As per Global Entrepreneurship Monitor (GEM) India Report (21-22) India has become the third-largest start-up ecosystem in the world after US and China with over 60,000 start-ups.
Despite Covid-19 pandemic has had an adverse impact on most sectors of the economy, India created 42 Unicorn in the year 2021 alone
Total Entrepreneurial Activity rate is calculated based on the percentage of adults (aged 18–64) who are starting or running a new business.
GEM) India Report (21-22) is brought out by Entrepreneurship Development Institute of India, Ahmedabad.
New Delhi, NFAPost: India’s entrepreneurial activity expanded in 2021, with its Total Entrepreneurial Activity rate (percentage of adults (aged 18–64) who are starting or running a new business) increased to 14.4% in 2021, up from 5.3% in 2020, states Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar.
The Minister made the written statement in the Lok Sabha based on the Global Entrepreneurship Monitor (GEM) India Report (21-22). The report also states that India has become the third-largest startup ecosystem in the world after US and China with over 60,000 startups. India created 42 Unicorn in the year 2021 alone.
The Global Entrepreneurship Monitor (GEM) is an international project which seeks to provide information on the entrepreneurial landscape of countries. Led by Entrepreneurship Development Institute of India in Ahmedabad, GEM carries out survey-based research on entrepreneurship and entrepreneurship ecosystems around the world to come up with the report.
India’s stellar preformance in entrepreneurial activity assumes significance as the once in a lifetime disruption created by Covid-19 pandemic created serious adverse impacts on lives and livelihood in economies all around the world
“Almost every major economy in the world was impacted and each country including India had to bear the cost of economic contractions, livelihood loss and increased healthcare expenditure. But India has responded with great resilience and has emerged as one of the fastest rebounding economies in the World. As per the Economic Survey 2021-22, Covid-19 pandemic has had an adverse impact on most sectors of the economy,” Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar.
Global Entrepreneurship Monitor (GEM) India Report lauded the government of India efforts to come up with a series of calibrated measures aimed at protecting the lives and livelihoods of most vulnerable and small businesses like the Micro, Small and Medium Enterprise (MSME) segment.
As per the report, Established Business Ownership rate (percentage of adults (aged 18–64) who are currently the owner-manager of an established business, i.e. owning and managing a business that has paid salaries, wages or any other payments to the owners, for more than 42 months) increased to 8.5%, from 5.9% in 2020.
“Boom in early-stage entrepreneurial activity for India in 2021 may be due to the pent-up demand and subsequent opportunities generated by the reduction in Covid-19 risk that damaged the Indian economy in 2020,” states Minister of State for Skill Development and Entrepreneurship Rajeev Chandrasekhar quoting the report.
Ministry of Skill Development and Entrepreneurship (MSDE) initiatives to encourage entrepreneurship
Pilot project, ‘Economic Empowerment of Women Entrepreneurs and Startups by Women (WEE)’ is being implemented in collaboration with Deutsche Gesellschaftfür Internationale Zusammenarbeit (GIZ) Germany to pilot incubation and acceleration programmes for women micro entrepreneurs, enabling them to start new businesses and scale up existing enterprises in Maharashtra and other States, viz. Rajasthan, Telangana, Uttar Pradesh and North Eastern region of the country.
Pilot Project on Entrepreneurship Development (PM YUVA) has been launched in November, 2019 for creating an enabling ecosystem through entrepreneurship education, training, advocacy and easy access to entrepreneurship network, for students and alumni of skill training institutes viz. Industrial Training Institutes (ITIs), Polytechnics, Pradhan Mantri Kaushal Kendra (PMKK) and Jan Shikshan Sansthan (JSS). The scheme covers 10 States including Maharashtra and 2 Union Territories.
Entrepreneurship Promotion and Mentoring of Micro and Small Businesses in Six Holy Cities: The project seeks to catalyse local entrepreneurial activities through involvement of potential and existing entrepreneurs, through entrepreneurship awareness, education and mentoring in Pandharpur, Puri, Varanasi, Haridwar, Kollur and Bodh Gaya.
Apart from above, in order to enhance the employability of female workers, the Government is providing training to them through a network of Women Industrial Training Institutes, National Skill Training Institutes, PMKVY Centers and Pradhan Mantri Kaushal Kendras.
