Empowering Assam’s youth: The rise of entrepreneurs

Madhurjya Saikia

(madhurjyatu15@gmail.com)

Assam, known for its breathtaking landscapes and rich cultural heritage, has traditionally had an agrarian economy. However, in recent years, there has been a remarkable transformation in the state’s entrepreneurial landscape. A wave of young and dynamic individuals has been driving economic growth and innovation, redefining the narrative of Assam. In this article, we explore the burgeoning entrepreneurship scene in Assam, highlighting the contributions of its youth in shaping the future of the state. Assam, situated in the northeastern region of India, has long been known for its tea, oil, and silk industries. These sectors have played a significant role in the state’s economy for decades. However, the emergence of a new generation of entrepreneurs has diversified Assam’s economic landscape. The youth in Assam, like their counterparts across the country, have been quick to embrace entrepreneurship as a means of economic empowerment. Factors such as improved infrastructure, access to higher education, gender inclusivity in economic participation, and a growing culture of innovation have contributed to this shift.

The development of an entrepreneurial economy in Assam is crucial for several reasons. Firstly, it significantly contributes to job creation, which is essential in a state with a growing population. By nurturing startups and small businesses, Assam can reduce unemployment rates and alleviate poverty. Secondly, it leads to economic diversification, moving the state beyond its traditional sectors like agriculture and tea. This diversification reduces economic vulnerability and enhances resilience in the face of external economic shocks. Moreover, entrepreneurial ventures often embrace innovation and technology, fostering progress and risk-taking capabilities in a dynamic economy. They introduce modern practices, promote research and development, and cultivate a culture of innovation in Assam. Additionally, entrepreneurs have the potential to focus on rural development, bridging the urban-rural divide by creating opportunities in sectors like agriculture, handicrafts, and tourism. A thriving entrepreneurial ecosystem also enhances Assam’s global competitiveness. It attracts investments, promotes exports, and elevates the state’s economic standing on the national and international stage. Lastly, entrepreneurship encourages skill development and education as individuals acquire practical skills essential for personal and professional growth, including deep tech, AI, and cloud computing. Fostering an entrepreneurial economy in Assam not only addresses various socio-economic challenges but also positions the state for sustained growth, innovation, and development in the long run.

Agriculture remains the backbone of Assam’s economy, and many young entrepreneurs have recognised the potential in this sector. They are adopting modern farming techniques, promoting organic agriculture, GM (genetically modified), and climate-resilient crops, and exploring innovative agribusiness models through upgrading storage and supply chain management. Start-ups focusing on tea, textiles, and organic farming have gained prominence, not only creating job opportunities but also enhancing the quality of agricultural produce. Young entrepreneurs are capitalizing on this by establishing boutique hotels, homestays, and adventure tourism ventures. These initiatives not only attract tourists but also generate employment for local communities. Assam has a rich tradition of handlooms and handicrafts, and many young entrepreneurs are working to revive and promote these ancient art forms. They are creating sustainable livelihoods for artisans and ensuring that traditional skills are passed down to the next generation. Assam’s unique Muga silk and Assamese jewellery have gained popularity both nationally and internationally. Export promotion of GI (geographical indicator) products and their product branding also expand the scope of agrarian market reach.

Assam’s youth are not confined to traditional sectors alone. They are actively venturing into technology-driven start-ups, focusing on areas such as e-commerce, deep tech, app development, and digital marketing. Guwahati, the state’s capital, has witnessed the establishment of incubators and co-working spaces that provide a conducive environment for tech start-ups to thrive. Government initiatives and financial incentives, like the “Assam Startup Policy,” have further fueled the growth of startups in the state. These policies provide financial assistance, mentorship, and regulatory support to entrepreneurs. The Atal Innovation Mission (AIM) is an Indian government initiative that promotes innovation and entrepreneurship. AIM aims to foster a culture of innovation and entrepreneurship among Indian youth by providing them with access to technology, incubation centres, and funding opportunities to develop innovative solutions for various challenges.

Startup funding in Assam has witnessed growth, with various options available for entrepreneurs. Government schemes, like the Assam Startup Policy, offer financial support, tax incentives, and mentorship. Local angel investors and venture capital firms have also shown interest in Assam-based startups, providing equity financing. Additionally, national and international crowd funding platforms enable startups to raise funds from a wider audience. Startup incubators and accelerators in cities like Guwahati offer a nurturing environment and access to potential investors. Furthermore, traditional financing avenues such as bank loans and grants from industry-specific organizations contribute to the funding ecosystem for startups in Assam. Ease of doing business and a paradigm shift in business reforms help venture capitalists (VC) in equity and debt funding and angel investors to infuse their liquidity into business ideas. Investment summits with the help of global investment funds and institutions will help Assam’s entrepreneurs attract foreign direct investment (FDI) and portfolio investment.

Women entrepreneurs in Assam play a pivotal role in the state’s socio-economic development. They contribute to job creation, fostering economic independence and empowerment among women. By venturing into diverse sectors like agriculture, handloom, and technology, they challenge gender stereotypes and promote women’s roles in leadership positions and gender equality. These entrepreneurs are also instrumental in preserving and promoting Assam’s rich cultural heritage through traditional crafts and small household businesses. Overall, their innovative spirit and determination not only boost the state’s economy but also inspire other women to break barriers and pursue entrepreneurship as a viable career path.

A growing number of young entrepreneurs in Assam are committed to making a positive social impact and finding sustainable solutions to social issues. They are addressing various challenges, including healthcare, education, and women’s empowerment, through innovative business models. These ventures are not just profit-driven but also aim to uplift marginalised communities and improve their quality of life. While the entrepreneurial spirit in Assam is on the rise, several challenges persist. Infrastructure development, access to capital, judicial delays, and bureaucratic hurdles continue to pose obstacles for aspiring entrepreneurs. Additionally, the state’s vulnerability to natural disasters, such as floods and earthquakes, can disrupt business operations.

Nevertheless, Assam’s youth are resilient and resourceful. They are tapping into various government schemes and initiatives aimed at supporting start-ups and small enterprises. The state government’s efforts to promote entrepreneurship, coupled with the strong sense of community among entrepreneurs, have created an ecosystem that fosters growth and innovation. Education plays a pivotal role in nurturing entrepreneurial talent. Assam boasts several esteemed educational institutions that are grooming the next generation of business leaders. These institutions offer courses, workshops, and mentoring programmes that equip students with the skills and knowledge needed to succeed in the world of entrepreneurship.

Assam’s youth are rewriting the narrative of the state, from one of traditional agriculture and industry to a dynamic hub of innovation and entrepreneurship. Their endeavours are not only creating economic opportunities but also preserving and promoting the cultural heritage of the region. With the right support, mentorship, and infrastructure, the youth in Assam are poised to continue driving economic growth and transforming the state into a vibrant entrepreneurial ecosystem. As these young entrepreneurs carve out their paths, they serve as inspirations for the entire nation, proving that the spirit of entrepreneurship knows no geographical boundaries. Assam is not just the land of the mighty Brahmaputra; it is also the land of mighty entrepreneurs who are shaping the future of the state and the nation at large.