India's start-up ecosystem is buzzing after Commerce Minister Piyush Goyal stirred up conversations at the recent Startup Mahakumbh. He jokingly asked entrepreneurs if they wanted to create ice creams or semiconductor chips, suggesting a shift from lifestyle-focused start-ups to high-tech innovations that could elevate India on the global stage. His comments have stirred reactions, with some praising the call for ambition while others view it as an unfair critique of a thriving sector.
Goyal commended India's position as the third-largest start-up ecosystem worldwide but emphasized the necessity for progress in technology, especially against countries like China that are advancing in fields such as AI and robotics. While some entrepreneurs defended their focus on consumer products, claiming they drive tech innovation, others pointed out challenges like lack of funding and red tape that hinder deeper technological advancements.
Aadit Palicha, co-founder of Zepto, defended consumer internet companies for their role in tech evolution, arguing they can transition towards more significant innovations. Investors have echoed the sentiment that substantial support is lacking for deep-tech ventures, which require long-term investment and infrastructure.
Despite the criticisms, some entrepreneurs acknowledged the minister’s aspirations as a motivating push for the future of India's tech sector. Journalist Abhijeet Kumar also highlighted the stark contrast between Indian and Chinese funding in deep-tech, indicating a need for India to ramp up its efforts or risk falling behind. As the deep-tech race heats up globally, India's path forward may require not only greater ambition but also systematic support from government and investors.
