India’s Quest for Jobs: A Policy Agenda
International evidence and the current state of affairs in India with regard to the size of commercial businesses (average number of employees) suggest that government policies on MSMEs must become more nuanced. These policies must take into account the central role that new and smaller enterprises, established by educated entrepreneurs, play in productive job creation. Accordingly, this paper proposes a new narrative on entrepreneurship. Informal micro enterprises, and single-person enterprises run by those lacking in formal education, should be termed as subsistence enterprises.