The findings of the GUESSS India survey provide valuable insights into career aspirations, government support for startups, and suggestions for fostering a more supportive environment for future entrepreneurs. The implications of these findings are significant for policymakers, educators, and investors. By supporting this entrepreneurial movement, India could undergo transformative change and set an example of student-led growth for the global community.

Indian students stand out globally, demonstrating one of the highest levels of entrepreneurial ambition. As India’s startup ecosystem thrives, aided by government initiatives like Startup India and extensive support from academic institutions, the GUESSS report raises essential conversations for policymakers, educators, and stakeholders. Targeted strategies are needed to harness this entrepreneurial potential by closing critical gaps, improving accessibility, and building an environment where every aspiring entrepreneur can succeed.

Immediate career preferences: employment is primary, but entrepreneurship is on the rise

The GUESSS India 2023 report, the first survey in India, reveals that 69.7% of Indian students intend to pursue employment right after graduation, a statistic that mirrors global trends. Many students within this group aspire to join large corporations, public service, or academia, reflecting the value placed on job security and career stability early on. This preference aligns with the traditional education-to-employment path that has historically directed students toward stable jobs post-graduation.

However, a growing segment—about 14%—aims to jump directly into entrepreneurship. This new wave of students sees potential in creating their own businesses and contributing to India’s dynamic startup environment. With entrepreneurship becoming more attractive due to platforms like Shark Tank India and the success stories of Indian unicorns, students are increasingly inspired to build their ventures.

Five years after graduation, the number of students aiming to launch their businesses more than doubled, reaching 31.4%. Meanwhile, preference for traditional employment falls to 52.2%. This trend suggests an “employee-first, entrepreneur-later” mindset, where students view the corporate experience as valuable preparation for entrepreneurship. For policymakers and educational institutions, this deferred approach signals the need to create pathways that make entrepreneurship a feasible career choice right after graduation.

The role of government initiatives: startup India and incubators

Government initiatives, especially Startup India, have created a vast network of over 500 government-recognized incubators nationwide, fostering a supportive environment for young entrepreneurs. These incubators serve as critical resources, providing funding, mentorship, and hands-on business support to help students overcome early obstacles. In addition, programs like tax exemptions, simplified compliance, and prioritized procurement for government projects have helped student-led ventures thrive. 

Through initiatives like the National Innovation and Startup Policy (NISP) and the National Education Policy (NEP), the government encourages universities to include entrepreneurship in their curricula—for example, the Atal Innovation Mission funds numerous universities’ innovation labs and incubation centers. The Atmanirbhar Bharat and Make in India encourage student entrepreneurship by supporting ventures that foster national self-reliance and showcase Indian ingenuity. Expanding access to incubators, mentorship, and funding focused on young entrepreneurs will empower more students to transform their ambitions into businesses that enhance India’s economic resilience and international stature.

Challenges in achieving the entrepreneurial vision

Despite enthusiasm for entrepreneurship, challenges hinder the transition from intention to action. Currently, only 4.8% of Indian students manage active, revenue-generating businesses. This discrepancy suggests barriers to transforming startup ideas into functional businesses, requiring attention from institutions and policymakers. Furthermore, male students display higher entrepreneurial ambition than their female counterparts, highlighting the need for programs encouraging women entrepreneurs. Resource accessibility, especially incubators and funding, also varies across regions, posing additional challenges for students in rural or underserved areas. Addressing these regional disparities is crucial to ensuring equal entrepreneurial opportunities for all students.

Recommendations to unlock India’s entrepreneurial potential

The following actions are essential to maximize the entrepreneurial potential of India’s youth:

1. Expand Incubation Support: While India’s incubator network is growing, making these resources more accessible to students across regions, especially women entrepreneurs, would create a more inclusive ecosystem. Aligning these resources with student needs, particularly in non-urban areas, will foster a diverse and widespread entrepreneurial culture.

2. Enhance Entrepreneurial Education: Integrating entrepreneurship education across disciplines—not just in business schools—can foster a broader understanding of venture creation. Universities can also implement experiential programs that let students work on actual startup projects, bridging the gap between theory and practice.

3. Increase Government-Industry-Academia Collaboration: Collaborative programs among government agencies, private enterprises, and academic institutions can provide funding and mentorship, helping students gain valuable industry insights and connections crucial for entrepreneurial success.

4. Support Women Entrepreneurs: Mentorship programs and scholarships for female entrepreneurs can help close the gender gap in entrepreneurship. Female students can also benefit from connecting with female mentors and role models in business, inspiring more women to pursue entrepreneurial careers.

5. Promote a Startup Culture through Media and Events: Shows like Shark Tank India illustrate media’s impact on career ambitions. More events and initiatives celebrating young entrepreneurs can help create a culture where entrepreneurship is encouraged and celebrated.

