“Around 2.5% of Indian GDP Worth Economic Value Gets Lost Every Year While Students Prepare for Employment Exams”

Chief Analyst of ‘5 Jewels Research’ at Innogress, Mr Sumant Parimal, A Global thought leader and analyst, has said that Around 2.5% of the Indian GDP Worth Economic value gets lost every year while Indian students prepare for various employment exams post-education.

While addressing students of Lovely Professional University (LPU), a Private University situated at Jalandhar, during mentorship session for World’s reputed Entrepreneurial talent hunt Hult Prize contest, Mr Sumant Parimal said, “Hult Prize contest provides a good foundation for students to prepare for an entrepreneurial journey, which is based on Economic Value Creation right before they graduate from their academics and face job markets. Graduating Students and Institutions should pursue ‘Economic Value Creation’ based job recruitment models, which has roots from entrepreneurial development”.

“In present recruitment systems, students have to face multiple exams for multiple years for creating an employment opportunity for theme selves, in which even most of them get eliminated due to limited job vacancies and a high number of students applying for those limited vacancies. So in the present recruitment system, those who got eliminated from the recruitment competitions due to high-level screening based on knowledge of the certain subject, fail to add any economic value immediately into the country's GDP due to denied employment opportunity,” Sumant Parimal added further while highlighting constraints of present job recruitment system which are elimination based.

Mr. Parimal further substantiated his views with one of the reputed and most stringent recruitment exams of India known as ‘Civil Services Exam’ and adds “In UPSC / IAS exam itself many aspirants waste their peak productive and innovative years while preparing for an exam where the success rate is as low as 0.15%, leading to a cumulative loss of around 36 Crore Man Days annually for the unsuccessful aspirants. Time has come when India comes out with a model where such a big man-days loss gets converted towards an Economic Value Creation for the country.  Converting this wasted man days through some kind of 'Economic Value Creation' model gives thrust towards achieving India's goals of $ 5 Trillion Economy.”

“So, it is high time when we reform our country recruitment process and starts evaluating the participating candidates based on Economic Value Created for adding to Indian GDP, ie. Selection of the candidate shall not be only based on knowledge of the subject, but also on how they have deployed that accumulated knowledge for creating economic value in the Indian Economy,” Mr Sumant Parimal added further.

“Through an 'Economic Value Creation' Model of recruitment competitions, where even rejected candidates gets an opportunity to add positive value in the Indian Economy through newer venture able ideas similar to an entrepreneur, India may get an opportunity to expand its GDP over 3%," said Mr. Sumant Parimal.

During this session, Mr Sumant Parimal guided many students of LPU, who are participating in HULT PRIZE Contest to come up with innovative startup ideas which solve bigger problems of the mankind and make its business model sustainable and scalable.

Mr Sumant Parimal has been also nominated as Judge for the ‘Hult Prize’ campus round contest which is going to happen at LPU campus in on-line mode, where he shall be evaluating startup ideas of the students for qualifying into higher rounds of ‘Hult Prize 2021’.

In 2021, the Hult Prize Foundation is asking youth around the world to build viable food enterprises that will create jobs, stimulate economies, reimagine supply chains, and improve outcomes for 10,000,000 people by 2030 under the theme ‘Food For Good’.