Union minister of Commerce and Industry Piyush Goyal during his address at the Startup Mahakumbh 2025 on March 4, emphasized India’s growing potential in deep technology, artificial intelligence, and data analytics. He expressed strong confidence in the country’s ability to leave a lasting impression on the global stage.
“This is the base, the foundation on which I am confident India will foray in a big way into the world of innovation. We will make our presence felt at the global stage on products of deep significance, whether it is deeptech, Artificial Intelligence, machine learning, or how we can do data analytics smarter and better,” Goyal remarked.
He also lauded the contributions of Indian startups, stating, “I go back extremely satisfied with the work done by our young startups. I am very confident that my message to the startups has been received, except some Congress party handles who are hell-bent on manufacturing a controversy where there is none. By and large, the feedback I have received is young India is raring to go and they are ready to capture the world.”
Goyal further urged Indian investors to recognize the untapped potential within the country’s startup ecosystem. “Time has come for the investors of India to recognize that this entire startup ecosystem has a lot of potential. Our young people are doing excellent work in it. To take it to the next level, I feel that the involvement of Indian investors and people will give it a faster pace,” he added.
However, Goyal took a more critical tone on April 3, particularly focusing on the innovation gap between Indian and Chinese startups. He expressed concerns over domestic firms, specifically food delivery companies, and questioned their role in the economy. “These companies are turning unemployed youth into cheap labour so the rich can get their meals without moving out of the house,” he said.
Despite his recent criticism, Goyal has previously praised India’s startup ecosystem. On June 22, 2024, he shared on X: “Young and vibrant minds are fuelling India’s startup space with innovative digital solutions that enhance ease of living and generate employment opportunities for our large talent pool,” following his meeting with Zepto co-founder Aadit Palicha.