To realise our economic ambitions, it is crucial to cultivate a robust and inclusive entrepreneurial ecosystem that spans regions, communities and sectors.
Through strategic initiatives by various ministries, including the Ministry of Skill Development and Entrepreneurship (MSDE), the government is creating an entrepreneurial environment that aligns with India’s economic goals. This vision aims to not only drive immediate growth but also ensure long-term impact across India’s diverse geography and demography.
India’s ambition for an inclusive entrepreneurial landscape necessitates concerted efforts to break boundaries that have prevented real talent from diverse regions and communities from rising. This involves providing support to nano and micro-entrepreneurs, particularly those that have historically been underserved and underrepresented.
By integrating various skill development, financing and mentorship initiatives, India is creating an environment where aspiring entrepreneurs, regardless of location or background, can tap necessary resources and support to succeed. Over the last 10 years, more than 10 lakh entrepreneurs have been assisted through our ecosystem. The National Education Policy (NEP) also has a strong emphasis on fostering entrepreneurship and innovation. By incorporating experiential learning, critical thinking and problem-solving into the curriculum, the NEP encourages students to view entrepreneurship as a viable career option. The policy also advocates providing flexible learning pathways and encouraging collaboration between academic institutions and industry, which can help seed new ideas through research collaborations as well as increased internships and apprenticeships.Integrating entrepreneurship into curricula at all levels-from schools to universities-is essential. Promoting design-oriented thinking, problem-solving and market research skills within the educational framework will empower students to view entrepreneurship as an attractive career choice.
Also, I believe, the entrepreneurs that India needs are not those always chasing valuations and profits but those who look to create solutions for our societal challenges, thus serving a larger goal for sustainable growth. A strong emphasis on building a sense of community and belonging with our culture and ethos in our school curriculum and pedagogy will enable such ethics.
Promoting women entrepreneurs is central to our economic vision. Targeted initiatives such as increasing female participation in STEM education, mentorship programmes, financial literacy workshops and improved access to credit have empowered many women to enter the entrepreneurial space. Programmes like the Pradhan Mantri Mudra Yojana (PMMY) have provided crucial financial support, with women comprising over 69% of beneficiaries.
Navigating regulatory complexities often deters entrepreneurs. In recent years, India has made notable progress in the World Bank’s Ease of Doing Business rankings, rising from 142nd place in 2014 to 63rd in 2019 as per the last EDB. According to the Global Innovation Index (GII), 2024, India’s rank is 39 among 133 economies, which is a remarkable improvement over previous years.
This underscores our commitment to reducing hurdles, simplifying tax and labour regulations, and enhancing transparency in government processes.
Access to credit is crucial for the success of micro and small enterprises. The government can plan to collaborate with financial institutions to create financial products tailored for nano and micro-entrepreneurs. Interest subvention schemes can help lower lending costs and encourage entrepreneurs to utilise formal credit channels.
Entrepreneurship is going to be a key driver of innovation, economic growth and jobs. With a focus on incentivising entrepreneurs and providing a supportive ecosystem that helps startups achieve scale and profitability, we can transform India into a globally competitive entrepreneurial hub.
(The author is the Union Minister of State (Independent Charge) for Skill Development and Entrepreneurship. Views expressed here are personal)
