Aman Gupta, co-founder of audio electronics company boAt, has echoed Union Commerce and Industry Minister Piyush Goyal’s call to Indian startups to look beyond traditional consumer-oriented businesses such as grocery delivery and food services. Gupta seconded the minister’s view, reiterating the importance of Indian entrepreneurs focusing on cutting-edge, innovation-based industries.
Startup Mahakumbh Sparks Key Conversation
Addressing the Startup Mahakumbh conference on Thursday, Goyal defied the latest trend of low-technology startup models and called upon young entrepreneurs to start high-impact ventures in areas like artificial intelligence (AI), robotics, machine learning, semiconductors, and 3D manufacturing.
“Are we going to be delivery boys and girls. Is that India’s fate? This is not a startup, this is entrepreneurship. What the other side is doing — robotics, machine learning, 3D manufacturing and next generation factories,” Goyal said, pointing to a presentation titled “India vs China: The Startup Reality Check.”
Gupta’s Social Media Endorsement of Goyal’s Vision
In reaction to the ongoing controversy in India’s startup ecosystem, Gupta took to the social media site X with a post endorsing the minister’s opinion. He termed Goyal’s comments as encouragement and not criticism.
It’s not every day that the government asks founders to dream bigger.
But at Startup Mahakumbh, that’s exactly what happened. I was there. I heard the full speech. Hon. Minister @PiyushGoyal Ji isn’t against founders. He believes in us.His point was simple: India has come far,… pic.twitter.com/bA4ontAz1M
— Aman Gupta (@amangupta0303) April 6, 2025
“It’s not daily that the government requests founders to dream big. But at Startup Mahakumbh, that’s precisely what happened. I was present. I listened to the entire speech. Hon. Minister @PiyushGoyal Ji is not against founders. He trusts us. His argument was straightforward: India has traveled a long way, but to dominate the world, we must think bigger. It brought back to my mind something I keep repeating on Shark Tank India: If you wish to create a world-class product, you need to know your competitors. That goes for India as well,” Gupta shared.
He went on, “Benchmarking with China, the US, or whoever else — isn’t weak. It’s just smart. We’re already the 3rd largest startup ecosystem globally and fastest-growing major economy. But to become No.1, we have to go deep in AI, deep tech, climate, mobility, and infra too. We need LLMs and innovation stacks that match global standards.”
Gupta then also opined, “And to make that possible, we also require Scientific risk, More patient capital, founder–policymaker collaboration and a long-term national vision.”
Minister Challenges Startup Priorities and Labour Traditions
In his speech, Goyal challenged the country’s direction when it comes to startup emphasis. “Do we need to produce ice cream or chips?” he asked, challenging the founders to align their efforts with industries essential to India’s future prosperity. He also showed alarm at the rising reliance on foreign capital and stressed domestic investment.
“Indigenous investment base is very important,” Goyal stated. He also promised hand-holding to entrepreneurs who are struggling, urging resilience in case of failure.
Goyal raised the red flag about the working model of food delivery apps for exploiting unemployed youth as low-paid gig workers. He argued that of the 1.57 lakh recognised startups in the country, there are only around 1,000 in deep-tech, a number which he deemed “disturbing” considering the country’s aspiration to become a developed nation by 2047.
Mixed Reactions from Startup Leaders
Goyal’s remarks provoked uniform reactions from various founders of Indian startups. Among those who replied were Zepto CEO Aadit Palicha, Zoho founder Sridhar Vembu, and Vijay Shekhar Sharma from Paytm, who also aired their opinions about the minister’s views.
While some industry leaders pushed back, arguing that consumer-facing businesses also play a crucial role in economic development, others like Gupta used the moment to highlight the need for greater collaboration between entrepreneurs and policymakers to build a sustainable and globally competitive startup ecosystem.
