Shouldn’t Belittle Indian Startups: Mohandas Pai on Piyush Goyal’s ‘India vs China’ Remark
The recent comments made by Union Minister Piyush Goyal, comparing Indian and Chinese startups, have sparked a heated debate in the country’s startup ecosystem. Goyal’s remarks, which suggested that Indian startups are more focused on “fancy names” rather than creating innovative products, have been widely criticized by industry experts and entrepreneurs. One such critic is Mohandas Pai, the former Chief Financial Officer (CFO) of Infosys, who has taken Goyal to task for his comments.
In an interview with Moneycontrol, Pai expressed his disappointment and frustration with Goyal’s remarks, saying, “Goyal shouldn’t belittle our startups but ask himself what he has done as our Minister to help deep-tech startups grow?” He further added, “We have a startup policy that is basically a copy-paste job from other countries. We don’t have a clear vision for what kind of startups we want to create in India.”
Goyal’s comments were made during a speech at a startup event, where he compared Indian startups to Chinese ones, saying, “Indian firms call themselves ‘startup’ by adding fancy words to ice cream names…Should we make ice creams or semiconductor chips?” His remarks were met with widespread criticism from the startup community, with many entrepreneurs and investors questioning the Minister’s understanding of the Indian startup ecosystem.
Pai, who is known for his expertise in the startup space, believes that Goyal’s comments are not only unfair but also misinformed. “Goyal is not aware of the kind of startups that are coming up in India,” he said. “He is not aware of the kind of innovation that is happening in India. He is just talking about ice cream names and semiconductor chips, but he doesn’t know what’s happening on the ground.”
Pai’s criticism of Goyal’s comments is not without merit. The Indian startup ecosystem has made tremendous progress in recent years, with several Indian startups achieving significant success in various sectors. From e-commerce to fintech, Indian startups have made a mark globally, and many have received significant funding from investors.
However, despite this progress, the Indian startup ecosystem still faces several challenges, including a lack of funding, regulatory hurdles, and a shortage of skilled talent. Pai believes that Goyal’s comments are a reflection of the government’s lack of understanding of these challenges and its failure to provide adequate support to Indian startups.
“Goyal is not aware of the kind of challenges that startups are facing in India,” Pai said. “He is not aware of the kind of funding that startups are getting, or the kind of talent that startups are hiring. He is just talking about ice cream names and semiconductor chips, but he doesn’t know what’s happening on the ground.”
Pai’s criticism of Goyal’s comments is not limited to his lack of understanding of the startup ecosystem. He also believes that the Minister’s remarks are demotivating for entrepreneurs and can harm the startup ecosystem as a whole. “Goyal’s comments are demotivating for startups,” he said. “They are saying that the government is not supportive of startups, and that the Minister is not aware of the kind of innovation that is happening in India. This can harm the startup ecosystem and make it difficult for startups to grow and succeed.”
In conclusion, Mohandas Pai’s criticism of Piyush Goyal’s comments is well-founded. Goyal’s remarks were unfair and misinformed, and they failed to acknowledge the progress that Indian startups have made in recent years. Pai’s criticism is not limited to Goyal’s lack of understanding of the startup ecosystem, but also to his failure to provide adequate support to Indian startups. As the Indian startup ecosystem continues to grow and evolve, it is essential that policymakers and entrepreneurs work together to create an environment that is supportive of innovation and entrepreneurship.
