Piyush Goyal says he’d have bet his money on Indian startups

Commerce and Industry Minister Piyush Goyal urged Indian investors to back the country’s startup ecosystem, saying that if he were not in government, he would have invested in 120 startups showcased under the government’s Bharat Innovates programme and “retired.”

Speaking at the 22nd JRD Tata Memorial Lecture in New Delhi, Goyal said India’s startup ecosystem has evolved beyond consumer internet businesses to focus increasingly on deep technology and innovation.

“If I had not been in government, I would have put my money in 120 startups which were in Bharat Innovates and retired,” he said, calling on domestic pools of capital to invest more in Indian startups.

Bharat Innovates is a government-backed programme that connects startups, higher education institutions, research parks and laboratories with global investors and industry partners.

Goyal said the future of manufacturing would depend on producing smart, globally competitive products that meet international standards on both quality and price. He added that the government is finding it difficult to narrow down startups for the Padma Awards because of the sheer number of deserving candidates, with the current shortlist standing at 44.

Calling on industry to pursue excellence under the “Made in India” brand, Goyal urged businesses to reinvest profits into research and development, skilling, innovation, deep technology, quantum computing and biotechnology. Quoting JRD Tata’s observation that “money is like manure—it stinks when you pile it up, but grows when spread,” he encouraged companies to channel earnings into future growth.

The minister also said India’s merchandise exports have grown 15% despite geopolitical challenges. He added that India’s nine recently signed free trade agreements, covering 38 economies with a combined GDP of $60 trillion, would open new opportunities for Indian businesses. In contrast, he said free trade agreements signed with ASEAN and SAARC before 2014 were largely with economies that competed directly with India.