Several leading Indian entrepreneurs have rallied in defense of the country’s startup ecosystem after Commerce Minister Piyush Goyal questioned its value and innovation potential. The comments sparked a debate within the startup community.

BulletsIn

• Piyush Goyal criticizes Indian startup focus on food delivery, ice cream making, urging a shift to high-tech sectors like AI, robotics, and semiconductors.
• Zepto CEO Aadit Palicha defends consumer internet startups, citing their significant contributions to jobs, foreign direct investment (FDI), and tax revenue.
• Palicha argues that consumer internet companies drive innovation and generate the data, talent, and capital necessary for future tech revolutions.
• Zoho founder Sridhar Vembu sees Goyal’s message as a challenge for engineers, not criticism, calling for innovation in deep-tech sectors.
• Infosys’ former CFO Mohandas Pai urges ministers to support deep-tech startups and remove barriers for growth.
• Anupam Mittal of Shaadi.com impressed by deep-tech startups, but highlights lack of capital and ecosystem support.
• Palicha stresses the need for India to build local tech champions first before aspiring to global leadership in innovation.
• Goyal’s message criticized by Congress for misinterpreting the value of Indian startups, which he says is misunderstood by the opposition.
• Startup ecosystem leaders stress that India’s emerging market needs time and resources to grow, drawing comparisons with more mature ecosystems like China and the US.
• Vijay Shekhar Sharma of Paytm notes that India’s startup ecosystem is still in its early stages, with potential for long-term growth.