‘Perpetual haters of Modi govt’: Piyush Goyal on critics of his startup remark

UNion mercantilism and manufacture government minister Piyush Goyal on wed said those who attacked him for his controversial comments at the Startup Mahakumbh before this year were “perpetual haters of the Modi government”, adding that what began as an online backlash eventually turned into a “wake-up call” for India’s startup ecosystem.Speaking at the TiECon Delhi 2025 on Wednesday, Goyal recalled that the remarks, made spontaneously at the Bharat Mandapam event in April, were not pre-planned. “I had just received a WhatsApp message showing a slide comparing Indian and Chinese startups…Soon after my comments, there was a flurry of attack on me. But I realised that most of those who attacked me were either perpetual haters of the Modi government or people who attack us irrespective of what we do. Later, I felt redeemed because wherever I went, youngsters told me they resonated with what I said.”At the Startup Mahakumbh in April, Goyal had drawn criticism for questioning whether India’s startup space had become shallow and over-focused on quick-service ventures. Using a slide, which he had received on WhatsApp, comparing India and China, he said, “Food delivery apps are turning unemployed youth into cheap labour so the rich can get their meals without moving out of the house. Are we happy about being delivery girls and boys? Kids of billionaires are making fancy ice cream and cookies and calling it startups… While China is building semiconductor chips and EV batteries.“Goyal told the audience that the stir helped trigger a broader discussion around the need to build “serious, innovation-driven companies”. He said the government’s second edition of Startup Fund of Funds would focus primarily on deeptech ventures, particularly early-stage investments to help founders retain ownership instead of selling large stakes to foreign investors.He also referred to the upcoming Anusandhan National Research Fund, a ₹1 lakh crore (almost $12 billion) initiative to support research and innovation, which he said would have an impact equivalent to “$100 billion of research in the US or Europe” because of India’s lower costs and talent advantage.Reinforcing the government’s push for technological self-reliance, Goyal said India must reduce its dependence on foreign technologies, weapons, and energy sources. “The spirit of Swadeshi is not just about making in India or designing in India, it’s essential for our sovereignty,” he said.Closing his address with a ship analogy, Goyal likened India’s entrepreneurial spirit to a vessel built for exploration rather than comfort. “A ship is safe in the harbour, but that’s not what it’s meant for,” he said. “India is a ship that was never meant to stay anchored. Our 1.4 billion enterprising Indians are meant to play a big role at the global level.”He said global investors were “betting big on India”, pointing to the country’s large pool of STEM graduates and growing deeptech potential. “The ball is in our court to perform,” Goyal said. “India must move away from being just the back office of the world to becoming a global engine of innovation.”