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This paper presents a summary of the evolution of entrepreneurship in India and discusses
the trends of entrepreneurship evolved over a period of time. It describes the phases of
entrepreneurship in ancient period, under British colonization, during freedom struggle,
post independence, after liberalization and during the new economy era. Till 18th century,
the Indian entrepreneurs dominated the world trade along with China. India’s share of the
world GDP was equal to China and Europe around 350 years ago, thanks to the
entrepreneurial spirit of its people. India has a long history of entrepreneurship. It dates
back to the pre-Vedic period when Harappa culture flourished in India. With the invasion of
Moghul emperors and then the mighty Great Britain, the Indian entrepreneurship decimated
to sidelines. But the native entrepreneurial spirit never died. Post independence, the Indian
Government concentrated on heavy industries and the private entrepreneurship blossomed
in all other areas. Though the license raj curtailed the expansion spree, with the liberalisation
and economic reforms in the last decade of twentieth century, the Indian entrepreneur
picked up speed on the track. The twenty first century perhaps will witness the history
repeating itself. India and China may emerged once again to dominate the global trade.