1. Are We Building the Right Startups?
India’s startup ecosystem has seen exponential growth, with unicorns emerging across various sectors. However, Union Commerce Minister Piyush Goyal has called for introspection. Speaking at the second Startup Maha Kumbh, he pointed out a stark contrast between Indian and Chinese startups. While Indian entrepreneurs focus on food delivery, instant groceries, influencer-driven content, and fantasy sports, China is leading in electric vehicles (EVs), battery technology, AI, semiconductors, and deep tech.
2. India vs. China: The Startup Comparison
Presenting a slide that compared Indian and Chinese startup trends, Goyal highlighted the need for India to move beyond convenience-based applications. He urged entrepreneurs to shift their focus from creating fancy ice creams, betting apps, and short video platforms to industries that shape the future. Meanwhile, China is pioneering advancements in robotics, automation, global logistics, and supply chain dominance.
3. The Need for Domestic Capital and Long-Term Vision
Another major concern raised by Goyal was the lack of domestic capital in India’s startup ecosystem. Many promising ideas are being sold to foreign investors for as little as Rs 25-50 lakh, leading to a loss of ownership. He emphasized the importance of Indian unicorns and industry leaders coming together to create a fund that fosters local innovation and retains Indian ownership.
4. From Delivery Jobs to Cutting-Edge Innovation
India produces the largest number of STEM graduates in the world. Yet, many of them end up working in delivery-based jobs rather than innovating in deep tech sectors. Goyal invoked Prime Minister Modi’s call for ‘Jai Anusandhaan’ (research and innovation) and stressed that India must aggressively push for research-driven entrepreneurship.
5. Rethinking Priorities: From Betting Apps to Global Giants
Slamming the rise of betting and gambling apps, Goyal criticized their negative impact on society. Instead of fostering addiction-driven businesses, he urged Indian startups to take inspiration from global giants like Shein, DJI, and Alibaba, which have reshaped global commerce. He emphasized that India must focus on developing cutting-edge supply chain solutions, deep tech infrastructure, and AI-driven businesses to compete at an international level.
