Startups need capital, government support : Mohandas Pai

Union Commerce minister Piyush Goyal said his country’s startups needed to emulate China by focusing on high-end tech and not quick grocery deliveries or fancy ice cream - harsh criticism that had entrepreneurs quickly pointing out the government’s shortcomings. Piyush Goyal told a startup event in New Delhi late on Thursday that too many were offering food delivery so that “the rich can get their meals without moving out of their house” and were “turning unemployed youth into cheap labour.” His comments prompted hundreds of posts on social media from startup founders and venture capitalists, taking the government to the task for failing to create high-quality infrastructure and jobs and not doing enough to support entrepreneurs. Mohandas Pai, Chairman of Aarin Capital shares his views on the issues that the Indian startup ecosystem are facing today, and the minister’s comment.