Latest news with #AtalInnovationMission
Coin Geek
05-05-2025
- Business
- Coin Geek
India emerging as a nation of job creators: RBI
Getting your Trinity Audio player ready... India, the fastest-growing major economy in the world, is witnessing a significant shift from being a nation of job seekers to one of job creators. A growing number of graduates, particularly from engineering and management backgrounds, are choosing the path of entrepreneurship, driving a surge in startup activity across the country. To harness the full potential of its vast talent pool, India must continue to ascend the global value chain, according to Sanjay Malhotra, Governor of the Reserve Bank of India (RBI). He was speaking at the U.S.-India Economic Forum organized by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF), Washington DC. 'To take further advantage of the huge human resources, we need to move further up the value chain,' the RBI governor emphasized. India's startup ecosystem is flourishing and fueled by supportive government initiatives such as Start-Up India, Digital India, and the Atal Innovation Mission. The country now ranks third globally in terms of the number of unicorns—privately held startups valued at over $1 billion. These unicorns are increasingly found in cutting-edge sectors like artificial intelligence (AI), financial technology, and clean energy, Malhotra informed. India's cultural shift towards innovation and self-employment has led to the emergence of around 150,000 officially recognised start-ups. 'When I left college, getting a job in a[n] MNC was the preferred choice. None took up the challenge of starting a venture of his own. In recent years, however, a large number of engineering and management graduates are taking to entrepreneurship and start-ups. As a result of the entrepreneurship culture that this generation is embracing, we have about 150,000 recognised start-ups,' Malhotra said. India's commitment to innovation is also reflected in its impressive climb on the Global Innovation Index, moving to 39th position in 2024 from 81st in 2015. It currently leads among lower-middle-income nations. The RBI governor's comments follow closely on the heels of remarks made by U.S. Vice President JD Vance, who highlighted the strong potential for collaboration between the United States and India in technology and innovation. During a four-day visit to India in April, Vance emphasized the natural synergy between American advancements in hardware and artificial intelligence and India's dynamic, rapidly expanding startup landscape. According to Vance, the United States continues to lead globally in developing high-end AI hardware, while India boasts one of the most promising and energetic technology startup ecosystems in the world. Vance noted that this complementary strength positions both nations to benefit immensely through deeper cooperation in emerging technologies and entrepreneurial ventures. India's digital growth boosts economy 'India's digital transformation, recognised worldwide, has emerged as a significant enabler of ease of doing business and ease of living and an important driver of economic growth and innovation. Conducive government and regulatory policies, increasing digital penetration, and a young and aspiring demography have fostered this vibrant ecosystem,' Malhotra said in his speech. The RBI governor said that the government has invested in several digital building blocks like the JAM trinity, Unified Payments Interface (UPI), GSTN, ONDC, Digilocker. Digitalization improves efficiency, raises productivity, enhances formalization, and promotes inclusiveness in the economy. 'Take any domain of the government and one will find that digitalisation and e-governance have enhanced turnaround times, reduced costs and improved customer satisfaction levels,' Malhotra pointed out. 'I was here last year in one of the sessions to speak about how, among other measures, digitalisation in the department of revenue not only enhanced the tax buoyancy but also improved customer experience and processing of returns… On an average, it now takes less than 10 days to process income tax returns in India: down from 93 days in 2014. In contrast, in some countries, it still takes months to get their tax refunds,' Malhotra added. The Reserve Bank is also promoting and nurturing digitalization and innovation, with the UPI as one example. UPI processes about 18 billion monthly transactions, setting global benchmarks in seamless, secure, real-time systems. UPI has also demonstrated how public digital infrastructure can empower private sector innovation to promote financial inclusion. 