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India’s Commerce Minister Piyush Goyal’s recent comments about the country’s start-up ecosystem have sparked a massive debate on social media and evoked strong reactions from some entrepreneurs.
At the second edition of Startup Mahakumbh, a government-led start-up conclave, Goyal urged Indian start-ups to explore more innovations in technology in order to help the country progress. He compared India’s start-ups to those of China, saying that while India was making progress, China was doing much more to support its start-ups.
Goyal said that India’s start-ups were largely focussed on lifestyle products such as gluten-free ice creams, and that the country needed to be willing to evolve and learn if it wanted to be a bigger and better player in the global start-up ecosystem.
He compared India’s start-up ecosystem to that of China, saying that China had a more comprehensive support system for its start-ups, including funding, research and development, and talent acquisition.
Many Indian entrepreneurs and investors have responded to Goyal’s comments, with some agreeing that India needs to do more to support its start-ups, while others have criticized Goyal for being unrealistic and not understanding the challenges faced by start-ups.
One entrepreneur said that Goyal’s comments were well-intentioned but lacked practical understanding of the problems faced by start-ups. Another entrepreneur said that Goyal was right about the need for more innovation in India’s start-up ecosystem, but that the government needed to provide more support to start-ups if they were to achieve this goal.
The comment has also sparked debate about the state of India’s deep-tech start-up ecosystem, with some experts saying that India is still lagging behind other countries in this area.
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