The Indian startup ecosystem is experiencing unprecedented growth, with a surge of young entrepreneurs entering the space. However, Commerce Minister Piyush Goyal recently expressed his concerns about the direction of this growth, noting that many Indian startups primarily focus on food delivery, betting apps, and fantasy sports, unlike countries like China, which prioritize deep-tech innovations.
At the Startup Maha Kumbh event on Thursday, Goyal questioned whether India was settling for low-paying gig jobs rather than driving innovation in critical sectors like EVs, battery technology, semiconductors, and AI. He remarked, “Do we just want to make ice cream and chips? Are we only interested in selling things?”
Despite India being the third-largest startup hub, with over 100 unicorns and 1.57 lakh startups recognized by the government, Goyal pointed out that only about 1,000 of them are in the deep-tech space, which he found concerning. “It is disheartening to see promising startup ideas being sold to foreign companies for ₹25–50 lakh,” he added, emphasizing the need for homegrown innovation.
However, his remarks have sparked debate within the industry. Many experts argue that rather than comparing India’s startup landscape with other countries, the government should focus on nurturing and supporting local businesses. They believe that every sector, including consumer-focused startups, plays a crucial role in the country’s economic growth and employment generation.
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