Commerce and Industry Minister Piyush Goyal’s recent remarks at the Startup Mahakumbh being held in Delhi have not fared well with many entrepreneurs.
While addressing the dire need for more startups in the deep-tech domains, Goyal openly criticized the accepted notion or as you would call it – “overrepresentation” of startups being incubated/launched in the food and grocery delivery services.
He pointed at the rising number of startups in this space by asking, “Are we going to be happy being delivery boys and girls?”
Certainly, his intention was directed at pushing young entrepreneurs toward advanced technologies like semiconductors, AI, EVs, etc.
However, his remarks have attracted diverse reviews with few criticizing his opinion, while some showing concern and supporting his opinions.
Well, we cannot ignore the fact the consumer internet and QC sectors have rapidly evolved and transformed the Indian ecosystem. Plus, they have laid the foundation of dynamic user adoption, enhanced logistics and supply chain infrastructure, and strengthened digital payments setup.
But the highlight of this incident is the response by Zepto’s CEO Aadit Palicha who requested the government bodies to first build in-house internet giants before drawing differences with China.
Coming to his support, veteran investor Mohandas Pai also voiced his opinion on the existing narrow gaps related to institutional capital support for deep-tech ideas and also highlighted regulatory blockages and taxation issues.
For India’s economy to compete against China and other players, we need a more balanced ecosystem that supports both quick-impact businesses as well as long-term and investment-heavy ideas.
The need is for a balanced policy that suffices both these requirements and fuels the path for tomorrow.
Surely being the industry minister, Goyal’s concerns are not vague or disoriented with India’s plans moving forward.
But, it’s also equally important to understand that for domains like deep-tech, space-tech, agri-tech, etc., collaboration is the key.