GG News Bureau
New Delhi, 22nd Oct. More than 32.5% of students in Indian universities identify as “nascent entrepreneurs,” actively engaged in launching their businesses, according to a statement from the Indian Institute of Technology (IIT) Mandi on Monday. The findings were released as part of the Global University Entrepreneurial Spirit Students’ Survey (GUESSS) India 2023 Report, which highlights the increasing entrepreneurial ambitions among students, fueled by various policy initiatives in the country.
The report was spearheaded by Dr. Puran Singh, an Associate Professor at IIT Mandi’s School of Management, and co-authored by Dharmender K. Yadav, a doctoral candidate at the same institution. It underscores a positive climate for entrepreneurship in Indian universities, noting a significant shift in career aspirations toward entrepreneurial ventures.
The GUESSS project, recognized as the largest global research initiative on student entrepreneurs, surveyed participants from 57 countries to evaluate the entrepreneurial spirit, intentions, and activities of students worldwide. The 2023 India survey, conducted from November 2023 to February 2024, garnered responses from 13,896 students enrolled in various higher education institutions across the nation.
Key findings revealed that 14% of Indian students plan to become entrepreneurs immediately after graduation, slightly below the global average of 15.7%. However, 31.4% of students expressed intentions to pursue entrepreneurship within five years of graduating, surpassing the global average of 30%.
Dr. Puran Singh emphasized the significance of these findings, stating, “We are already the third-largest startup ecosystem in the world, and harnessing the entrepreneurial potential of our youth is crucial for the country’s growth.” He highlighted India’s robust entrepreneurial intent, with students scoring an average of 4.6 on a 7-point scale—well above the global average of 3.7.
The report indicates that 38% of Indian students are involved in venture creation, with 33% at the nascent stage, marking India as a leader among its global peers in fostering entrepreneurship. The data collected provides a comprehensive understanding of the entrepreneurial landscape among Indian students, showcasing the immense potential for future growth in this sector.
This report serves as a valuable resource for assessing the entrepreneurial ambitions of Indian students, contributing to a better understanding of how to leverage youth potential for national development.
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