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Industrials
In recent remarks at the Startup Mahakumbh 2025, Union Commerce Minister Piyush Goyal sparked a stir by criticizing India's startup ecosystem for focusing too heavily on consumer-facing apps and gambling platforms, rather than diving into deep-tech innovations like AI and semiconductors. His comments highlighted a pressing issue within India's entrepreneurial landscape: the dearth of innovative startups that can propel the country into the forefront of technological advancements.
At the heart of Goyal's critique are five critical points that underscore the challenges facing India's startup ecosystem. These concerns touch on the lack of investment in deep-tech industries, the predominance of consumer-facing apps, and the mismatch between India's startup strategies and those of countries like China.
The reactions to Goyal's comments have been diverse, with some founders and investors supporting his call for deeper innovation, while others have defended the current trajectory of India's startups, highlighting their contributions in job creation and tax revenues.
Supportive Voices:
Critical Voices:
A major challenge facing India's deep-tech startups is the lack of adequate funding. In contrast to China, where deep-tech startups receive significant investment, India's R&D spending is minimal. As reported, only about 5% of total funding in India goes to deep-tech startups, compared to 35% in China[5]. This disparity is further exacerbated by systemic issues such as red tape and a weak regulatory framework for innovation, which discourage both domestic and foreign investments.
To bridge the gap between India's startup ambitions and reality, the government must play a more proactive role. This includes reforming the regulatory environment to encourage manufacturing and deep-tech innovation. Some of the key measures that can be taken include:
The debate sparked by Piyush Goyal highlights the pressing need for a strategic shift in India's startup ecosystem. While India has made significant strides in the startup world, becoming the third-largest startup hub globally, there is a clear gap in deep-tech innovation. Addressing this gap will require not just a change in entrepreneurial focus but also systemic reforms and increased support from the government. By bridging this innovation gap, India can unlock its full potential and position itself as a global leader in technology and innovation.
