Fancy brands by billionaires’ kids are not startups, says minister Piyush Goyal

Commerce Minister Piyush Goyal

Union Minister Piyush Goyal took a sharp dig at India’s startup culture, arguing that luxury brands created by billionaires’ children should not be mistaken for real startups.

Speaking at Startup Mahakumbh 2025 in New Delhi, he stressed that true innovation should focus on large-scale problem-solving rather than fancy consumer products.

“I have been going through a lot of our startup success stories. And wherever I go, all over the country…I know at least three or four billionaires whose children make at least one brand of fancy cookies and ice creams. I have no complaints against that but is that the destiny of India?” Goyal asked.

The minister criticised the trend of repackaging premium consumer products as startups, arguing that such businesses do not represent the kind of disruptive innovation India needs.

“(They) use labels like ‘healthy,’ ‘gluten-free,’ and ‘vegan,’ add good packaging and call themselves startups. These are not startups. This is entrepreneurship. This is business.”

He stressed that India’s startup ecosystem, despite being the third-largest in the world, needs to focus on deep-tech, manufacturing, and large-scale innovation if it wants to compete with global leaders.

The minister pointed out that merely building high-end brands does not contribute to the kind of disruptive innovation that makes a country a powerhouse in technology.

Goyal also questioned whether the country was content with gig work and food delivery while China surged ahead in deep-tech, electric mobility, and battery technology. “Dukaandari ka hi kaam karna hai ya one of scale, to make a mark in the world?” he had asked, urging Indian entrepreneurs to think beyond short-term, profit-driven models.