At two trillion US dollars, India’s economy is among the ‘big three’ of global economies. The other two are the China and India whose economies are, respectively, five and eight times larger than that of India. Increased growth and prosperity are vital ingredients to a healthy economy and this is why the Honourable Prime Minister demands that India should grow to a twenty trillion US dollar economy by 2030.
In a recent report entitled the ‘World in 2050’ the global management consulting firm Price Waterhouse Coopers (PwC), predicted that by 2030 the Indian economy will surge to seventeen trillion US dollars and by 2050, as much as forty-two trillion US dollars. Such stellar growth projections are likely to propel India’s economy into second place, behind that of China. It is also predicted that India’s per capita could be about $40,000 by 2050, a figure which is twenty-fold larger that it stands today. The prospect of a forty-two trillion US dollar economy is a tantalising and achievable vision and is one in which all Indians will be able to enjoy the comforts and privileges that a citizens of OECD countries today take for granted.
In order to meet this ambitious and achievable growth trajectory, India must expand at a rate of 7 percent annually for the next 30-35 years. Moreover, to realise this growth, sustained economic reforms, increased investment in infrastructure and institutions, and crucially, an expansion in mass higher education will be required.
In his determination to drive this change agenda for India, the Prime Minister Narendra Modi has kick-started programmes such as, “Make in India”, “Skill India”, “Startup India”, “Stand up India”, “Digital India” and many others. For these programmes to be successful, India will need great leaders, technocrats, scientists, innovators, investors, economists, sociologists and, above all, well-educated and committed human resources. The recent successes in the Indian IT industry clearly indicate that economic development is founded on leaders and a motivated, committed work force. Such leaders and workers can only be developed within higher education contexts which foster competitive, proactive and motivational attributes.
Today, the Indian student depends largely on the primary exploitative industries, and young people of varying talent or desire get little opportunity to seek anything different. It is the aspiration of Indians that India should be transformed from a land of job seekers into a land of job creators! The responsibility for orienting and transforming students into leaders and entrepreneurs must lie with the universities and this should be regarded as a fundamental part of their scholarly, social, and curriculum experiences.
In his recent address from the Red Fort on the 15th August 2015, the Prime Minister announced the “Start-up India” campaign. This campaign, which was inaugurated on 16 January 2016 by the Finance Minister Arun Jaitley, encouraging citizens particularly graduates to setup start-up ventures to boost entrepreneurship.
At present, India ranks third globally with over 4200 Startups. Around 65 percent of these startups are housed in Bengaluru, NCR and Mumbai. Bengaluru, often referred to as India’s Silicon Valley, has been listed within the world’s 20 leading startup cities; Chennai, Hyderabad, Pune, Ahmedabad, Jaipur are also emerging as startup-hubs. Freshdesk, Jabong India, Zomato, Myntra, Olacabs, Infibeam, Bookmyshow, Housing.com, Magzter etc., are examples of successful startups.
For entrepreneurs with a lot of money, the only obstacle to starting a business is coming up with a viable idea. But many aspiring business owners have the opposite problem — the idea is there, but the capital isn't. Today venture capitalists, angel investors and banks finance viable business ideas. The Government of India is striving to create a startup ecosystem with a corpus of Rs. 2500 crore in the first year and extended to Rs. 10000 crores over four years for funding startups and has announced many key benefits including tax exemptions.
The Universities have a great role to play as they create the required talent who generate viable ideas and establish the startups to realize their dream. There are many Government sponsored schemes available within India to fund students who would like to setup their startups through the Universities.
M.S. Ramaiah University has also established business incubation centres to help students setup their startups. In order to develop the required talent to setup startups. The University is offering a unique programme in “Innovation and Entrepreneurship” leading to the award of an MBA degree. Students on this new, exciting programme will study modules such as ‘leadership and entrepreneurship’, ‘research methodology for entrepreneurs’, ‘market research and business opportunities’, ‘market analysis and product innovation’, ‘product design’, ‘risk analysis and strategic planning’, and ‘scaling up and growth management’. This MBA will be taught over a period of 2 years. Four modules will be taught by faculty members from the UK & Europe, three modules by CEO’s of startups and the remaining modules by In-house members of MSRUAS faculty. This programme is designed not only for delegates coming from families with business background but most suitable for 1st generation entrepreneurs.
M.S. Ramaiah University of Applied Sciences has been offering MBA programmes since August 2000; initially, the programmes were created in collaboration with Coventry University of the UK and the leading business houses of our country, with time the programmes have evolved and now the programme can transform students into great managers, leaders and entrepreneurs. Hence, we advise our students just don’t pick a college but pick a future too.