Given that India’s GDP growth has dropped below 5%, consumption is further dwindling due to pandemic corona virus outbreak, and GDP is further estimated to go down, and the world economy might go to a recession. Wages are not keeping with labour productivity, and unemployment is at a 45-year high, every means to counter this trend must be deployed. Promoting entrepreneurship among the youth to create employment, generate new wealth and boosting consumption is one of the answers.
India’s startup ecosystem is not a recent need, but has been there for over decades and went through phases of evolution. Today, the startup ecosystem in India has seen a tremendous growth in both the quantum and variety, with an increasing advent of technology start-ups. In 2017, the country witnessed an addition of more than 1,000 tech start-ups, taking the total count of approximately 5,200 thereby strengthening its position as the third largest startup ecosystem across the world, after the USA and UK (NASSCOM).
Inquisitive young minds are like soft clay forms easy moulds. Every young entrepreneur has an inquisitive mind, ready to experiment, prepared to learn and ready to take risks. Indian entrepreneurship and start-up scenario is changing phenomenally. There is amalgamation of synergy between talents, financial support, proactive government policies and an eco-system have resulted a favourable environment for entrepreneurship to germinate.
India has a multitude of successful start-ups in recent time such as, Flipkart, Ola Cabs, Oyo, WoW!Momo, Zomato, Pepperfry, Paytm, Byjus, Treebo Hotels, AddressHealth, FreshToHome, FreshMenu, Flyrobe, Myra, Cure.Fit, Dunzo, Shuttl, Urban Ladder, Cars24, Vedantu, Overcart, Doctor Insta, Cowrks, Meesho, Milk Basket, Policy Bazaar, Nykaa, Toppr, Travel Triangle, Cool Berg, The Minimalist, Nineleaps, and so on. These start-ups and several others have grown on the premise of technology and other critical resources, and have made enormous contribution in job creation and created wealth for the entrepreneur as well as for the country.
It’s the right time for start-ups, because government has gone an extra mile to facilitate administratively by relaxing various norms, networking and incubation support, financial support, long term tax holidays, thus enabling young entrepreneurs to take-up new ventures, and multiply job opportunities as job provider rather than job seekers.
Over the years, Indian economy has become increasingly supportive towards initiating business in the country. The fact can be validated by referring to the 2019 ‘Ease of Doing Business’ ranking released by World Bank, wherein, a total of 190 countries are assessed on various parameters. As per the rankings, India made significant improvement by reaching the 77th position from 100th in 2018. Several parameters witnessed improvement including starting a business, dealing with construction permits, trading across borders, getting electricity and credit facility.
Amidst such encouraging entrepreneurial eco-systems and encouraging government support, gaining knowledge on entrepreneurial practices, getting familiar with the systems and frameworks promotes creative thinking among potential young entrepreneurs. Adamas University, School of Management has come forward in preparing such young entrepreneurs, who will embrace entrepreneurship as a career without any inhibition. We are confident that the knowledge, skills and incubation facilities provided to the bright young students will enable them to emerge as a successful entrepreneur of tomorrow. The bachelor and master degree on entrepreneurship offered by Adamas University, School of Management is an application-oriented programme which ensures evolution of individuals into a successful entrepreneur.
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