India Ranks 4th In Quality Of Entrepreneurship Ecosystem: Report

India is ranked fourth of 51 countries for the quality of its entrepreneurship ecosystem, according to the new Global Entrepreneurship Monitor (GEM) National Entrepreneurship Context Index (NECI) released on 16 February.

The ranking, reported in the ‘GEM 2022/2023 Global Report – Adapting to a New Normal’ – is a drastic turnaround following a much lower score in 2021 (16th overall).

India’s latest score of 6.1 reflects a steady increase in the country’s overall entrepreneurial environment over the years. India's NECI score rose from 5.8 in 2019 (ranked 6th among GEM economies) to 6.0 in 2020 (ranked 4th). However, there was a dip in 2021, with a score of 5.0 (barely sufficient) and a rank of 16th.

GEM defines the entrepreneurial context of a particular economy in terms of 13 different characteristics, labelled the Entrepreneurship Framework Conditions (EFCs). The NECI results are based on the scores of the Framework Conditions for each of the participating 51 economies. At least 36 experts are selected to assess statements that make up the scores that can be compared across economies.