No, Piyush Goyal Didn't Run Down Indian Startups: 5 Things He Said That Should Go Viral

Union Minister Piyush Goyal's remarks on introspecting India's startup ecosystem have sparked an online debate on the state of startups within the country. The startup community has gone on a backward footing, criticising the minister's straightforward talk.

Here are five points Goyal said at the Startup Maha Kumbh, which point out that India, though proud of its startup universe, is still lagging in competing with global technologies.

Goyal's Appeal to Investors

Goyal made a heartfelt appeal to India’s unicorns and investors to contribute to a domestic fund, emphasizing the need for homegrown capital. 

He said, "Can we persuade some of the good Indian industries also to contribute so that we can create pools of domestic capital?" He urged both Indian and foreign investors to show greater generosity, adding, “A little bit more of a little bigger heart towards the startup ecosystem.”

He highlighted the importance of founders retaining ownership of their creations, "Investors or even the foreign investors should be a little more benevolent, giving clawback to our founders, to the Indian young startups, so that they can get a respectable ownership of their work."

Startup Maharathi

Goyal praised initiatives like the Startup Maharathi program, which has raised a Rs 50 crore fund, calling it “India's largest private-funded challenge.”

He also acknowledged the NCIIPC Startup AI Challenge, which adds another Rs 20 crore to the pool, bringing the total challenge money to Rs 70 crore. These programs, he noted, are vital for encouraging young startups.

Deep Tech and Global Ambition

The Minister expressed concern about the limited number of deep tech startups in India, stating, "When we look at Deep Tech and when I see the numbers are still probably what—a thousand companies in the Deep Tech ecosystem—it is a disturbing sign." He urged startups to focus on areas like artificial intelligence, robotics, and semiconductors, which are critical for India’s future.

He also emphasized the importance of thinking globally, "We’ll need to go global. We’ll need to think big. We’ll need to be ambitious. We’ll need to experiment. We’ll need to go beyond the boundaries of our own thinking."

Also Read: 90% Of Indian Startups Fail, Here’s Why - Decoding Piyush Goyal’s Straight Talk

Exploring the Unknown

Encouraging startups to break free from past limitations, Goyal said, "Let’s not limit ourselves to the past. Let’s explore the unknown." 

He passionately declared, "I promise you these young boys and girls can do wonders, and India can grow towards its mission of Viksit Bharat 2047."

He acknowledges the successes of the current ecosystem while challenging entrepreneurs to think big, "Choice is yours. You have to decide whether we build a nation of convenience or a nation of innovation," Goyal said.

Indian Startup Ecosystem

According to govt data, India is the third-largest startup ecosystem in the world, with over 1.57 lakh certificates issued by the Department for Promotion of Industry and Internal Trade (DPIIT) for recognition of startups as of December 31, 2024. The nation's entrepreneurial landscape is fuelled by more than 100 unicorns.

The number of DPIIT-recognised startups has risen from around 502 in 2016 to 1,57,706 as of December 31, 2024, which has created over 17.28 lakh direct jobs as of December 31, 2024.