality and Behavioural Nudges in Entrepreneurship Development Policies in India

Entrepreneurship Development Programs have received a lot of socio-political thrust in India especially of late. This is not unexpected for a country that is entering its maturity, in terms of economic stature; where entrepreneurship is one of the primary means of attaining nationwide financial and social growth for all sectors of society. The current article proposes to understand whether India as a nation has reached equilibrium or is still in a state of flux, when it comes to choosing a career between entrepreneurship and job-seeking. The study also looks into the underlying forces and policy implications for sustained progress in Indian Entrepreneurial scenario. The article first looks to validate the claim that there is a need for advocacy of entrepreneurship. Subsequently, it uses the notions of irrationality and behavioural economics to suggest more effective and sustainable policy framework, by explaining entrepreneurship as a process such as the Transtheoretical Model.