According to a recent survey by IIT Mandi, a growing number of Indian students are interested in starting their own businesses rather than pursuing traditional employment after graduation. The survey, conducted between November 2023 and February 2024, found that 14% of students currently enrolled in degree or equivalent courses plan to become entrepreneurs upon completing their studies. This figure is close to the global average of 15.7%.
The report predicts that within five years, the percentage of Indian youth likely to become entrepreneurs will increase to 31.40%, slightly above the worldwide average of 30%. At present, 32.50% of students in Indian colleges are considering becoming future entrepreneurs, compared to the global average of 25.70%. India has already achieved the third rank globally in terms of the number of startups.
In 2023, 34,842 new startups were registered nationwide, averaging 96 per day, up from 80 per day in April 2022. This growth is supported by a strong culture of startups and incubators in educational institutions across the country. Technology business incubators have been thriving in central universities such as IITs and IIITs in recent years.
Currently, there are 2,951 incubation centers throughout India.
Indian students pursuing entrepreneurship
Successful entrepreneurs are invited to universities to inspire students by sharing their experiences, while technology plays a crucial role in connecting entrepreneurs with potential investors and customers.
Established companies like Tata are investing in promising startups, and social media has significantly simplified the promotion of products and services. India also benefits from a large human resource pool, including gig workers who deliver goods to consumers. Many marketing companies offer data-driven strategies to help new businesses succeed.
The traditional societal view that business is only for the uneducated is fading. Parents and society are now more supportive of entrepreneurial aspirations. Today’s youth are inspired by the success stories of peers who have started businesses with innovative ideas and technology.
Notable companies like Tata, Reliance, Infosys, and modern startups such as Zomato, Swiggy, Ola, and Uber are reportedly a major source of inspiration for today’s youth. The survey revealed that 61.8% of respondents were male and 38.2% were female, highlighting the strong entrepreneurial spirit among Indian youth across genders. In conclusion, the shift towards entrepreneurship among Indian students is significant, and this trend is expected to continue growing in the coming years.
With the support of educational institutions, technology, and a changing societal mindset, more and more young people are embracing the idea of starting their own businesses and contributing to India’s thriving startup ecosystem.
