“I have been going through a lot of our startup success stories. And wherever I go, all over the country…I know at least three or four billionaires whose children make at least one brand of fancy cookies and ice creams. I have no complaints against that but is that the destiny of India?” Goyal asked.
He criticised repackaging premium consumer products as startups, adding that such businesses do not represent the kind of disruptive innovation India needs.
“(They) use labels like ‘healthy,’ ‘gluten-free,’ and ‘vegan,’ add good packaging and call themselves startups. These are not startups. This is entrepreneurship. This is business.”
Further, Goyal said that despite India having the third-largest startup ecosystem in the world, it needs to focus on deep-tech, manufacturing, and large-scale innovation to compete with global leaders.
He said creating high-end brands does not contribute disruptive innovation that makes a country a powerhouse in technology.The minister further asked if India was happy with gig work and food delivery while China raced ahead in deep-tech, electric mobility, and battery technology. “Dukaandari ka hi kaam karna hai ya one of scale, to make a mark in the world?” he had asked, urging Indian entrepreneurs to think beyond short-term, profit-driven models.
