Last Updated Apr - 04 - 2025, 04:47 PM | Source : Fela News
The Union Minister, Piyush Goyal criticised the direction of the Indian startup ecosystem whilst many founders defended it and some took a jibe at government re
Union Minister Piyush Goyal recently criticized the focus of India’s startup ecosystem, questioning why many are concentrated on food delivery, betting, and fantasy sports while Chinese startups pursue sectors like EVs, semiconductors, and AI. His comments triggered strong reactions from tech leaders and entrepreneurs.
Mohandas Pai, former Infosys CFO, called the comparisons unfair, pointing instead to policy failures. He cited restrictive regulations, lack of funding from insurance companies, and harassment over angel tax. He questioned Goyal’s contribution to nurturing deep tech startups.
Ashneer Grover, former BharatPe co-founder, criticized politicians for needing a “reality check,” defending Indian startups as today’s job creators. Zepto co-founder Aadit Palicha also pushed back, highlighting Zepto’s job creation, tax contribution, and investment in supply chains. He argued that successful internet companies like Amazon and Google have driven global tech innovation and that India must first build such companies to advance in deep tech.
Anupam Mittal of Shaadi.com acknowledged the rise of promising deep-tech firms in India but flagged a lack of funding and support systems. India currently has around 20,000 startups and 110 unicorns, but the growth of new unicorns has slowed significantly in recent years.
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