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Industrials
Title: Indian vs Chinese Startups: Amitabh Kant Champions Local Tech Innovation Following Piyush Goyal’s Startup Reality Check
India’s startup ecosystem is at a crossroads. After Union Minister Piyush Goyal’s recent candid remarks highlighting India’s focus on consumer-oriented startups in contrast to China’s dominance in deep tech sectors like AI and electric vehicles, former NITI Aayog CEO Amitabh Kant has stepped forward to back Indian tech startups. This development has reignited the debate around India’s startup ambitions and the urgent need to uplift the local tech ecosystem to compete globally.
At the second Startup Maha Kumbh in New Delhi, Union Commerce Minister Piyush Goyal delivered a blunt assessment of India’s startup landscape, drawing a stark comparison with China’s innovation trajectory. While Indian startups largely revolve around food delivery apps, instant grocery, fantasy sports, influencer-driven content, and other consumer services, China’s startups are heavily invested in transformational technologies such as:
Goyal lamented that India, despite producing the largest number of STEM graduates annually, is predominantly “creating delivery boys and girls” rather than tech innovators. He urged the Indian ecosystem to focus on research and development — echoing Prime Minister Modi’s slogan addition “Jai Anusandhan” (“Hail Research”), and stressed the need for more domestic capital investment instead of foreign entities acquiring stakes in promising startups.
The minister also voiced concern over the proliferation of startups in betting and fantasy sports that encourage gambling rather than genuine economic productivity. According to Goyal, India must aim to build startups that can compete with Chinese giants like Shein, DJI, and Alibaba, which dictate global commerce and technological innovation[4].
The disparity in funding between India and China remains glaring. In 2021, Chinese startups raised approximately $82 billion, nearly double India’s $42 billion. In 2023 and early 2024, China’s venture capital inflows remained robust at $26 billion in H1 2024 compared to India’s $13.7 billion throughout 2024. China’s funding focus spans deep tech sectors such as AI and semiconductors, with $12.3 billion invested in those areas in 2024 alone, whereas India’s total deep-tech funding stood at about $1.6 billion[1][2].
Indian startups have flourished in consumer-facing industries:
However, this focus on digital services contrasts with China’s concentration on strategic, capital-intensive sectors such as:
China’s government-backed industrial policies, like “Made in China 2025” and a $1.4 trillion tech investment plan, have accelerated growth in these fields, whereas India’s government investment is comparatively modest at around $150 billion over the same period[2][3].
China’s startup ecosystem, though dominant, has faced regulatory crackdowns, especially since 2020, affecting sectors like EdTech, gaming, and fintech. The abrupt cancellation of Ant Group’s IPO exemplified this volatility, driving some capital away from Chinese markets.
India, in contrast, provides a relatively stable and transparent regulatory framework, albeit with challenges such as angel tax and data protection issues. Its democratic institutions and judicial processes offer startups a predictable environment to operate within, fostering investor confidence[1].
In the wake of Minister Goyal’s reality check, Amitabh Kant, an influential policymaker and former CEO of NITI Aayog, has publicly backed local Indian tech startups, emphasizing the importance of nurturing indigenous innovation and reducing dependence on foreign capital and technology.
Kant advocates for:
Kant’s stance reflects a growing consensus among Indian policymakers and entrepreneurs that while India has made remarkable strides in sectors like fintech and SaaS, the next decade demands a strategic shift toward developing foundational technologies to compete with China and other global innovation hubs.
India’s startup ecosystem, energized by consumer convenience and digital services, must now evolve to meet the challenges identified by Piyush Goyal’s reality check. With Amitabh Kant’s backing and a national push for deep-tech innovation, India is poised to build a more resilient, self-reliant startup ecosystem that can contend with China’s tech supremacy.
By fostering research-led innovation, scaling capital-efficient startups, and nurturing domestic funding, India can transform from a “delivery app” economy into a powerhouse of AI, semiconductors, EVs, and beyond. This transformation will require coordinated efforts across government policy, industry collaboration, and entrepreneurial vision — positioning India as a trusted global leader in the technology startup revolution of the 2020s and beyond.
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