New Delhi: The Delhi government on Tuesday introduced a scheme that provides seed funding ₹50,000 each to small teams of students from colleges and Industrial Training Institutes (ITI) to start their own business ventures, as part of efforts to promote entrepreneurship among youth.
The plan is an expanded version of the Aam Aadmi Party's similar program for school students. An official statement issued by Chief Minister Atishi said that the program implemented in Delhi government schools was a remarkable success and the scaled-up version called the 'Business Blasters Seniors Program' has been launched in all universities and ITIs under the government of Delhi.
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According to the arrangement ₹50,000 will be given to each of the 1,000 selected teams of three to five students to start their business. Of these 1,000 teams, 100 will be selected for the finals, where they will present their ideas to potential investors, the statement said.
They also receive mentorship to help them build and grow their startups. Atishi said the rollout of the program in higher education institutions will lay the foundation for future job creators who will tackle unemployment.
From job seekers to job creators
India is brimming with talent, but fear and societal pressure have limited the youth to looking for jobs instead of creating them, the Prime Minister said. The 'Business Blasters' program will help build students' confidence to take charge of their future, she added. Although many Indians head major global companies, unemployment in our country remains high, Atishi said, highlighting that about 42% of graduates are unemployed.
“Despite having talented individuals, India has not developed as it should. Our talented youth face fear and pressure from parents and society at a young age to secure a 'good job' or risk failure in life. reduced to securing a job,” Atishi said.
This fear has led to a mentality of avoiding risk, she added. While youth in other countries are launching big startups, India's talented youth are busy looking for jobs, she said. “If all our youth join in looking for jobs, who will create jobs? Business Blasters was launched to answer this question,” said Atishi.
