In a sharp review of India’s startup surroundings, Piyush Goyal slams startups. He said while as many startups in country of a had been overly focused on food delivery and betting and illegal sports apps. The ones in China have been working on EV, battery tech, semiconductors and AI, he said.
Piyush Goyal slams startups
Speaking on the Startup Maha Kumbh on Thursday, Goyal wondered whether the country was content with low-paying gig jobs instead of making efforts for technological advancement. “Do we need to make ice cream or chips? Dukaandari hi karna hai (Do we need to only promote matters),” he requested. As per authorities data, India is 3rd largest startup hub, with over 100 unicorns. Around 1.57 lakh startups are recognised by government.
Urging startups to re-compare their reason, the Union Minister said, “Are we going to be happy being shipping youth? Is that the future of India… This is not startup, this is entrepreneurship.”
Industry Leaders Slam Remarks
The Union Minister’s comments have drawn flak from industry leaders. In a post on X, the Zepto CEO said the authorities should end the creation of “local champions” and not pull down the groups seeking to carry “technology revolutions”.
After Piyush Goyal slams startups , Palicha, co-founder of the short trade platform, said it was clear to criticise startups. And compare them with the technological progress in the United States or China.
“We want to build superb champions that generate hundreds of millions of dollar in FCF first if we ever need to get a chunk of technology revolutions. The startup ecosystem, the government, and the owners of large swimming pools of Indian capital need to actively guide the advent of those local champions, not pull down the groups that are attempting difficult to get there,” Palicha said.
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