'Our encouragement and support extend beyond the payment space to the broader fintech ecosystem through various initiatives including the regulatory sandbox. The Unified Lending Interface (ULI), which is currently in a pilot phase, has the potential to transform the lending space. The ULI is expected to transform lending and access to finance just as UPI did to payments,' Malhotra said. The ULI was designed and developed by the Reserve Bank Innovation Hub (RBIH), a subsidiary of the RBI. Launched as a pilot program in August 2023, RBI's ULI is expected to completely transform credit delivery in the country. It is a technology platform built to facilitate access to authenticated data from various sources through a standardized Application Programming Interface (API) to which all lenders can connect seamlessly through a plug-and-play model. Watch: 'Disruptive' blockchain can be useful for India title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Hans India
02-05-2025
- Business
- Hans India
India nurturing over a million entrepreneurs: Jayant Chaudhary
New Delhi: The government is nurturing over a million entrepreneurs through its ambitious programmes like Startup India, Skill India and Atal Innovation Mission, Union Minister Jayant Chaudhary has stressed. Addressing the 'TiEcon 2025' conference in the US via a video message, the minister said India today stands at a powerful inflection point where innovation, enterprise, and skills are converging to shape a new global narrative. 'Across every corner of our nation, entrepreneurs are solving real problems, building sustainable ventures, and creating scalable impact,' he told the gathering. At the conference, a high-level Indian delegation comprising leaders in deep-tech, climate innovation, healthcare, AI, and digital transformation showcased the country's expanding role as a global innovation partner. The delegation reflected India's entrepreneurial spirit rooted in resilience, inclusion, and purpose-driven development. Satya Nadella, CEO of Microsoft, also had a brief interaction about India's skill ecosystem and about of NSDC's initiatives, and how the organisation is equipping Indian youth with job-ready and future-ready skills. Ved Mani Tiwari, CEO, NSDC and MD, NSDC International, said, 'AI is transforming the world in ways we never imagined which necessitates proactive measures to navigate the challenges and harness the opportunities it brings. 'Cutting-edge platforms like Skill India Digital Hub allows learners from across the country to learn from anywhere, anytime. He underscored NSDC International's critical role in transforming India into a global supplier of skilled manpower,' he mentioned. The annual three-day conference focused on the vast potential and disruptive power of artificial intelligence in shaping the future of enterprises and society and has brought together entrepreneurs, innovators, investors, and academia. India's participation at TiEcon 2025 marks a significant step in strengthening its positioning as a global talent hub and innovation partner in the AI era. NSDC also set up a dedicated exhibition stall at the conference, which drew enthusiastic engagement from global participants.
Time of India
30-04-2025
- Business
- Time of India
For 6th year, Mys school makes a mark at School Innovation Marathon
Mysuru: For the sixth consecutive year, Mysuru's Excel Public School made its mark at the School Innovation Marathon (SIM), jointly organised by the Union ministry of education, Atal Innovation Mission (AIM), and Niti Aayog . 'Agnipath', a sustainable cooking solution designed by Grade 10 students Shruthakeerthi V and Aditi V, secured grant and mentorship support from the ministry, a release said. The School Innovation Marathon is India's largest school innovation challenge that brings together students from across the country to identify community problems of their choice and develop innovative solutions in the form of working prototypes. The students of Excel Public School received a grant commitment of Rs 82,221, with the first tranche disbursed on March 27, 2025, and the second tranche expected in late May following the submission of a progress report. The funding enables students to create an MVP (Minimum Viable Product), test variants, and target market launch in the next 12-14 months. Project Agnipath , submitted under the theme ' Sustainable Cooking Solutions ', is a flame guide system designed to enhance the cooking efficiency of gas stoves. The innovation primarily targets street food vendors and small eateries by reducing their fuel consumption and lowering environmental impact. Students Shruthakeerthi and Aditi developed Agnipath in over four-and-a-half months with the mentorship of Gopinath Subramaniam, research specialist at Excelsoft Technologies.
