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Growth of emerging economies which are restructuring the world’s economic landscape has been ascribed to the entrepreneurial private and collective firms (Peng and Heath, 1996). Entrepreneurship has been affected by numerous factors ranging from the sociocultural, political and economic ones in these emerging economies. Many research studies have attempted to capture other economies in East European countries and China, leaving India. Though Morrison (2000) and Luthans et al. (2000) claimed that societal ideological norms and values native to emerging economies are impediments to entrepreneurship, such findings could not be generalized to all emerging economies, specifically India as per the findings of Damodaran (2008).