India’s path forward: reflections from stakeholders

As India’s student entrepreneurship ecosystem grows, policymakers, educators, and industry leaders have a unique opportunity to shape a future where student-driven innovation fuels economic growth. Supporting the ambitions of young entrepreneurs benefits individuals and contributes to solving more significant economic issues, from job creation to technological advancement.

The GUESSS India 2023 Survey reveals a strong entrepreneurial drive among India’s youth. The challenge ahead is creating a comprehensive support system that removes obstacles and improves accessibility, enabling these entrepreneurial aspirations to become impactful realities. Through effective policies, enhanced educational frameworks, and collaborative initiatives, India can position itself as a global hub for student-led entrepreneurship.

[Liam Roman edited this piece.]

The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.

The post The 2023 GUESSS Survey on India’s Promising Youth Entrepreneurship appeared first on Fair Observer.

Indeed, the G20 summit in New Delhi carries significant diplomatic importance for India. It offers a prime opportunity for Prime Minister Narendra Modi and Minister of External Affairs Subrahmanyam Jaishankar to showcase India’s role on the global stage. Welcoming delegates from a multitude of member nations, including prominent figures like US President Joe Biden and UK Prime Minister Rishi Sunak, presents a substantial diplomatic undertaking for India. The absence of leaders such as Russian President Vladimir Putin and Chinese President Xi Jinping cannot go unnoticed, and it will be intriguing to observe the outcomes and agreements that emerge from this pivotal summit.

The absence of Xi is particularly noteworthy. Chinese Premier Li Qiang will instead attend the event. The snub is telling, given that India is one of China’s greatest regional rivals. Perhaps China is having trouble grappling with India’s economic growth and recent achievements in space exploration, including a historic landing on the moon’s South Pole. Xi’s decision could also spring from a desire to strengthen China’s role in the newly-expanded BRICS forum, where he appeared more comfortable during a recent summit. Or Xi may have been kept home to address China’s economic challenges, notably the precarious situation which saw one of the nation’s largest property developers on the verge of default.

Xi’s absence raises questions about China’s diplomatic strategy and global posture. It suggests a reluctance to engage in an event where he might face difficult inquiries regarding China’s economic trajectory, military activities concerning Taiwan and support for Russia following its invasion of Ukraine. This decision also adds to concerns among investors about the increasing unpredictability of China’s policies, with US Commerce Secretary Gina Raimondo recently noting that abrupt shifts in Chinese policy have made the nation appear nearly “uninvestable.”

India is a nation committed to democracy and multilateralism, and its presidency will be a significant milestone as it seeks to find practical global solutions for the benefit of all and embody the idea of Vasudhaiva Kutumbakam.

Will India’s G20 presidency leave an imprint on the forum’s global agenda? New Delhi is highly optimistic of a declaration with India’s clear stamp on it. India wants the G20 to be a group for the global public good and not just an economic cooperation body. Vasudhaiva Kutumbakam literally means “the world is a family,” and not just the human world, but the environment from plants and animals down to microorganisms. 

India’s priorities at the G20

In more concrete terms, India’s goals at the summit are six:

The future is not necessarily clear. A decade ago, many analysts expected to follow in the steps of China’s explosive growth, but this never happened. Sceptics argue that India’s current development did not come from sustained long-term development, but merely its recovery from the economic downturn caused by the Covid pandemic.

But there are good reasons to think that the trend is well-founded and here to stay. India has a young, growing and increasingly educated workforce; and an expanding consumer market. It has the makings not of a temporary boom but of a sustained growth with a solid foundation.

Strong bones, strong growth

According to the World Bank’s latest India Development Update, titled “Navigating the Storm,” India’s economy has demonstrated continuing resilience despite a troubling external environment. “A tightening global monetary policy cycle, slowing global growth and elevated commodity prices,” the report states, are expected to impact India. Nevertheless, “the economy is relatively well positioned to weather global spillovers compared to most other emerging markets.”

The update expects India to “experience lower growth in the 2022-23 financial year compared to 2021-22,” due to the aforementioned difficulties. Despite these obstacles, however, the World Bank forecasts a substantial increase in India’s gross domestic product (GDP). This positive outlook is primarily attributed to “robust domestic demand” within the country. The World Bank modified its GDP forecast for the 2022-23 fiscal year to 6.9% from 6.5%, noting a serious upturn during the second quarter (July–September) of this period.

In other words, India is not merely experiencing the good fortune of a post-pandemic bounceback. It was able to weather the pandemic and recover well because it has a strong foundation. The update quoted Auguste Tano Kouame, the World Bank’s Country Director in India, who emphasized that “India’s economy has been remarkably resilient to the deteriorating external environment, and strong macroeconomic fundamentals have placed it in good stead compared to other emerging market economies.”

There are a number of factors that explain India’s economic resilience and its prospects for strong future growth: