Mohandas Pai fired back at Piyush Goyal saying India does have “many deep tech startups” like China but doesn’t have the Government’s support. Former Infosys CFO Mohandas Pai has strongly reacted to Piyush Goyal’s recent take on Indian startups. Speaking at Startup Mahakumbh, Goyal criticised the direction of Indian entrepreneurship, especially in the quick commerce space, asking, “Dukhandari ka hi kaam karna hai ya vishwavyapi aur international scale par Bharat ki pehchaan banani hai? [Are we just doing shopkeeper’s work, or are we aiming to build India’s identity on a global scale?]”. He contrasted Indian startups with those in China, which he claimed are focused on deep tech and innovation. Many, including Mohandas Pai, have fired back at Goyal. Pai said that India does have “many deep tech startups” like China but questioned the Government’s support, asking, “Where is the capital?” “There are very many small deep tech startups in chip design, IOT, Robotics, EV charging, BMS in India, growing rapidly but where is the capital?” asked Mohandas Pai on X (formerly Twitter) as he tagged Minister of Commerce and Industry, Piyush Goyal. The Chairman of Aarin Capital called for more proactive involvement of the Government in helping startups grow. “AIF investments are facing regulatory overreach and the flow has come down. RBI harasses overseas investors on remittances,” the Bengaluru-based Padma Shri Awardee said. He also highlighted the challenges deep tech startups face in scaling in India. “How do you sell to these dinosaurs?” he asked, pointing out that India already has technology for fast-charging electric buses, but most are operated by public sector undertakings (PSUs), making the adoption of the technology sluggish.
What did Piyush Goyal say at Mahakumbh?
Pai’s remarks came in response to Goyal’s speech at the second edition of the Startup Mahakumbh, where the Minister delivered a blunt comparison between Indian and Chinese startup ecosystems. The Minister said that while Indian startups are providing convenience at the cost of cheap labor, Chinese startups are investing in cutting-edge technologies like artificial intelligence (AI) and innovative mobility. “We are very proud of what India has done, but are we the best in the world as yet? Not yet,” Goyal said. “We are focused on food delivery apps turning unemployed youth into cheap labor, so the rich can get their meals without moving out of their house. And what does a Chinese startup do? They work on developing electric mobility battery technologies and they are today dominating the electric mobility ecosystem.”
India v/s China startup reality check:
At a time when China is dominating the global landscape with advancements in electric vehicle production, semiconductor development, AI models, next-generation manufacturing, space technology, high-speed rail and renewable energy, Goyal said that India is still exploring the quick commerce space. Goyal also took aim at gourmet ice creams and cookies marketed as “healthy” and instant grocery delivery apps, which he claimed are fostering a culture of laziness and impatience. Goyal also expressed concern over betting platforms and fantasy sports apps, which he believes promote gambling and addiction. He also criticised influencers for contributing to what he described as a “growing culture of mindless entertainment”.
Source : https://www.financialexpress.com/trending/where-is-the-capital-mohandas-pai-fires-back-after-goyals-critique-of-food-grocery-apps-at-mahakumbh/3798448/
