25% of Silicon Valley startups led by people of Indian origin: FM Sitharaman

(Image source: @nsitharamanoffc) FM Nirmala Sitharaman addressing the 10th Convocation Ceremony of Indian Institute of Information Technology, Design and Manufacturing, Chennai.

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Union Finance Minister Nirmala Sitharaman said India’s higher education has provided top talent to the world’s top companies, saying around 25% of all startups in Silicon Valley are run by graduates. “people of Indian origin”.
FM Sitharaman made the comments during the 10th convocation of Indian Institute of IT Design and Manufacturing, Kancheepuram (IIITDM Kancheepuram).

Stating that higher education in Indian universities is at the same level as that provided abroad, she added that giving equal opportunities to all, regardless of gender and social class, would enable all 65% of the young working population to contribute to India’s growth.

Indian university graduates are now the “second largest contingent (in demographics) running the best of Indian businesses”, FM pointed out.

Educational institutions need to produce more passports capable of entering the industry, she stressed.

The FM also noted that India currently has to depend on other countries to meet some of its industry needs – a reason why India’s manufacturing sector suffers whenever there is a supply disruption, a- she lamented. For India to become a manufacturing hub, its educational institutions must produce industry-ready passes.

“We need to produce industry-entry and industry-entry capable students who serve India’s development goals. I think that synergy is now being realized by most institutions because the government talks to them and they give their input to the government and as a result you (students) are able to get institutions that are absolutely important, Sitharaman said.

The FM urged educational institutions to better understand the industry’s human resource needs to propel the country towards becoming a manufacturing powerhouse.

“What we need to do now is make sure we understand what the industry needs and are able to manufacture for ourselves and for the world and that is why industry leaders sitting on the boards of these wonderful educational institutions, who attract talent, who bring to the best of their skills and abilities, and who have rigorous learning experiences are very important,” she said.

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