Former Infosys CFO Mohandas Pai Criticizes Piyush Goyal’s Comments on Indian Startups and Calls for More Government Support
Former Infosys CFO Mohandas Pai has taken a strong stance against Minister of Commerce and Industry Piyush Goyal’s recent comments on Indian startups. At the Startup Mahakumbh event, Goyal criticized the direction of Indian entrepreneurship, particularly in the quick commerce sector, questioning whether Indian startups are merely focused on “shopkeeper’s work” or aiming to establish India’s identity on a global scale.
In response, Mohandas Pai highlighted the presence of deep tech startups in India but raised concerns about the lack of capital and government support for these ventures. He pointed out that while Indian startups received $160 billion in funding from 2014 to 2024, China received $845 billion and the US received $2.3 trillion. Pai called for more proactive government involvement to help startups grow and overcome regulatory challenges.
Pai also emphasized the challenges faced by deep tech startups in scaling in India, particularly in selling their technology to established entities. He cited the example of fast-charging electric buses, where India already has the technology but adoption is hindered by public sector undertakings.
Goyal’s speech at the Startup Mahakumbh highlighted the disparity between Indian and Chinese startup ecosystems, with China investing in cutting-edge technologies like AI and electric mobility while India focuses on convenience services like food delivery apps. Goyal questioned whether India’s current trajectory aligns with its vision for the future and urged a shift towards innovation and technology development.
The contrasting views of Pai and Goyal underscore the ongoing debate about the direction of Indian startups and the need for greater support and investment in deep tech ventures. As India seeks to compete on a global scale, the role of government policies and funding in nurturing innovation and entrepreneurship will be crucial in shaping the country’s startup landscape.
