Union Commerce Minister Piyush Goyal recently stirred controversy with his remarks at the Startup Mahakumbh event in New Delhi. He criticized Indian startups for focusing on quick commerce, such as fast food and grocery delivery, instead of developing deep-tech solutions like China’s advancements in electric mobility, battery technology, and robotics. Goyal questioned whether Indian entrepreneurs should limit their ambitions to services that cater to convenience rather than technological breakthroughs.
In response, Ashneer Grover, co-founder of BharatPe, fired back, stating that Indian politicians need a reality check. He pointed out that even China’s startup ecosystem began with consumer services before transitioning to deep tech. Grover argued that before critiquing job creators, the government should first ensure long-term economic growth exceeding 10% for two decades. He also emphasized the need to shift public discourse toward science and innovation.
Backing Grover’s stance, Mohandas Pai, former CFO of Infosys, highlighted the presence of several deep-tech startups in chip design, IoT, robotics, and EV charging in India. However, he stressed that these startups struggle due to lack of capital and government support. Pai urged policymakers to create an environment conducive to deep-tech innovation rather than just criticizing the industry.
The debate underscores the divide between government expectations and startup realities. While quick commerce thrives due to consumer demand and investment, deep tech requires significant funding and policy support. Instead of choosing one over the other, a balanced approach is necessary to ensure India’s long-term success in the global tech race.
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