Indian Youth Now Prefer Entrepreneurship Over MNC Jobs: RBI Deputy Governor

 

Reserve Bank of India (RBI) Deputy Governor Sanjay Malhotra has observed a significant shift in the mindset of India's youth over the past few years. According to him, many young Indians now prefer becoming entrepreneurs rather than seeking jobs in multinational corporations (MNCs).

Speaking at the US-India Economic Forum held recently in Washington, D.C., Malhotra highlighted this cultural change by recalling his own journey:

“When I graduated from college, securing a job in an MNC was my top priority. No one wanted to take the risk of starting their own venture. But now, engineering and management graduates are increasingly drawn towards entrepreneurship and startups.”

He emphasized that this growing culture of innovation has played a crucial role in establishing India as one of the world's strongest startup ecosystems. Presently, India is home to approximately 1.5 lakh (150,000) government-recognized startups.

These startups span across sectors like Startup India, Digital India, and the Atal Innovation Mission. India now boasts the third-highest number of startups in the world, many of which are leading in cutting-edge areas such as artificial intelligence (AI), fintech, and renewable energy.

Global Innovation Rankings on the Rise

Malhotra also noted India’s impressive climb in the Global Innovation Index. From the 81st position in 2015, India has surged to 39th place in 2024. Among low- to middle-income countries, India now ranks first.