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Goyal's gauntlet thrown: Startup titans unleash fierce counterstrike

During his visit to Startup Mahakumbh, Shri Piyush Goyal offered a critical perspective on the Indian startup ecosystem, expressing concern over the prevalent focus on consumer-facing applications rather than deep technology sectors like AI, semiconductors, and advanced manufacturing. He questioned the ambition of limiting Indian startups to "dukaandari," or simple transactional businesses, and called for a "reality check" regarding their priorities. He emphasized the need for startups to create a greater impact on the national economy and strive for global recognition, pushing for the development of exportable, world-leading products and services. Goyal also voiced concerns about the creation of "cheap labour" through certain business models, urging a shift towards sustainable, high-value sectors. He even directed criticism towards the "Shark Tank" culture, calling for a change in perspective to promote startups that build towards long-term national goals, urging a move away from "fancy ice cream and cookies" startups, and towards more impactful, transformative technologies.

Following these remarks, a wave of responses has hit the shore from Indian startup founders, eager to defend their innovations and perhaps challenge the minister's assessment of their contributions.


Ashneer Grover

Ashneer remarked,The only people in India who need a ‘reality check’ are it’s politicians. Everyone else is living in the absolute reality of India.


Aadit Palicha

It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China. Using our example, the reality is this: there are almost 1.5 Lakh real people who are earning livelihoods on Zepto today - a company that did not exist 3.5 years ago. ₹1,000+ Crores of tax contribution to the government per year, over a billion dollars of FDI brought into the country and hundreds of crores invested in organizing India's backend supply chains (especially for fresh fruits and vegetables). If that isn't a miracle in Indian innovation, I honestly don't know what is.


Anupam Mittal

From AI & space-tech to material science, Indian entrepreneurs are ready to take on the world. But capital & the eco-system for growth & commercialization are severely lacking.

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