"The competition, Next Great Entrepreneur, invites sustainable and scalable business plans in Green Business, Women Empowerment and General Business category," the chamber said in a statement.
It said that to stay competitive and thrive in today's uncertain and challenging world, India needs to create millions of jobs.
"It is expected that India will add 500 million new job seekers between 2007 and 2022. This fiercely daunting task of job creation requires entrepreneurs who are willing to innovate and come up with workable solutions to the manifold challenges before us," it said.
said the initiative would go a long way in preparing the youth to take on challenging assignments in a competitive business environment.
"It is pertinent to infuse a spirit of entrepreneurship in our education. Creating entrepreneurship at the undergraduate level will to a great extent help tackle the challenge of 500 million new job seekers by 2022. We need job creators more than job seekers now" Ficci Secretary General Didar Singh said.
It said that each winner across the three categories will receive a cash prize of Rs one lakh each and first 10 finalists in each category will be mentored by business leaders from leading Indian and US companies in India.
Registrations for the competition are open till February 22.