This study explores the impact of co-curricular activities infused with Entrepreneurial Mindset (EM) on the entrepreneurial mindset of freshmen engineering students at a small private university in urban Punjab, India. We are focusing on India in the study because despite having largest demographic dividend, the entrepreneurial interest among Indian students is reported to be way below their western counterparts. However, most existing research on measuring and enhancing EM is dominated by Anglo-American perspectives and quantitative studies, calling for a qualitative approach to understanding and enhancing the EM in the context of modern Indian education system. Using a qualitative approach, this paper aims to develop an EM model based on the experiences of successful Indian entrepreneurs and students exposed to EM growth interventions. Open-ended interviews were conducted with stakeholders, including freshmen engineering students and founders/entrepreneurs in India, to gather their perceptions of EM. Thematic analysis reveals a multifaceted and dynamic EM model, encompassing cognitive, affective, and behavioral dimensions. The paper also discusses the disparities in EM perceptions between student interviews and interviews with experienced entrepreneurs. These disparities highlight the need to incorporate missing EM parameters into the curriculum of India's engineering education system to enhance students' entrepreneurial mindset. Overall, this study aims to shed light on the hidden factors influencing the defining entrepreneurial mindset in Indian engineering education. It will use insights from different stakeholders and provide an opportunity for India's engineering students to explore their self-beliefs about the entrepreneurial mindset. Additionally, it aims to help students understand how the entrepreneurial mindset can be evolved in their college education journey.