INDIA‘S EMERGING INNOVATION ECOSYSTEM AND THE TRANSFORMATION OF UNIVERSITIES

One of the fundamental objectives of education is to fulfil economic imperatives through knowledge, skill and employability.

- PROF. RAGHAVENDRA P. TIWARI

A conservative estimate suggests that employment in the public sector in India constitutes only about 5-7% of total employment. The corresponding figures in developed nations are 15% in the USA, 11.1% in Germany, 21% in Canada, and 18.1% in the UK. This statistic underscores the reality that even advanced economies cannot ensure government employment for all their youth. Consequently, there is an urgent need to recalibrate mindset from considering youth primarily as job seekers to job creators, by positioning innovation and entrepreneurship as a viable, aspirational, and sustainable career pathway.

Globally, as of 2024, the total entrepreneurial activity rate in the USA has reached approximately 19%, compared to 7% in China, 9.8% in Germany, and 10.7% in the UK. Latest Global Entrepreneurship Monitor 2023-2024 report shows that the Total Early-Stage Entrepreneurial Activity rate in India stands at 15-16% of the adult population, reflecting a rapidly expanding entrepreneurial landscape. A review of global unicorn data further reinforces this trend. The USA leads with over 1,300 unicorns, China with around 400-450, the UK with ~80, Germany with about 60, whereas India is at third place with nearly 110-120 unicorns. These unicorns are predominantly concentrated in high-growth sectors such as AI, fintech, healthtech, e-commerce ete, indicating the global shift towards innovation-driven, technology-enabled enterprises.

It is thus evident that entrepreneurship has emerged as a vital driver of economic transformation and employment generation in the 2ist century. In a rapidly evolving global economy shaped by technological disruption, digitalization, and innovation-led growth, a nation’s ability to nurture entrepreneurs increasingly defines its competitive advantage and future growth trajectory.