Likely driven by several policy initiatives, this indicates a growing push for entrepreneurship within Indian universities, the report said.
“We have validation of the enormous resources deployed by the government in promoting entrepreneurship by the top leaders of our country. The strong entrepreneurial intent and strong pipeline of startups indicate immense potential,” said Puran Singh, associate professor at IIT Mandi School of Management and co-author of the report.
Based on a survey conducted between November 2023 and February 2024 that received responses from 13,896 students from 1,298 universities, the GUESSS India 2023 report was prepared by the India chapter of the Global Student Survey on University Entrepreneurship (GUESSS). This research project involves a survey of student entrepreneurs in 57 countries.
The institutions included centrally funded universities (11.3%), state universities (24.8%), private universities (24.9%), affiliated universities (11.3%), deemed universities (2.9%), government colleges (5.3%) and private colleges (18%). ).
The majority of respondents were university students (78%), mainly studying engineering disciplines (68%). The report found that 14% of Indian students plan to become founders soon after graduating. However, 31.4% of students intend to pursue entrepreneurship five years after graduating, aspirations change over time. Although almost seven in 10 students (69.7%) initially intend to start as employees, five years later, just over five in 10 (52.2%) do. ) want to do it, and several of them are moving toward entrepreneurship.
While the entrepreneurial spirit among Indian students may be stronger compared to their global peers, less than one in 20 (4.8%) of them currently run income-generating businesses, compared to the global average of more than one in 10 (11.1%).
Underscoring the growing popularity of entrepreneurship education among Indian students is that almost one in two students (49%) have participated in an entrepreneurship course.
Compared to its peers (China, England, Germany, Japan and the United States), Indian students excel in several parameters of entrepreneurship.
India ranks first in terms of start-ups, immediate career preference of students for entrepreneurship, long-term career preference for entrepreneurship and entrepreneurial intention of non-entrepreneurial students.
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