Indian industry needs to trust startups: Dharmendra Pradhan, Education Minister

Education Minister, Mr Dharmendra Pradhan has asked Indian industry to invest more in startups to promote innovation that is necessary to sustain India’s economic growth at a high level.

Addressing India’s management leaders on National Management Day, which is the Foundation Day of All India Management Association (AIMA), the minister said, “The industry does not seem to trust startups enough…You need to sink some money in new ideas.”

He said that a rapid growth of India’s startups, which currently number about 120,000, would be crucial for taking India to its target of $30-$35 trillion GDP in the next couple of decades.

AIMA signed an MoU with St Stephen’s College, Delhi University for collaboration in management education and training in the minister’s presence.

The minister applauded AIMA and St Stephen’s College for signing an MoU on the day to promote industry-academia engagement and offering new age courses for students, executives and entrepreneurs. “I thank AIMA for giving me an opportunity to witness an initiative that is an important step in implementing the New Education Policy,” he said.

Quoting the Prime Minister, Mr Pradhan said that this is the right moment for India and this is India’s moment. “ India will be unstoppable over the next 25 years,” he said.

Mr Amitabh Kant, India’s G20 Sherpa, reminded India’s management leaders that for India to become a $35 trillion economy by 2047, it would need its GDP to grow at 8%-9% every year for three decades. “This is a doable proposition…India’s private sector will have to take the lead in this,” he said.

Mr Kant said that the government has opened all sunrise sectors, such as EVs, batteries, drones, robotics, and space, to the private sector so that the country can leapfrog in technology and innovation. He stressed that the future lies in going digital, green and geospatial.

AIMA President and Vice Chairman & Managing Director, Triveni Turbine Ltd, Mr Nikhil Sawhney highlighted that over the past 67 years AIMA has provided important thought leadership to Indian management and it has spawned, nourished and polished management talent in the country.

AIMA had nearly 2,000 students on its rolls last year and about 60,000 MBA aspirants took AIMA’s MAT entrance test, Mr Sawhney pointed out. He mentioned that AIMA has enabled hundreds of students pursue PhD studies over the past couple of decades.

Talking about India’s prospects of becoming a global leader in the 21st century, Mr Sawhney said that there are secular changes taking place in the global economy and Indian businesses have to incorporate themes like energy transition and artificial intelligence to succeed in the coming years.

The Minister presented the 2024 AIMA Foundation Day Awards.

Mr Uday Kotak, Founder & Director, Kotak Mahindra Bank, received the AIMA Life Time Achievement Award for Management.

Receiving his award, Mr Kotak said that India today has a bigger opportunity than it looked possible 40 years ago. “India is at the take-off stage,” he said.

Mr Sanjiv Bajaj, Chairman and Managing Director, Bajaj Finserv Ltd got the AIMA – JRD Tata Corporate Leadership Award. Mr Bajaj credited the 80,000 employees of Bajaj Finserv Group for his award.

Dr R A Mashelkar, Former Director General, Council of Scientific & Industrial Research, received the AIMA Public Service Excellence Award. He reminisced about receiving AIMA JRD Tata Award 25 years ago and thanked his mother for his achievements.

Prof Bharat Bhasker, Director, IIM Ahmedabad received the AIMA – Kewal Nohria Award for Academic Leadership in Management Education.

AIMA also presented the AIMA – Dr J S Juneja Award for Creativity and Innovation in MSMEs to Viprof Electronics and the AIMA Dr Ram Tarneja Award for Best Article in Indian Management to Mr Amit Mishra, Research Scholar, Institute of Management Technology, Hyderabad.

Mr Shrinivas Dempo, Immediate Past President, AIMA & Chairman, Dempo Group of Companies, thanked Mr Pradhan and Mr Kant to participating in AIMA’s Foundation Day celebrations and he congratulated all the awardees on their outstanding achievements.