Piyush Goyal Sparks Debate on India’s Startup Destiny

Union Minister Piyush Goyal, speaking at the Startup Mahakumbh 2025 on April 3, stirred controversy by questioning the direction of India’s startup ecosystem. Taking a dig at the children of Indian billionaires launching luxury ice cream and cookie brands, Goyal criticized the trend of labeling such ventures as ‘startups’ while the nation needs technological progress.

”Fancy ice cream and cookies. I know at least three or four billionaires whose children make one brand or the other, and run a very successful business”, he noted. While clarifying that he has no personal issue with these businesses, he raised a critical question: “Is that the destiny of India?”

Also, Goyal stressed that using terms like ‘gluten-free’, ‘vegan’, or ‘zero sugar’, along with attractive packaging, doesn’t qualify a venture as a startup. “This is not a startup, it's entrepreneurship. This is business”, he said, underlining the need to distinguish between lifestyle ventures and tech-driven innovation.

Highlighting India’s strides in semiconductor development and artificial intelligence, Goyal called for a stronger national focus on deep-tech startups. “What should India do? Make ice cream or semiconductor chips?” he asked, urging entrepreneurs to align with India's vision of becoming a global technology leader.