NEW DELHI: "We are making food/hyper delivery apps; creating cheap labour so that the rich can have a meal without stepping out while the Chinese are working on EVs, AI and semiconductors." Union commerce minister Piyush Goyal gave a reality check to India's startup ecosystem by comparing them with their Chinese counterparts at the second Startup Maha Kumbh here Thursday and exhorting the former to step up their game.
Showing a slide comparing the countries, the minister said Indian startups are busy making "food delivery apps, fancy ice cream & cookies, instant grocery delivery, betting & fantasy sport apps and reels & influencer economy." On the other hand, the startups in China are working on "EV & battery tech, semiconductors & AI, robotics & automation, global logistics & trade and deep tech & infrastructure."
He also said the Indian startup ecosystem needed more domestic capital, instead of foreign entities buying stake in the same. For this, unicorns and industry can create a fund. "Grow and maintain your ownership. I feel sad when I come to know that for Rs 25 lakh or Rs 50 lakh a bright idea of a young start-up got sold to a foreign company. Let's try and get some more domestic capital coming into this ecosystem," he said.
"India has the largest number of STEM graduates passing out every year. Are you proud that we are creating delivery boys and girls? We need to work for the future. PM Modi has added 'jai anusandhaan' (research) to the slogan of 'jai jawaan, jai kisaan, jai vigyan (which late PM Vajpayee had added to Lal Bahadur Shastri's famous slogan). We need to work on that more aggressively," Goyal said.
Slamming betting apps being developed here that "encourage gambling and addiction instead of real economic productivity", he said the "Chinese are building supply chain giants like Shein, DJI & Alibaba that dictate global commerce."
Showing a slide comparing the countries, the minister said Indian startups are busy making "food delivery apps, fancy ice cream & cookies, instant grocery delivery, betting & fantasy sport apps and reels & influencer economy." On the other hand, the startups in China are working on "EV & battery tech, semiconductors & AI, robotics & automation, global logistics & trade and deep tech & infrastructure."
He also said the Indian startup ecosystem needed more domestic capital, instead of foreign entities buying stake in the same. For this, unicorns and industry can create a fund. "Grow and maintain your ownership. I feel sad when I come to know that for Rs 25 lakh or Rs 50 lakh a bright idea of a young start-up got sold to a foreign company. Let's try and get some more domestic capital coming into this ecosystem," he said.
"India has the largest number of STEM graduates passing out every year. Are you proud that we are creating delivery boys and girls? We need to work for the future. PM Modi has added 'jai anusandhaan' (research) to the slogan of 'jai jawaan, jai kisaan, jai vigyan (which late PM Vajpayee had added to Lal Bahadur Shastri's famous slogan). We need to work on that more aggressively," Goyal said.
Slamming betting apps being developed here that "encourage gambling and addiction instead of real economic productivity", he said the "Chinese are building supply chain giants like Shein, DJI & Alibaba that dictate global commerce."
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