Startups & Entrepreneurship Leading India's Path to Vishwaguru

The importance of startups, unicorns, and entrepreneurship cannot be overstated in the fast-paced world of business and innovation. These elements are not only vital for economic growth but also play a significant role in shaping the future of a nation.

TICE had an exclusive interview with  Prof. (Dr.) Ajay Kumar Singh, the Head of the Department of Commerce and Dean of the Faculty of Commerce and Business at Delhi School of Economics, University of Delhi, during the Erudition event hosted by the students of the department. In this exclusive interview, Prof. Singh sheds light on the pivotal role of startups and entrepreneurship in restoring India's glory and dominance on the global stage.

The Student-Organized Erudition Event

Erudition, a remarkable event, is entirely organized by the students themselves, making it a unique training ground for them. From its inception in 1995, Erudition has been a platform for students to gain real-world experience in event organization, from conceptualization to fundraising and speaker partnerships. As Prof. Singh explained, this hands-on approach provides students with invaluable on-the-job training and has even produced successful entrepreneurs from past batches.

"You see that the students themselves are organizing this event. It is a training ground for them. It is conceptualized by them,  funds were raised by themselves, they went for the speakers, partnerships, and so on and so forth. So the entire organization of this particular event was done by them. They started doing it in 1995 which was the first batch. At that time it was known as MIB and MHROD (Master of International Business and Master of Human Resource and Organizational Development). So this itself is a training ground for them. Once they do real-life jobs, it's like on-the-job training for them," he explained. 

Udhmodya Foundation: Fostering Innovation and Startups

The University of Delhi is taking a proactive role in promoting innovation and entrepreneurship through initiatives like the Udhmodya Foundation. This foundation is dedicated to creating an ecosystem that supports innovation, startups, and incubation centers. Prof. Singh highlighted that this initiative is essential in a country like India, where job opportunities are limited, and the demographic dividend can only be fully realized if individuals are empowered to become entrepreneurs and start their own ventures.

The Shift Towards Entrepreneurship

India is experiencing a significant shift in the mindset of its youth, who are increasingly viewing innovation and startups as viable career paths. Prof. Singh shared his recent visit to Gurukul in Kolhapur, where the focus is on ensuring that every student becomes a job creator rather than a job seeker. This change in perspective is crucial, as it aligns with initiatives like Startup India and encourages the next generation of leaders to be job givers.

I visited 2-3 days ago, Gurukul in Kolhapur. There are about 200 students and the person who is running said, we don't want any one of them to do a job, we don't want them to be doing service. We want every one of them to be standing on their own feet. Job givers instead of job seekers." shared Prof. Singh. 

Inspiring Leadership at a Global Stage

The theme of Erudition, "Leadership and Mentorship," resonates with India's efforts to showcase inspirational leadership on the global stage. Prof. Singh mentioned the inclusive approach taken by India during its G20 presidency, emphasizing initiatives such as Startup India, Stand Up India, and Atal Incubation Centers. These efforts have contributed to India's emergence as a hub for startups and innovation, with over 108 unicorns currently thriving in the country.

India's Path to Becoming a Vishwaguru

India's unique combination of a rapidly growing GDP, a youthful population, and a strong cultural foundation places it in a prime position to become a global leader. Prof. Singh stressed that India, or Bharat as he affectionately referred to it, is on the path to resurgence. Startups, unicorns, and entrepreneurship are key drivers in this journey. 

"There are so many initiatives that have been taken by the Government of India to ensure that this ecosystem gets created. That is why we have 108 unicorns which have come up in a short span of time and India is creating history. I think India is number five in the world in terms of unicorns.  So it's not only having a startup but the ability to reach or scale up to that level that it becomes a unicorn. I think we are at the right time, Amrit Kaal as mentioned by our honorable PM. India is the country that has the highest GDP growth rate, the largest number of people who are in their youth or the working age, And with the spiritual roots that India gives to its youth which is unique in the world. The kind of bondage with a family system, with loyalty, and all those things that are embedded in our value system. I think that makes India or Bharat to call it in a much better way, emerging or resurging back to becoming a Vishwaguru, and startups, unicorns, and entrepreneurship are the key to bringing back the glory," he explained. 

Prof. Ajay Kumar Singh's insights shed light on the immense potential that startups, unicorns, and entrepreneurship hold in revitalizing India's position on the global stage. As India continues to innovate and create job opportunities through entrepreneurship, it inches closer to realizing its destiny as a Vishwaguru—a global leader. The world is watching, and India's entrepreneurial spirit is poised to make a lasting impact.

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