Don't be afraid to fail, big failures bring big success, says Union minister Pradhan

For India to become a developed nation, it will have to repose faith in youngsters, handhold and mentor them and celebrate their failures, Union Education and SKill Development and Entrepreneur Minister Dharmendra Pradhan said on Wednesday.

He said there is no shortcut to the goal of India becoming a developed nation.

”If we are to become a developed country, there is no shortcut. We have to repose faith in our youngsters, we have to handhold them, mentor them, celebrate their failures. Then only we can create an ecosystem. I am happy that with Prime Minister Modi’s vision, Gujarat is at the forefront of this model,” Pradhan said.

He was addressing a roundtable discussion of unicorns and venture funds ahead of “Start-up Conclave-2023″ organised as part of a pre-Vibrant Gujarat Global Summit event here in Gandhinagar.

”Today, India is the number fifth economy of the world. What is the roadmap ahead for all of us in the ‘Amrit Kaal?’ We have to make India a developed country. We have no alternative to this. How to achieve that? We have to repose faith in our youngsters, on our new business models,” he further said.

The primary feature of the start-up ecosystem is to place trust in all stakeholders, stated the minister.

”Failure is a must. When somebody fails, he has two options — he will cease to create, or he may come out with a bigger idea. Big failures bring big success… You have to fail. Only by failing will you be able to do something big,” he maintained.

Pradhan said today educational campuses have become an epicentre of the start-up ecosystem. The National Education Policy 2020 (NEP 2020)places emphasis on creating skilled manpower.

Prime Minister Modi’s emphasis on the need for wealth creators and job creators is the fundamental of the ecosystem, and NEP 2020 is putting emphasis on this area, the Union minister said.

”It is a nice coincidence that India is an aspirational society, a young country, and there is a bounce in the market. The purchasing capacity of average India is increasing day by day. People are coming out of below poverty level. ..Spending behaviour of the country is changing. Here there is a big scope with the kind of digital public infrastructure that we have,” he said.

Representatives at the event deliberated on various aspects of the start-up ecosystem covering topics such as investment landscape, innovation and research, government support, market access and funding, among others, with an aim to come out with an agreement on actionable steps, responsibilities, and follow-up mechanisms.

The ‘Start-up Conclave 2023,′ scheduled on December 7, will put a spotlight on India’s narrative on early stage firms, its emerging players, and offer insights for informed investment choices, stated a government release.