India has come a long way in building its startup ecosystem, but Union Minister Piyush Goyal recently stirred the pot by asking a bold question: Are Indian startups just selling stuff, or are they truly innovating?
Speaking at the second edition of Startup Mahakumbh, Goyal pointed out that while India has thousands of startups, very few are working on cutting-edge technologies like artificial intelligence, electric vehicles, or advanced batteries.
In contrast, countries like China are way ahead when it comes to investing in deep-tech and long-term innovation.
"We must learn (from other countries). We must be willing to evolve, we have to be able to learn, we want to aspire to be bigger and better and bolder. And we should not shy of the competition," the minister said.
His comments sparked reactions across the startup world. Aviral Bhatnagar, founder of venture capital firm AJVC, responded by highlighting a different issue - doing business in India isn’t always easy.
“We know where the problem is.”
Aviral Bhatnagar said on LinkedIn that although India leads the world in digital payments volume and has the third-highest number of startups and unicorns, it still ranks 63rd in the World Bank's ease of doing business rankings.
He wrote, "We know where the problem is," implying that the development of truly groundbreaking startups is hampered by stringent regulations rather than a lack of drive or creativity.
According to Bhatnagar, it’s not that Indian entrepreneurs don’t have big dreams — it’s that they’re often bogged down by red tape, confusing rules, and endless paperwork.
Also Read: Columnist-Entrepreneur Suhel Seth Calls 80% Indian Startups A ‘Racket’; Anupam Mittal Responds
Startup India Helpdesk
Minister Piyush Goyal announced that the Indian government is establishing a special helpline for Indian entrepreneurs in response to the outrage that some startup founders had expressed over his comments.
According to him, all entrepreneurs would be able to record grievances or offer feedback on policies by calling the helpline, which would be available to them via a straightforward four-digit toll-free number in regional languages.
Also Read: 'Dettol Burns The Wound!' Doc Claims On Raj Shamani’s Podcast; Company Plans Action For ‘Tarnishing Reputation’
'India ranks 63rd in ease of doing business...we know where the problem is': Founder Reacts to Minister Goyal’s Comment on Indian Startups
India ranks 63rd in ease of doing business despite a booming startup scene. While Minister Piyush Goyal urges more deep-tech innovations, AJVC founder Aviral Bhatnagar points out the regulatory hurdles.
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AJVC Founder Reacts to Minister Goyal’s Comment on Indian Startups
India has come a long way in building its startup ecosystem, but Union Minister Piyush Goyal recently stirred the pot by asking a bold question: Are Indian startups just selling stuff, or are they truly innovating?
Speaking at the second edition of Startup Mahakumbh, Goyal pointed out that while India has thousands of startups, very few are working on cutting-edge technologies like artificial intelligence, electric vehicles, or advanced batteries.
In contrast, countries like China are way ahead when it comes to investing in deep-tech and long-term innovation.
His comments sparked reactions across the startup world. Aviral Bhatnagar, founder of venture capital firm AJVC, responded by highlighting a different issue - doing business in India isn’t always easy.
“We know where the problem is.”
Aviral Bhatnagar said on LinkedIn that although India leads the world in digital payments volume and has the third-highest number of startups and unicorns, it still ranks 63rd in the World Bank's ease of doing business rankings.
He wrote, "We know where the problem is," implying that the development of truly groundbreaking startups is hampered by stringent regulations rather than a lack of drive or creativity.
According to Bhatnagar, it’s not that Indian entrepreneurs don’t have big dreams — it’s that they’re often bogged down by red tape, confusing rules, and endless paperwork.
Also Read: Columnist-Entrepreneur Suhel Seth Calls 80% Indian Startups A ‘Racket’; Anupam Mittal Responds
Startup India Helpdesk
Minister Piyush Goyal announced that the Indian government is establishing a special helpline for Indian entrepreneurs in response to the outrage that some startup founders had expressed over his comments.
According to him, all entrepreneurs would be able to record grievances or offer feedback on policies by calling the helpline, which would be available to them via a straightforward four-digit toll-free number in regional languages.
Also Read: 'Dettol Burns The Wound!' Doc Claims On Raj Shamani’s Podcast; Company Plans Action For ‘Tarnishing Reputation’