Daijiworld Media Network- New Delhi
New Delhi, Apr 28: Reserve Bank of India (RBI) Governor Sanjay Malhotra has highlighted a major shift in the aspirations of India’s youth, stating that more youngsters now prefer entrepreneurship over seeking jobs in multinational companies (MNCs).
Speaking at the US-India Economic Forum, organised by the Confederation of Indian Industry (CII) and the US-India Strategic Partnership Forum (USISPF) in Washington DC, Malhotra recalled, "When I left college, getting a job in an MNC was the ultimate dream. None ventured into starting their own businesses. Today, it is heartening to see a large number of engineering and management graduates embracing entrepreneurship and start-ups."
He emphasised that this changing mindset has played a significant role in shaping India’s robust start-up ecosystem. Currently, India boasts around 1.5 lakh recognised start-ups, backed by initiatives like Start-Up India, Digital India, and the Atal Innovation Mission.
Malhotra pointed out that India has now become home to the third-largest number of unicorns globally, with several thriving in cutting-edge sectors such as Artificial Intelligence, fintech, and renewable energy.
He also noted India’s impressive rise in the Global Innovation Index — moving from the 81st position in 2015 to the 39th in 2024. Among lower-middle-income countries, India now ranks first, a testament to the country’s growing innovation capabilities.
“It is encouraging to note that India is fast becoming a nation of job creators rather than job seekers,” the RBI Governor remarked, stressing the need to harness the country’s vast human resources effectively.
Turning his focus to economic reforms, Malhotra highlighted the benefits of digitalisation. He said linking government schemes, like the public distribution system, with Aadhaar has led to huge savings and improved efficiency.
"Digitalisation of various government programmes has resulted in significant savings. Just-in-time fund flows to state governments have helped the Union government manage its cash flow better," he said.
He further informed that initiatives like Direct Benefit Transfer (DBT) had led to savings of around USD 40 billion until March 2023, showcasing the impact of reforms aimed at enhancing transparency and cutting leakages.