Home/ News / India/  25 percent of start-ups in the USA are managed by 'people of Indian origin': FM

Union Finance Minister Nirmala Sitharaman was the chief guest at the tenth convocation of the Indian Institute of Information Technology Design and Manufacturing, Kancheepuram (IIITDM Kancheepuram).

Speaking on the occasion, Sitharaman underlined that India's higher education has contributed to the best of company executives globally and around 25 percent of all start-ups in Silicon Valley are managed by "people of Indian origin".

By giving all young persons equal opportunity, irrespective of gender and class, the entire 65% of the young working population would be able to contribute to India’s growth. India’s working age population is much more than China’s, she said, adding: “This underscores the importance of training, skilling, and keeping that momentum."

"I want to underline the fact it is this India's higher education which has contributed to the best of company executives. Globally, 58 top-notch company CEOs are Indian in origin and India-education and they are in 11 such multinational companies, whose collective revenue is over 1 trillion and 4 trillion in turnover," a statement quoted Sitharaman as saying.

Further, speaking about India's startup success, she encouraged the students to become entrepreneurs.

India now has 100 unicorns and their market value is USD 250 billion they have collectively raised USD 63 billion from the market, the minister said.

"Even as some of you would want to seek jobs, I am those of you who want to become entrepreneurs and create jobs for others, it is not a worrisome world. There may be health risks but it is possible for you all to become entrepreneurs," read the statement quoting the minister.

The Minister also laid the foundation stone of the institute's auditorium and inaugurated the center of AI, IoT, and Robotics.


A total of 380 students graduated during the ceremony.

Established in 2007, the institute has been at the forefront of offering programs in tune with the needs of the industry. Some of the unique programs the Institute offers include B. Tech in Computer Science and Engineering with specialization in Artificial Intelligence and M. Tech in CSE with specialization in Data Science and AI.

Of the total graduates, six were PhDs, 53 M.Techs, 110 Dual Degrees, and 211 B.Tech degree, recipients.

Presenting the annual report of the Institute, Professor DVLN Somayajulu, Director, IIITDM Kancheepuram, said the students have attained 97 percent of placements with a highest CTC of 32 lakh per annum and average CTC of 10.06 lakh.

"Our chief recruiters have been Amazon, AMD, Ericsson, Google, L&T, MathWorks, Microchip, Samsung, Zoom India, etc," Somayajalu said.

The institute had received 4.36 crore as sponsored research grant and had filed 22 patents this year. S. Sadagopan, Chairman of the Board of Governors, said.

After the two long years of the pandemic, the Indian Institute of Information Technology Design and Manufacturing, Kancheepuram hosted an in-person convocation.

With the inputs from the agency

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Updated: 11 Sep 2022, 02:42 PM IST
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