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Entrepreneurship is considered to be the focal point in the process of economic development. Entrepreneurship is the creation or extraction of value. Entrepreneur who contribute towards the balanced development of a country by optimum use of its resources. Entrepreneurs are the people who create new business, which help to create jobs for people. They help in intensifying competition with the help of technology they master in increasing productivity and thus contributing in the development of the country and in the state, followed by economic growth. Entrepreneurship is good for economic growth and they convert the ideal resources like land, labour and capital into national income and wealth in the form of goods and services. They help to increase net national product and per capita income not only in the state but also in the country. The industrialization of a country and its space of economic development depends on the entrepreneurs. A country maybe inherited with plenty of natural resources, but its economic development cannot be possible in the absence of efficient entrepreneurs. An attempt has been made in this paper to analyze the importance of entrepreneurship, role of entrepreneurs in economic development, government initiation to develop entrepreneurs not only in India and in the state, measures to improve entrepreneurship, the growth rate of entrepreneurship in India and conclusions are discussed in this paper.