Mint
28-04-2025
- Business
- Mint
RBI Governor Sanjay Malhotra on mindset of Indian youth towards MNC jobs vs entrepreneurship: ‘When I left college…'
Reserve Bank of India (RBI) Governor Sanjay Malhotra has highlighted the shifting mindset of the country's youth, calling it 'remarkable' that graduates now prefer entrepreneurship to jobs in multinational companies. 'When I left college, getting a job in a MNC was the preferred choice. None took up the challenge of starting a venture of his own,' Sanjay Malhotra said, while speaking at the US-India Economic Forum in Washington DC. 'In recent years, however, a large number of engineering and management graduates are taking to entrepreneurship and startups. It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers.' he added. As per Sanjay Malhotra, this growing culture of enterpreneurship has helped build a 'strong startup ecosystem' in India, ANI reported. He noted that the country has 1,50,000 recognised startups, the third largest number of unicorns in the world, and has climbed up the ranks of the Global Innovation Index to 39th position in 2024, from 81 — in fact among middle-income countries, India ranks first. Sanjay Malhotra also noted that these startups receive support from the government through initiatives like Atal Innovation Mission, Digital India and Startup India, it added. He also said that government reforms have led to massive savings, and listed the following as triumphs: Digitalisation of various government programmes like public distribution scheme with Aadhaar has resulted in huge savings. Just in time flow of funds to state government has helped the Centre improve its cash flow management. Initiatives such as the Direct Benefit Transfer (DBT) significantly improved government spending efficiency, with savings around $40 billion till March 2023. The US-India Economic Forum is organised by the Confederation of Indian Industry (CII) and the US-India Strategic Partnership Forum (USISPF). Key Takeaways The mindset of Indian youth is shifting from seeking MNC jobs to pursuing entrepreneurship. India boasts around 150,000 recognized start-ups, aided by government initiatives. India's global ranking in the Innovation Index has significantly improved, highlighting its growing entrepreneurial ecosystem.
Hans India
26-04-2025
- Business
- Hans India
Fostering innovation, critical thinking, and entrepreneurship in students
In the evolving landscape of a post-pandemic, knowledge-driven world, there is no denying that fostering an entrepreneurial mindset among students is critical. The global economy, increasingly defined by innovation, adaptability, and rapid technological advancement, requires education systems to evolve accordingly. In India, this need is being addressed through a growing focus on entrepreneurship, innovation, and problem-solving capabilities in the classroom. Initiatives such as Startup India and the Atal Innovation Mission are leading the charge, creating ecosystems that support young entrepreneurs with funding, mentorship, and infrastructure. The National Education Policy (NEP) 2020 marks a major policy shift, acknowledging the importance of cultivating entrepreneurial skills from early education. The policy calls for a more holistic educational approach that encourages creativity, adaptability, critical thinking, and resilience. These are not just entrepreneurial traits but life skills that enhance employability and prepare students for uncertain futures. As traditional job markets undergo transformation, the distinction between being a job seeker and a job creator has become vital. NEP 2020 envisions an educational environment where students are equipped to lead startups, innovate solutions, and contribute meaningfully to the economy. The policy supports integrating entrepreneurship into the core curriculum, especially in higher education institutions (HEIs). Many HEIs now offer courses such as 'Creativity and Innovation' and 'Entrepreneurship Development' as part of their degree programs, particularly in business and management streams. Moreover, the emphasis on experiential learning is encouraging institutions to develop innovation hubs and incubation centres. These centres provide aspiring entrepreneurs with access to expert mentorship, early-stage funding, and platforms to develop and pitch their ideas. The collaboration between academic institutions, industry mentors, and existing startups creates a robust support system for budding entrepreneurs. Teaching methodologies are also undergoing transformation. Problem-based learning and case study-driven teaching now help students engage with real-world challenges and devise innovative solutions. Students are encouraged to intern with startups, participate in hackathons, and explore mentorship programs that offer insights into operational dynamics of new businesses. Such exposure instills entrepreneurial skills early on, allowing students to experience the rigours and rewards of building something from the ground up. Networking plays a crucial role in entrepreneurial development. Educational institutions are hosting entrepreneurship conclaves, workshops, and pitch events that connect students with seasoned entrepreneurs, investors, and startup founders. These platforms foster confidence, build industry connections, and inspire young minds with stories of grit and success. While government policies and national missions have laid the groundwork, real change lies in effective implementation by educational institutions. When India's youth are equipped with the mindset to innovate, adapt, and lead, they not only find their individual paths to success but also contribute to the country's broader vision of becoming a Vikshit Bharat—a developed, self-reliant nation. In conclusion, empowering the youth with critical thinking, problem-solving abilities, and entrepreneurial education is no longer optional—it is essential. The future belongs to those who can create, adapt, and lead, and it begins in the classrooms of today.
