Policy Synergy and Structural Economic Transformation in India: An Empirical Study of Make in India and Startup India in the Context of Viksit Bharat 2047
Keywords:
Economic Transformation,, Policy SynergyAbstract
Under Viksit Bharat 2047, India's long-term development vision centres on a structural economic transformation driven by industrial growth, innovation, and entrepreneurship. To improve manufacturing capabilities and foster an innovation-driven entrepreneurial culture, initiatives like Make in India and Startup India were implemented. Although both initiatives have made measurable policy outcomes, little empirical research has been done on their combined and coordinated impacts on economic transformation. By assessing whether the combined effects of industrial and entrepreneurial policies are more important for promoting economic transformation than separate policy effects, this study aims to close this knowledge gap. This study uses secondary data from 2016 to 2024 in a quantitative, explanatory manner. To evaluate the multifaceted results of transformation and policy integration, it creates a composite Economic Transformation Index (ETI) and a Policy Synergy Index (PSI). Multiple regression techniques, correlation analysis, and descriptive statistics are used in the analysis, which makes use of SPSS and STATA. Results show that while startup development and individual manufacturing performance both contribute to economic transformation, policy synergy exhibits the strongest correlation with these outcomes. As stated in Viksit Bharat 2047, the study emphasizes the need for integrated policies and cooperative initiatives for sustainable and inclusive growth.
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