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Union Minister Piyush Goyal stirred up a fresh debate on India’s startup direction during his address at Startup Mahakumbh 2025 on April 3. He questioned the nation’s future, taking a sharp dig at billionaire children opening ice cream and cookie businesses, and calling them “startups.”
“Fancy ice cream and cookies. I know at least three or four billionaires whose children make one brand or the other, very fancy ice cream and cookies, and run a very successful business,” said Goyal, addressing a hall full of young entrepreneurs.
Though he clarified he had no personal objection to such ventures, Goyal pressed for deeper introspection: “Is that the destiny of India? Is the future of India satisfied with that?”
Not a Startup, Just Business, Says Goyal
In his speech, Goyal differentiated between true startups and businesses disguised with fancy labels. “Healthy ice cream, zero, gluten-free, vegan; using these terms and good packaging, they call themselves a startup. This is not a startup, it’s entrepreneurship. This is business,” he asserted.
Call for Deep-Tech, Not Desserts
Highlighting India’s growing capabilities in semiconductors and homegrown artificial intelligence (AI), Goyal emphasized the need for serious innovation.
“We are investing heavily in becoming self-reliant, building chips and AI models which will prepare the nation for the future,” he noted.
Challenging the audience, he asked: “What should India do? Make ice cream or semiconductor chips?”
Goyal’s comments come at a time when India is pushing for tech-driven growth, yet many startups are dominated by lifestyle and food-based businesses.
Zepto CEO Aadit Palicha Responds
The remarks triggered responses in the startup ecosystem. Zepto co-founder and CEO Aadit Palicha defended Indian consumer startups, pointing out their contribution to the economy and infrastructure.
“It is easy to criticise consumer internet startups in India, especially when you compare them to the deep technical excellence being built in US/China,” he said in a social media post.
Palicha highlighted Zepto’s own achievements, including significant tax contributions, foreign direct investment, and investments in backend supply chains, particularly in fresh fruits and vegetables.
“₹1,000+ Crores of tax contribution to the government per year, over a billion dollars of FDI brought into the country… If that isn’t a miracle in Indian innovation, I honestly don’t know what is,” he added.
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