Economic Development Through Regional Approach

Abstract

Entrepreneurship has potentially short, medium, and long-term consequences for regions, including the creation of employment and wealth. Efficient firms grow and survive while inefficient firms decline and fall. Regions have gained a position at the forefront of the economic development policy agenda. However, the regional approach to economic strategy remains contested. The ability of regions to gain from the positive effects of entrepreneurship will depend on their institutional arrangements, the social payoff structure, and their ability to turn knowledge into regional growth through the creation and dissemination of knowledge. Through in-depth observation, examining policies, and content analysis of relevant documents, this chapter through case study of Pune Auto Component Small- and Medium-sized Enterprises (SMEs) from India attempts to explore and understand the extent economic development occurs when regional approach is adopted.