Pranav Gupta Ashoka Founder Opines: Innovations and entrepreneurship will aid in India’s transition to a global economic powerhouse

Entrepreneurs are the catalysts that change an economy’s social and financial landscape. Entrepreneurship is significant because it has the potential to raise living standards and generate capital. It drives innovation by creating advanced and better products and services that can assist in the growth of modern markets. Pranav Gupta Ashoka University’s Founder shares, “Entrepreneurs are recognized as valuable assets. Nations which are global leaders have reached that position because of their innovative ingenuity and capacity, research, and entrepreneurship. On a broader scale, successful entrepreneurs may influence how we work, live and cater to the needs of the society.”

Entrepreneurs develop small-scale businesses that often account for around 80% of all industrial employment, 35% of the gross production value in the manufacturing industry and 35% of all exports from India. As per a new study, India’s start-up ecosystem is developing at a quicker rate, contributing more to the nation’s economic development. In recent times, India has developed into a magnet for start-ups because of its rapid economic growth and other considerations. Due to government initiatives and high supply of labour, the number is anticipated to increase over time.

The IT sector in India was led by a small number of corporations in the 1990s. Businesses in adjacent industries, such as call centre services, network support companies and technology providers, have expanded swiftly along with the industry. A new generation of IT workers was nourished and catered for by educational and training institutions. Along with the big enterprises, small ones are being actively supported by the Indian government. Any small firm that may be any enterprise, eatery, or retail outlet, everything contributes to the economy.

“The entrepreneurial growth of developed countries like United Kingdom, Japan, United States and others has contributed to their development, whilst India, Bangladesh, Nepal and other developing and underdeveloped nations have lagged behind. But India is now aware of the importance of entrepreneurship and the fresh ideas it fosters. India’s transformation into a global economic powerhouse will be aided by innovations and entrepreneurship,” asserts Pranav Gupta Ashoka University Founder.

The significance of encouraging youth to flourish in this unpredictable globalized world is quickly becoming clear to educators as well. To establish the professional field and a better society, students must stay up with this rapidly changing environment. For the betterment of society and to give education more purpose, educators have started to encourage students to concentrate on innovation and entrepreneurship, which will help India develop into a knowledge-based superpower.

Entrepreneurial education, while still in its early stages, is becoming increasingly important in today’s unpredictable environment. To make the teaching system effective, a lot of work needs to be put into restructuring and expanding it. This mode of thinking fosters and motivates students to develop strategies and accept responsibilities in order to achieve in a demanding setting. Teachers must inspire students to take chances, develop concepts with little risk, and encourage them to unlearn and relearn, to think creatively, and to step beyond their comfort bubble. On young minds, this will exert a more significant and long-lasting effect, and they will be able to emerge from the confines of the classroom.

Students’ knowledge, abilities, and attitudes that affect academic achievement can be developed by the inclusion of such a grounded subject in the school curriculum, which will also improve their entrepreneurial capabilities. Unprecedented levels of young entrepreneurial awareness have been achieved through public efforts like Startup India, Atmanirbhar Bharat and other private initiatives like Shark Tank. The moment has come to create and implement cutting-edge educational programmes, support the development of a vibrant entrepreneurial culture and equip the next generation with the mindset, knowledge, and abilities that will enable them to successfully navigate the world and significantly contribute to the development of the country.

“To instill a process of lifetime learning in students, entrepreneurship education should start early and proceed progressively through various educational levels. India’s proposed NEP has identified distinct initiatives that should be made to integrate it in school curricula due to its increasing relevance. Additionally, entrepreneurship is not just about starting businesses or engaging in economic activities; it also includes influencing students to think outside the box, with vision, and with a commitment to problem-solving.

Entrepreneurs think and behave in accordance with an entrepreneurial attitude which enables people to spot opportunities and seize them, look back on errors as necessary, and gain knowledge. An entrepreneurial attitude can help people launch their business ventures, as well as help them succeed in any career they pursue. If every household had an entrepreneur, India’s economy is believed to boom. By doing so, we would be able to reclaim our rightful position as the world’s knowledge-based economic superpower,” opines Pranav Gupta Ashoka University Founder.