How entrepreneurship education helps in the growth of the Indian economy

India is known to be the fifth-largest economy in the world, in terms of nominal GDP, according to data from the IMF's October World Economic Outlook, 2019. One of the significant contributors to the economy of the country is the entrepreneurs, who work relentlessly towards uplifting the figures and are endeavouring to make India a den of a diversity of businesses by the passing day.

Their efforts, coupled with the economic plans and policies of the government, have led our nation to be where it is today. Supporting the thought is a report by UK-based Centre for Economics and Business Research (CEBR), which reflects how India is expected to become the fourth-largest economy by 2026, and the third-largest by 2034.

This shows how the country is flourishing and evolving every day, further exhibiting the role of entrepreneurship in the Indian economy. The current growth in the economy reflects our achievements and hence pointing towards the need to nourish budding entrepreneurs by starting more programs in the field of entrepreneurship education.

New road to success

Entrepreneurship education has gained relevance over a period of time and is much needed to guide future entrepreneurs, especially now more than ever.

It will help the youth of the country in developing entrepreneurial skills and knowledge, which will further benefit them in starting, organising and managing their own enterprises in coming times.

Entrepreneurship education is bound to secure the future of the country as it hones the skills of young future entrepreneurs and helps them in becoming industry-ready, only to set a new bar of success and contribute to the Indian economy.

Introducing more entrepreneurial courses will also help students in walking the road to collective growth.

Talking raw. Talking real.

Entrepreneurship serves as a spine to the industrial growth of any country and with various initiatives like Make in India, Skill India and others, our country is amidst the entrepreneurial wave — helping us expand our horizons to support the economy.

Entrepreneurship education and programmes will not only aid the institutions to create industry-ready entrepreneurs but also steer the students towards being independent while securing their careers. Following the mantra of Atma-Nirbharta, as guided by Prime Minister Narendra Modi, entrepreneurship education will accentuate the need for self-dependence as well, while simultaneously catering to India’s economy.

Entrepreneurship education taking the lead

Entrepreneurship education is one of the most important tools contributing to the present and future of entrepreneurship and therefore, the Indian economy as well. Fostering job creation and encouraging innovation, the entrepreneurship programmes could serve as a great resort to skyrocket overall business ventures to surge profits in the respective field.

The entrepreneurial programmes should ideally consist of small batches of students, to let them imbibe the spirit of entrepreneurship effectively. The programme should further constitute formula-based incentives for executing projects in place for all the stakeholders of educational institutions, the establishment of common facilities, important resources for businesses, and experienced faculty members to mentor young entrepreneurs.

Teaching entrepreneurship inside-out

Furthermore, the curriculum of the program teaching young minds about entrepreneurship must focus on experiential learning. According to a report, a culture of experiential learning will offer students an opportunity to be mentored by the best in the industry and learn from the professional world.

Thus leading experiential method of teaching to assist them with their entrepreneurial journey. Helping students interact with practising entrepreneurs and professionals in the sector coupled with focussing on project reports, case studies, guest lectures, and the right guidance will drive their enthusiasm and aid them in becoming a successful entrepreneur.

The faculty is required to lay emphasis on marketing and innovative aspects of entrepreneurship to make skilled, industry-ready entrepreneurs.

Some of the reports and leading experts of the entrepreneurial world have also observed how entrepreneurs are not necessarily born but could be nurtured and developed through training as well; further suggesting the introduction of entrepreneurship in school education.

Making India globally competitive

Another element bolstering budding entrepreneurs confidence and honing their skills would be to introduce them to a different approach and provide them with more exposure. Allying with different countries and forming educational associations to help students learn better will not only boost the soul of entrepreneurship in the country but also put us on a map, being globally competitive as we tread the path ahead.

Liasoning with industrial departments of the government and forming allegiances/ starting fellowship programmes with respect to entrepreneurship will help in notching up the game and further fuelling India’s economy.

Entrepreneurship education has been gaining traction by every passing day and seeing the light of the hour as it takes necessary measures to guide future entrepreneurs and contribute to the country’s economic status and numbers.

It has an important role to play as it encourages and supports Prime Minister Narendra Modi's vision of the citizens being Atma-Nirbhar while simultaneously transforming the face of India’s economy.