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Union Commerce and Industry Minister Piyush Goyal inaugurated the Startup Mahakumbh 2025 held at Bharat Mandapam in Delhi on 3 April. During this time, he took his speech with Indian Startups Ecosystem and some such things, which started being discussed all over the country.
During his presentational speech, Goyal introduced a slide, which had a tychal ‘India vs China: The Startup Reality Check’,
In the slide, Goyal outlined the difference between Indian and Chinese startups.
Goyal said that while Chinese Startups Electric Vehicles (EV), Semiconductor, Robotics, and Artificial Intelligence (AI) are working in deep tech fields, Indian startups are mostly focused on food delivery, quick commerce, and consumer services.
Giving an example, he said, “China’s startups are making battery technology and semiconductor, which are preparing them for the future, while in India we are happy to become delivery boys and girls.”
Goyal lashed out at the focus of Indian startups and asked, ‘What do we want to do? Making ice cream or semiconductor chips? ‘
He specially criticized startups that make premium consumer products such as ‘fancy ice cream’ and ‘cookies’. He said that these children of some billionaires are called startups with words like ‘healthy, gluten-free, vegan’ and good packaging, but it is ‘shopkeeping’, not the real startup. We have to decide whether to make ice cream or make semiconductor chips.
He emphasized that India should focus on technology-driving innovation by moving beyond such ‘feature-based’ companies.
Goyal expressed concern that the number of deep tech startups in India is only about 1,000, which he described as ‘disturbing’.
He said that instead of facilities earning money in short term (such as quick delivery), India should invest in areas that ensure long -term development and global leadership.
Indian startups are changing youth into chip labor
Taking a dig at food delivery and quick commerce startups, he said that he is making ‘unemployed youths a chip labor’, so that ‘rich people can ask for food sitting at home.’
At the same time, Chinese startups are dominating all over the world in the sector of electric mobility, battery technologies. Will we be happy as delivery boys and girls? Is this the future of India? ‘ He asked this question to startups, which raised a lot of controversy.
Goyal asked people associated with platforms like Investors, especially the TV show ‘Shark Tank India’ (eg Aman Gupta of BOAT) to change the attitude of their investment and invest money in companies that focus on technology and long term values.
Startup India started in 2016
The Modi government launched the Startup India scheme on 16 January 2016. This day is celebrated as National Startup Day since 2022.
According to the Department for Promotion of Industry and Internal Trade (DPIT), Government of India, a total of 1,57,706 startups have been recognized in India by 31 December 2024.
When the startup scheme started in 2016, there were about 502 startups recognized in the country. At the same time, 1,34,000 startups have been registered in the last 5 years (from 2020 to 2025).
40,452 startups registered in the year 2024
- 2020 – 13,798
- 2021 – 19,371
- 2022 – 26,330
- 2023 – 34,779
- 2024 – 40,452
Most jobs in IT sector
According to government data, till 31 December 2024, startups got more than 17.28 lakh people direct employment. In this, the IT service sector is at the forefront, which produced 2.10 lakh jobs. This is followed by Healthcare and LifeSyins (1.51 lakhs) and professional and commercial services (96,474).
Female director in 75 thousand startups
According to government figures, till 31 December 2024, a total of 75,935 registered startups include at least one female director. This information is according to the information given by startups themselves.
Startups’ success and failure is not accounted for
Congress MP Saptagiri Ulka asked questions about startups in Parliament on December 3, 2024, how many startups are there in India, how much financial assistance has been given to them and what is their success rate?
The Ministry’s reply to this is that the success and failure of startups is not calculated.
More than 5,000 startups closed
Jitin Prasad, Minister of State in the Ministry of Commerce, through a written answer in the Lok Sabha, says that more than 5,000 startups registered under the ‘Startup India’ initiative have been closed. These numbers are about 3.3% of the 1.52 million startups recognized by DPIIT.
Maharashtra leads the startup shutdown
Most startups have been closed in Maharashtra, where 929 startups have closed their doors. This is followed by Karnataka (644), Delhi (593), Uttar Pradesh (487), and Telangana (301).
2024 Cemetery for India’s Startups
There is a website called INC42, which has called the cemetery for India’s startups 2024. According to this, a total of 12 big startups closed in the year 2024. At the same time, in the year 2023, more than 15 startups of different sectors were closed.
In 12 startups closed last year – Edtech Bluelearn, Fintech Goldpe, Agritech Greenikk, AI InsuSTAQ.AI, Fintech InvestMint, Healthcare Kenko, Media and Entertainment Koo, Fintec Muvin, Spiritual Tech My Tirte India, AI NINTEE, AI NINTEE Stoa and Enterprise Tech Toplyne include.
At the same time, according to the 2023 report of Business Today, there are 80 startups in India, which fall into the category of Unicorn. That is, their value is 1 billion dollars or more. Of these, only 17 startups are in profit.
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