In a major step to boost entrepreneurship in India, the Narendra Modi-led government has planned a live session to take on questions from the public. The session will be organised on Twitter, and those interested can send in their questions using the hashtag #AskPrabhu. “Dear friends I will be answering questions on #StartupIndia in a live session on 16th May. Send in your questions using hashtag #AskPrabhu .Select questions will be answered. Look forward to a fulfilling engagement,” Commerce and Industry minister Suresh Prabhu tweeted.
Dear friends I will be answering questions on #StartupIndia in a live session on 16th May. Send in your questions using hashtag #AskPrabhu .Select questions will be answered.Look forward to a fulfilling engagement pic.twitter.com/dawlcla40d
— Suresh Prabhu (@sureshpprabhu) May 11, 2018
Recently, Bibek Debroy, who is currently serving as the Chairman of the Economic Advisory Council to the Prime Minister (EAC-PM), said that 95% of the entrepreneurial attempts fail in India. He said that the small farmer or the street vendor showed more entrepreneurship skills than corporates in India
In March, we reported that a survey conducted by Entrepreneurship Development Institute of India (EDII), revealed that only 5% Indian adults take-up establish own business, underscoring that the Narendra Modi-led government’s dream to transform India into a hub of start-ups and innovation remains elusive. The recent survey further highlights that only 11 per cent of India’s adult population is engaged in “total early-stage entrepreneurial activity (TEA).”
The Narendra Modi-led government had launched the ‘Startup India’ campaign in January 2016 which provided various incentives such as tax exemptions, patent reforms, and incubation programmes aimed at providing the much needed thrust to start-ups. However, number of recent revelation in last 4-5 months, the campaign efficiency is at questions and this proved a wake-up call for the government.
In the same month, a report called Asia’s startup-friendly countries list, stated that India stands at 8th rank — behind China and even Malaysia — in startup friendly list of countries in Asia because of the very fact that it is still the poorest country in Asia with GDP per capita of $1,710, in 2017 and a high unemployment rate.