Former Infosys CFO Mohandas Pai Criticizes Piyush Goyal’s Comments on Indian Startups and Innovation

Former Infosys CFO Mohandas Pai has strongly reacted to Piyush Goyal’s recent comments on Indian startups, sparking a heated debate on the direction of entrepreneurship in the country. Goyal, speaking at Startup Mahakumbh, criticized Indian startups for focusing on quick commerce and questioned whether they are aiming to build India’s identity on a global scale or just doing “shopkeeper’s work.”

In response, Pai pointed out that India does have many deep tech startups like China but raised concerns about the lack of capital and government support for these ventures. He highlighted the disparity in global startup funding, with Indian startups receiving significantly less investment compared to their Chinese and American counterparts.

Pai called for more proactive involvement of the government in helping startups grow and highlighted the challenges deep tech startups face in scaling in India. He also questioned how these startups can sell their technology to traditional industries, citing the example of fast-charging electric buses that are mainly operated by public sector undertakings.

Goyal’s speech at the Startup Mahakumbh drew attention to the differences between Indian and Chinese startup ecosystems, with a focus on cutting-edge technologies like artificial intelligence and electric mobility in China. He expressed concerns about the current trajectory of some Indian startups, criticizing them for turning unemployed youth into cheap labor and fostering a culture of laziness and impatience.

The debate between Pai and Goyal reflects larger discussions about the future of Indian entrepreneurship and the need for greater support and investment in deep tech startups. As India seeks to compete on a global scale, the role of the government and the direction of innovation in the country will be crucial in shaping the future of the startup ecosystem.