From Start-up Mahakumbh to Ministerial Meltdown https://www.youtube.com/watch?v=uT7dxUmep5g
Moneylife Apr 10, 2025 At the Startup Mahakumbh, Union Minister Piyush Goyal launched a scathing attack on Indian startups, criticizing their focus on food delivery and e-commerce over advanced tech like AI and semiconductors. But his remarks sparked a fierce backlash—from entrepreneurs, industry veterans like Mohandas Pai, and even supporters of the government.
https://moneylife.in/article/maha-misfire-at-mahakumbh-piyush-goyals-rant-exposes-the-frustration-among-entrepreneurs/76838.html the start-up eco-system has managed to do what the government could not – provide jobs to millions of unemployed youth...
Another X post on 31st March.. highlighted China’s systemic advantages: a more established eco-system, government-backed domestic venture capital providing greater stability, a deeper domestic footprint and layered support for innovation and larger global footprint. Mohandas Pai was even more direct, asking what Mr Goyal himself had done to support deep-tech innovation. He listed structural challenges: the ‘Angel Tax’, restrictions on institutional investments, Reserve Bank of India’s (RBI’s) harsh treatment of foreign investors and alternative investment funds (AIFs) and the unfriendly stance of the finance ministry towards start-ups
What Piyush Goyal got wrong about Indian startups https://www.youtube.com/watch?v=bXNcKrH4u0I Goyal questioned their innovation, pointing out that many build on existing infrastructure – food delivery, ride-hailing, and edtech – without creating new technology. While his critique holds merit, it overlooks systemic issues: red tape, low R&D investment, and a lack of government support. .. Pooja Prasanna highlights the disparity in the Indian startup ecosystem as compared to China – massive public investment, fewer regulatory hurdles, and a culture that nurtures bold bets. In contrast, Indian startups face bureaucratic barriers, making risk-taking unviable. Critics like Mohandas Pai and founders argue that real innovation needs patient capital and policy support, not public shaming. Despite challenges, India’s deep-tech sector is growing, with 4,000 startups and rising investment.