My article on Piyush Goyal’s Speech at Starup Mahakumbh 2025

In a speech that has sparked widespread debate across India’s business landscape, Commerce Minister ​Shri Piyush Goyal delivered what many perceive as a wake-up call to the nation’s burgeoning startup ecosystem. Speaking at Startup Mahakumbh 2025 in New Delhi, Goyal challenged entrepreneurs to pivot from service-oriented businesses toward deep technology innovation—a message that, while pointed, underscores a strategic vision for India’s technological future.

“We need more deep-tech startups in India,” ​Shri Goyal emphasized, drawing comparisons between India’s current focus on food delivery platforms versus China’s advancements in semiconductors, electric vehicles, and robotics.

While his comments initially drew criticism for appearing dismissive of gig economy startups, the minister’s broader message highlighted the necessity for technological self-reliance.

“The minister’s words shouldn’t be taken as criticism but as a challenge to engineers and technologists,” noted Zoho founder ​Shri Sridhar Vembu. “What we need are smart engineers who roll up our sleeves and get it done. We can do this.”

India currently boasts over 1.57 lakh government-recognized startups and more than 100 unicorns, establishing itself as the world’s third-largest startup hub. However, ​t​he Minister questioned whether these impressive numbers translate to meaningful technological advancement.

The debate reflects a critical junction for Indian innovation. While service-oriented startups have created significant employment opportunities and addressed urban needs, deep tech ventures represent just a fraction of the ecosystem, with ​Shri Goyal citing approximately 1,000 such startups nationwide.

Despite the controversy, ​Shri Goyal’s speech was a balanced one. While it might sound like he ​w​as dismissal of current achievements, ​i​t was actually a call for their evolution​.