India among the top three startup destinations globally | IIT Mandi report

As per the report, 14% of Indian students plan to become founders shortly after graduation, closely aligning with the global average of 15.7%.

India has arrived among the top three startup destinations globally and Indian cities including Bengaluru, Delhi and Mumbai are among the top startup cities globally, mentions an IIT Mandi report on the entrepreneurship scenario in India.

The survey was conducted between November 2023 and February 2024, and garnered responses from 13,896 students across 31 Indian states and union territories. (Representation photo)

According to the GUESSS ( Global University Entrepreneurial Spirit Students' Survey) India report, with over 140,000 startups registered with the Department for Promotion of Industry and Internal Trade (DPIIT), India presents tremendous potential for innovation and entrepreneurship that is bound to shape its future.

As per the report, 14% of Indian students plan to become founders shortly after graduation, closely aligning with the global average of 15.7%. The numbers look promising and paint a picture of the changing aspirations of students in the country.

The survey was conducted between November 2023 and February 2024, and garnered responses from 13,896 students across 31 Indian states and union territories. These institutions include Centrally Funded Institutions, State Universities, Private Universities, Affiliating Universities, Deemed Universities, Government Colleges, and Private Colleges.

32.5% of Indian students are nascent entrepreneurs, actively engaged in starting their businesses - a figure that is higher than the global average of 25.7%. The report suggests that this indicates a growing momentum for entrepreneurship within Indian universities, likely spurred by various policy initiatives in the country.

According to the survey, 49% of the students have participated in entrepreneurship courses. The global average stands at 41.2%. The figure emphasizes the growing popularity of entrepreneurship education among students in the country.

In comparison to its peers like the US, England, China, Japan, and Germany, India stands high in various Entrepreneurial Spirit parameters. India is ranked the highest in terms of students’ immediate career preference for entrepreneurship, long-term career preference for entrepreneurship, nascent ventures, and entrepreneurial intent of non-entrepreneur students.

38% of students are involved in venture creation, with 33% in the nascent stage, the highest among global peers. However, only 4.8% have reached the revenue-generating stage, highlighting the potential for growth.

The advantage of having the world's largest youth population gives the country a push for entrepreneurship activities with better policies and infrastructure to support robust initiatives.