New Delhi: The Delhi government on Tuesday rolled out a scheme that offers seed funding of ₹50,000 each to small teams of college and industrial training institute (ITI) students to start their own business ventures, as part of efforts to promote entreprenership among the youth.
The scheme is an expanded version of the Aam Aadmi Party’s similar programme for school students. An official statement from chief minister Atishi said the scheme implemented in Delhi government schools was a remarkable success and that the scaled up version, called the ‘Business Blasters Seniors Program’ has been launched at all universities and ITIs under the Delhi government.
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Under the scheme, ₹50,000 will be given to each of the 1,000 selected teams of three to five students to launch 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 will also receive mentorship to help them establish and grow their startups. Atishi said rolling out the scheme in higher-education institutions will lay the foundation for future job creators who will tackle unemployment.
Job seekers to job creators
India is brimming with talent, but fear and societal pressure have confined the youth to seeking jobs instead of creating them, the chief minister said. The ‘Business Blasters’ scheme will help instill confidence in students to take charge of their futures, she added. While many Indians lead major global companies, unemployment in our country remains high, Atishi said, highlighting that about 42% of graduates are unemployed.
“Despite having talented individuals, India hasn’t progressed 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. The entire purpose of education has been reduced to securing a job,” Atishi said.
This fear has instilled a mindset of avoiding risk, she added. While youth people in other countries launch big startups, India’s talented youth are busy looking for jobs, she said. “If all our youth join the line to seek jobs, who will create jobs? Business Blasters was launched to answer this question,” Atishi said.