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What is the News?
The Minister for Skill Development and Entrepreneurship has informed Lok Sabha about the Startup and Entrepreneurship ecosystem in India.
Startup Ecosystem in India: India has become the third-largest start-up ecosystem in the world after the US and China, with over 60,000 start-ups. India created 42 Unicorns in the year 2021 alone.
About Global Entrepreneurship Monitor(GEM)
GEM is an international project which seeks to provide information on the entrepreneurial landscape of countries.
GEM carries out survey-based research on entrepreneurship and entrepreneurship ecosystems around the world and is being led by the Entrepreneurship Development Institute of India, Ahmedabad.
As per GEM India Report (21-22), 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.
Ministry of Skill Development and Entrepreneurship (MSDE) Programmes to encourage entrepreneurship in India:
Economic Empowerment of Women Entrepreneurs and Startups by Women (WEE): It is being implemented in collaboration with German development agency GIZ to accelerate women microentrepreneurs to enable them to start new businesses and scale up existing enterprises in Maharashtra and other States, viz. Rajasthan, Telangana, Uttar Pradesh and the North-Eastern region of the country.
Pilot Project on Entrepreneurship Development(PM YUVA): It has been launched in 2019 for creating an enabling ecosystem through entrepreneurship education, training, advocacy and easy access to entrepreneurship networks, for students and alumni of skill training institutes.
Entrepreneurship Promotion and Mentoring of Micro and Small Businesses in Six Holy Cities: The project seeks to catalyze local entrepreneurial activities through the involvement of potential and existing entrepreneurs through entrepreneurship awareness, education and mentoring in Pandharpur, Puri, Varanasi, Haridwar, Kollur and Bodh Gaya.
Source: This post is based on the article “Global Entrepreneurship Monitor(GEM)” published in PIB on 16th Mar 2022.
