While speaking at the US-India Economic Forum organised by the Confederation of Indian Industry (CII) and US India Strategic Partnership Forum (USISPF), Washington DC, Malhotra said, “It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers.”
“When I left college, getting a job in an MNC was the preferred choice. None took up the challenge of starting a venture of his own,” he said.
According to Malhotra, in recent years, a large number of engineering and management graduates have turned to entrepreneurship and start-ups.
This transition in mindset, according to him, has resulted in the creation of about 150,000 recognised start-ups.
He attributed this growth to a vibrant start-up ecosystem with government support coming in through programmes like Start-Up India, Digital India and Atal Innovation Mission.
“We are home to the third-largest number of unicorns, some of which are in high-tech areas like Artificial Intelligence, fintech, and renewable energy, to name a few. In the Global Innovation Index, India has risen from a rank of 81 in 2015 to 39 in 2024. It is first among lower-middle-income countries,” he said.
Malhotra also spoke about digitalisation. He underscored the role of the government in making conducive government and regulatory policies, increasing digital penetration, and a young and aspiring demography has fostered this vibrant ecosystem.
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(Edited by : Juviraj Anchil)
