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This is, of course, a matter of opinion. My argument is that more entrepreneurship would be a help, but that the government of India is enough of a problem that it must be fixed before India's economy can truly take off.
As can be seen in the link below, there are still major problems with corruption in the Indian government. This comes about in part because of the continuing prevalence of the "licence Raj" which makes potential entrepreneurs get all sorts of official permissions before they can act. This red tape gives many opportunities for corruption.
So, I would argue that more entrepreneurship would help, but that India must also reform its government to reduce red tape and corruption if it wants to solve its unemployment problems.
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