New Delhi, October 25, 2024: India has emerged as a leading global startup destination, ranking among the top three countries worldwide, with cities like Bengaluru, Delhi, and Mumbai recognized among the top startup hubs, according to a report by IIT Mandi. The GUESSS (Global University Entrepreneurial Spirit Students’ Survey) India report highlights that, with over 140,000 startups registered under the Department for Promotion of Industry and Internal Trade (DPIIT), India is well-positioned for innovation-driven growth.
The survey, conducted from November 2023 to February 2024, collected responses from nearly 13,900 students across 31 Indian states and union territories. It showed that 14% of Indian students intend to become founders shortly after graduation, aligning closely with the global average of 15.7%. In addition, 32.5% of Indian students are actively engaged in launching their own businesses, surpassing the global average of 25.7%, indicating a strong entrepreneurial momentum within Indian universities—likely influenced by supportive policy measures.
Nearly half of the students surveyed (49%) have participated in entrepreneurship courses, compared to a global average of 41.2%, reflecting the growing popularity of entrepreneurial education in India. The report also found that 38% of students are involved in venture creation, with 33% in early stages, the highest among global peers. However, only 4.8% have reached the revenue-generating stage, underlining significant growth potential.
India ranks high on various “Entrepreneurial Spirit” parameters, outpacing nations like the U.S., U.K., China, Japan, and Germany, especially in students’ immediate and long-term career preferences for entrepreneurship. With the world’s largest youth population, India’s startup ecosystem stands poised for future expansion with the right infrastructure and policies in place, the report concludes.