Nations all across the globe are engaged in identifying the factors deterministic of economic serge, which is reflective of contemporary domain of economics. Entrepreneurial ventures using technological innovations have emerged as a pivotal growth indicator in developing nations like India, though there has been a dearth of extensive studies on the impact of technology-based innovations in new venture creation and its subsequent contribution to economic growth and progress of a nation. This paper used the Global Entrepreneurship Monitor (GEM) data alongwith World Bank Enterprise surveys (2006) to explore the probable link between entrepreneurship, innovation and economic progress pertaining to Indian context. The entrepreneurship measures were concentrated on Total Entrepreneurship Activity (TEA) data and its subcomponents. The findings were in line with the literature reviewed as both overall and necessity driven TEA accounted for growth in GDP as a mark of economic progress. Technological innovation was found to be a significant input to economic growth.