India Needs More Deep Tech Startups, Says Piyush Goyal

t the Startup Mahakumbh 2025, Union Minister Piyush Goyal delivered a thought-provoking address that sparked a critical conversation about the direction of India’s startup ecosystem.

In a candid moment, Goyal juxtaposed the rise of food delivery and instant grocery startups in India with the ambitious deep tech innovations driving countries like China forward.

His speech was both a celebration of India’s entrepreneurial spirit and a challenge to its youth:

Are we content being "delivery boys and girls," or should we aspire to lead the world in transformative technologies?

The Indian Startup Landscape: Convenience Over Ambition?

Goyal began by acknowledging the success of India’s startup ecosystem, particularly in the food delivery and instant grocery sectors.

Apps that turn unemployed youth into gig workers have become a lifeline for many, while enabling the affluent to enjoy meals and groceries without stepping out of their homes.

He cited examples of "fancy ice creams and cookies" businesses—some run by the children of billionaires—that have scaled into successful ventures.

Zero-gluten, vegan, and healthy dessert brands have carved out a niche, generating wealth and employment.

Yet, Goyal posed a piercing question: Is this the destiny of India?

While he expressed pride in these achievements, he urged the audience to reflect on whether such ventures represent the pinnacle of India’s potential. “I have no complaint against that,” he said, “but are we the best in the world as yet? Not yet. Should we aspire to be, or are we going to be happy being delivery boys and girls?”

The minister highlighted the meteoric rise of instant grocery delivery startups, some valued at billions of dollars. However, he noted a concern: much of this success is fueled by foreign investment rather than Indian capital.

“I only wish they had more Indian investors rather than foreigners buying off all our startups,” he remarked, calling for greater domestic participation in the startup economy.

The Chinese Contrast: Deep Tech Dominance

In stark contrast, Goyal pointed to China’s startup ecosystem, which is heavily focused on deep tech innovations like electric mobility and battery technologies. Chinese startups are not just solving local problems—they’re dominating global markets.

“They’re investing heavily to become self-reliant, building chips, AI models, robotics, automation, and machine learning,” he said.

These advancements are preparing China for next-generation manufacturing and efficient factories that compete on the world stage.

This comparison wasn’t meant to diminish India’s progress but to inspire a shift in perspective. While India excels in hyper-fast logistics and consumer convenience, Goyal argued that the nation must look beyond short-term wealth creation and aim for long-term global leadership.

Deep Tech in India: A Disturbing Gap

One of the most striking moments of Goyal’s speech came when he revealed a sobering statistic: India has only about 1,000 startups in the deep tech ecosystem. “It is a disturbing sign,” he admitted.

Technologies like semiconductors, artificial intelligence, and 3D manufacturing—fields that could secure India’s future—are underrepresented in the startup narrative. Meanwhile, convenience-driven businesses dominate the headlines and funding rounds.

Goyal emphasized that wealth creation through food delivery and grocery apps is valuable, but it’s not enough. “We’ll need to go global. We’ll need to think big. We’ll need to be ambitious,” he urged.

The minister called on India’s youth—the “sculptors of New India”—to drive the nation toward Viksit Bharat 2047, a vision of a developed India by its centennial year of independence.

A Call for Ambition and Experimentation

Goyal’s message was clear: India must break free from the limitations of its past and explore the unknown. “Let’s not limit ourselves with the past. Let’s experiment and go beyond the boundaries of our own thinking,” he said.

He envisioned an India that competes with the best in the world—not just in trade agreements but in innovation and technology.

Under Prime Minister Narendra Modi’s leadership, India is already pursuing ambitious international partnerships with countries like Australia, the EU, the UK, the USA, and others.

“We are not aiming small,” Goyal asserted, contrasting this approach with what he called the “Congress culture” of aligning with weaker nations. But to truly stand tall on the global stage, India’s startups must move beyond grocery stores and ice cream brands.

“I can’t take them to the world and say, ‘This is India’s offering,’” he quipped.

The Choice Before Us

As Goyal concluded, he left the audience with a powerful choice: Will India settle for being a nation of convenience providers, or will it rise as a hub of deep tech innovation?

The Startup Mahakumbh 2025 exhibition hall, he promised, would showcase a chart contrasting these two paths—one of short-term gains and another of long-term global impact.

For India’s startup community, the minister’s words were both a wake-up call and an invitation. The tools are in our hands—semiconductors, AI, robotics, and beyond. The question remains: Will we sculpt a future that delivers meals, or one that delivers breakthroughs?