Billionaire-Backed Luxury Brands Don’t Qualify As Startups, Says Piyush Goyal

Union Minister Piyush Goyal has taken a sharp jibe at India’s startup ecosystem, asserting that luxury brands founded by billionaires’ children should not be mistaken for genuine startups. Speaking at Startup Mahakumbh 2025 in New Delhi on Thursday, Goyal stressed that true innovation should aim at solving large-scale problems rather than focusing on trendy 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 questioned.

The minister criticised the growing trend of repackaging premium consumer products under the guise of startups, arguing that such ventures do not reflect the disruptive innovation India truly 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 added.

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Piyush Goyal Urges Indian Startups To Focus On Deep-Tech And Large-Scale Innovation

Union Minister stressed that while India’s startup ecosystem is the third-largest globally, it must shift its focus toward deep-tech, manufacturing, and large-scale innovation to compete with global leaders.

He highlighted that creating high-end consumer brands does not contribute to the disruptive innovation necessary to establish a country as a technology powerhouse.

Goyal also questioned India’s current trajectory, asking, "Are we content with gig work and food delivery while China advances in deep-tech, electric mobility, and battery technology?" He challenged Indian entrepreneurs to move beyond short-term, profit-driven models, posing a thought-provoking question: "Dukaandari ka hi kaam karna hai ya one of scale, to make a mark in the world?"

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