India has emerged as a leading global startup destination, ranking among the top three worldwide, with cities like Bengaluru, Delhi and Mumbai occupying prominent positions on the global startup map.A recent report by IIT Mandi, part of the Global University Entrepreneurial Spirit Students Survey (GUESSS), highlights the growing entrepreneurial spirit in the country, especially among students.Between November 2023 and February 2024, the GUESSS survey collected responses from 13,896 students across 31 Indian states and union territories.
Key trends
- Nascent entrepreneurship: The report highlights that 33% of college students in India are nascent entrepreneurs, higher than the global average of 26%.
- Entrepreneurship as a career option: 14% of Indian students plan to pursue entrepreneurship as a career option after graduation.
- Entrepreneurial Intent: The desire for entrepreneurship among Indian students is found to be the highest globally.
Factors promoting entrepreneurship among students
- Favourable macroeconomic environment: India has ranked 39th among 133 countries in the Global Innovation Index.
- Startup ecosystem: India has over 110 unicorns, ranking third after the US and China.
- Educational ecosystem: Colleges have diverse and specialised curriculum and supportive government initiatives.
Existing challenges
- Low active entrepreneurs: The rate of conversion of nascent ventures into active businesses is low.
- Limited access: Access to entrepreneurship education and incubation programmes is limited.
- Mismatch: There is a mismatch between support programmes and the needs of student enterprises.
Way forward
- Compulsory curriculum: Implement compulsory curriculum promoting entrepreneurship in universities.
- Expanding incubation network: Further expanding the incubation network for services such as mentoring and funding.
Supporting Government Initiatives
- Nidhi Umbrella Programme (2016): It is a comprehensive network set up by the Department of Science and Technology, which integrates incubation centres and startup support programmes.
- Atal Innovation Mission (2016): Establishment of Atal Tinkering Labs to promote innovation at the school level.
- National Innovation and Startup Policy (2019): It aims to strengthen the innovation and entrepreneurship ecosystem on campus.