New Delhi, July 17, 2023.

To foster the growth of entrepreneurship in India, the Ministry of Skill Development & Entrepreneurship (MSDE) has today conducted“ChintanShvir”,aimed at bringing together various stakeholders, including central ministries, state governments, organizations, institutions, financial institutions, and entrepreneurs, to collaborate and create a unified approach towards promoting entrepreneurship.

The eventwas divided into specific break-out sessions to address various aspects of entrepreneurship development, delve deeper into key focus areas, and propose actionable strategies. The sessions delved deeper into three thematic areas: strengthening the country’s entrepreneurial ecosystem, fostering financial, marketing, digital linkages and compliances for enterprises, and capacity building, mentoring and handholding.

Shedding light on the workshop, Shri Dharmendra Pradhan, Hon’ble Minister of Education and Minister of Skill Development and Entrepreneurship, said, “India proudly boasts the world’s third largest startup ecosystem, a testament to the boundless innovation and creativity of our young minds. With the unwavering support of government initiatives like Digital India and Startup India, our youth is empowered to transcend the role of job seekers and embrace the path of job creators.To amplify the impact of entrepreneurship at the grassroots level, we must focus on skill development, technology adoption, digitization, institutional lending, capacity development, and branding.

He added, “With these break-out sessions, we can facilitate peer learning, knowledge sharing, and collaboration, thereby enhancing their collective capacity.I urge everyone to join hands for empowering our nano-entrepreneurs, encourage innovation, and create an ecosystem that fosters growth, job creation, and inclusive prosperity.”

Shri Rajeev Chandrasekhar, Minister of State, Ministry of Skill Development and Entrepreneurship,and Ministry of Electronics and IT, said, “Today, young Indians are heeding PM Modi ji’s call to become job creators, not job seekers. They aim to propel their traditional family businesses or venture into entrepreneurship as part of their natural evolution. Entrepreneurship is now an opportunity for young Indians across new India, no longer an exception. However, it is crucial to acknowledge that entrepreneurship opportunities differ from state to state. Every individual possesses unique abilities and talents, necessitating the design of tailored entrepreneurship programs that harness their diverse potential.”

The first break-out session, strengthening the entrepreneurial ecosystem in the country, focused on fostering a convergent entrepreneurial ecosystem for supporting the aspiring and existing entrepreneurs from rural and urban areas, including LWE districts, aspirational districts, vibrant villages, north-east region, border areas, etc., bring regulatory reforms and Policy Interventions, promoting and strengthening women entrepreneurship, and creating an enabling policy environment for entrepreneurship.

The second break-out session, Fostering Financial, Marketing, Digital Linkages and Compliances for Enterprises, focused on improving access to finance for small businesses, providing alternative funding models for startups and small businesses, bringing innovative financing mechanisms for entrepreneurs from marginalized communities, exploring market access opportunities, including domestic and international markets, government procurement, and e-commerce platforms, leveraging digital technologies and tools to enhance business operations, productivity, and customer engagement through digital marketing, e-commerce, social media, and online presence for enterprises, and streamlining compliance processes and reducing administrative burdens for small and medium enterprises.

The third break-out session, Capacity Building, Mentoring and Handholding, focused on bringing effective training programs for developing entrepreneurial skills and making entrepreneurship education application-oriented with different training techniques, bringing standardization and embedding of entrepreneurship in education, fostering institutional Network, mentoring and handholding Process, and leveraging emerging technologies (AI, blockchain, IoT) for entrepreneurial growth.

Post the breakout sessions, the groups presented their findings and insights, effectively summarizing the workshop. Each group highlighted key takeaways and proposed actionable strategies to foster entrepreneurship in India. Some of the key takeaways from the workshop included that there is a need to provide continued counselling & mentoring support to entrepreneurs with a convergent approach. They also need to have more access to credit, branding and marketing. Moreover, digital literacy and adoption should be promoted at a better level.