According to a recent survey by IIT Mandi, 32.5% of Indian college students are considering entrepreneurship as a career path. This figure is significantly higher than the global average of 25.7%. The survey, which was part of the Global University Entrepreneurial Spirit Students’ (GUES) survey, found that 14% of Indian students plan to start their own businesses immediately after graduation.
This is close to the global average of 15.7%. The report also predicts that the percentage of Indian youth becoming entrepreneurs could reach 31.40% in the next five years, surpassing the current world average of 30%. Dr.
Puran Singh, an associate professor at IIT Mandi, led the survey in India. He emphasized the importance of the data, stating, “We are already the third largest startup ecosystem in the world, with the largest youth population.
Indian students’ entrepreneurial ambitions
Leveraging youth’s entrepreneurial potential is crucial for our growth.”
The survey was conducted between November 2023 and February 2024 and received 13,896 responses from students across various higher education institutions in India. The findings also revealed that Indian universities rank high in providing an entrepreneurship-friendly environment. Indian institutions scored 4.7 out of 7, the highest among global startup ecosystems, for fostering entrepreneurship.
Currently, 38% of Indian students are engaged in starting ventures, with 33% in the nascent stage. However, only 4.8% have reached the revenue-generating stage, indicating room for growth. The report showcased shifting career goals among Indian students.
Initially, 69.7% aimed for employment after graduation, but this drops to 52.2% within five years, as 31% opt for entrepreneurship, up from 14%. The GUESSS India 2023 Report was launched on October 18 at the ISBAcon 2024 conference in Hyderabad. Dr. Suresh Kumar, president of ISBA, noted, “The insights provided in the report reveal strengths and weaknesses of India’s student entrepreneurship environment, offering a roadmap for fostering and scaling student-led ventures.”
The report is expected to inform future policies and initiatives supporting student entrepreneurs and holds substantial value for stakeholders within India’s startup ecosystem, including universities, incubators, policymakers, and investors.
