“Minister of Missed Opportunities?” – Piyush Goyal’s Startup Mahakumbh Speech Sparks Backlash

In a speech that was supposed to energize India’s budding entrepreneurs, Union Minister Piyush Goyal ended up raising eyebrows at the Startup Mahakumbh event. Here’s why his remarks didn’t sit well with many in the startup ecosystem:

Out of Touch with Reality?:

Goyal claimed that Indian startups are thriving without government support — a statement that many called “detached from ground realities,” given the red tape, funding drought, and complex compliance startups continue to face.

Blaming Founders, Ignoring Policy Gaps:

The minister indirectly blamed entrepreneurs for failures, citing lack of “discipline” and “long-term vision,” while skipping over the lack of robust policy frameworks, access to capital, and ease of doing business hurdles.

Glorifying Unicorns, Ignoring Ground-Level Struggles:

Goyal’s speech heavily celebrated unicorns and big names, but made no mention of the thousands of early-stage startups struggling with funding winters and delayed payments — many of which were present in the audience.

Silence on Startup Exodus:

Not a word was said about the growing number of Indian startups moving abroad for better regulatory environments — a key concern that attendees hoped he would address.

Lip Service on Ease of Doing Business:

While Goyal repeated the “ease of doing business” mantra, many startup founders criticized the lack of actual on-ground improvements, especially in tax policies and company law compliance.

Tone-Deaf to Layoffs and Burnouts:

The minister brushed aside concerns around recent mass layoffs in the Indian tech space, choosing instead to paint an overly rosy picture that many say felt hollow and disconnected.

Lack of Concrete Announcements:

Despite the hype around the event, Goyal offered no new schemes, incentives, or reforms tailored for early-stage or rural startups — leaving many wondering why the event was hyped in the first place.

Ignoring Global Playbooks for Industrial Growth:

In stark contrast, countries like China have achieved global dominance in critical sectors such as electric vehicles (EVs), semiconductors, and solar energy through long-term, state-backed industrial policies. For instance:

In EVs, China introduced the “New Energy Vehicle (NEV) policy” in 2009, followed by billions in subsidies, tax exemptions, and government procurement mandates. Today, over 60% of global EV production comes from China, led by companies like BYD and CATL.

In semiconductors, China launched the “National Integrated Circuit Industry Development Guidelines” in 2014 and established the $45 billion “Big Fund” to back chip manufacturing and design. It now aims for 70% semiconductor self-sufficiency by 2025.

In solar energy, China supported its manufacturers through the Golden Sun Program and feed-in tariffs. As a result, Chinese firms now dominate the global supply chain, producing over 80% of the world’s solar panels.

These outcomes weren’t accidental but the result of decades of strategic investment, export-focused subsidies, and consistent policy continuity. Goyal’s suggestion that Indian startups should thrive with minimal government hand-holding flies in the face of this proven global strategy. If India truly aspires to lead in the industries of the future, it must move beyond motivational speeches and embrace industrial foresight and proactive state support.

In a space where action speaks louder than slogans, Goyal’s speech seemed heavy on PR and light on substance. As one startup founder tweeted afterward: “If ministers won’t acknowledge our problems, how will they ever solve them?"