India’s startup ecosystem has come a long way, with multiple unicorns in delivery, fintech, and e-commerce. Yet, at Startup Mahakumbh 2025, Union Commerce Minister Piyush Goyal challenged this growth narrative. In a thought-provoking address, he urged entrepreneurs to pivot from convenience-based solutions to deep technology and innovation-led models that could position India as a global leader in advanced sectors.

“Beyond Delivery Boys and Girls”: Reimagining the Startup Vision

In one of the most quoted lines of the event, Goyal asked a piercing question: Should India be content with startups that build fleets of “delivery boys and girls,” or should it strive for technological breakthroughs like semiconductors and artificial intelligence?

Acknowledging the success of India’s food and grocery delivery startups, he questioned their long-term impact, especially when juxtaposed with Chinese startups focusing on electric vehicles and battery technologies. The minister highlighted that while India has seen a boom in valuations, it may still lag behind in global technological competitiveness.

A Critique of Luxury-Driven Entrepreneurship

Goyal didn’t hold back from commenting on the trend of startups venturing into niche and luxury products. “Healthy ice cream, zero gluten-free, whatever, vegan”—he remarked, pointing out that while such products may have a market, they don’t necessarily align with the broader national vision of technological self-reliance.

The contrast was clear: while some Indian founders are innovating in gourmet experiences, their global counterparts are investing in chips, robotics, and AI. According to Goyal, India needs to redefine what success in the startup space looks like—less flash, more substance.

Foreign Capital Dominance: A Wake-Up Call

A recurring concern during the address was the dominance of foreign capital in India’s most visible startups. Goyal expressed his wish for more Indian investors to take part in the startup story. “I only wish they had more Indian investors rather than foreigners buying off all our startups,” he stated.

He noted that while achieving billion-dollar valuations is commendable, it is equally important for domestic investors to participate in wealth creation. He drew attention to the imbalance in capital flow, where Indian startups, built on local talent and innovation, often end up owned by global funds.

Why Deep Tech Matters for Viksit Bharat 2047

The minister laid down a long-term vision: for India to become a developed nation by 2047, its startup ecosystem must play a transformative role. That includes embracing deep tech sectors such as advanced manufacturing, AI, and semiconductors.

India, according to Goyal, currently has around 1,000 deep tech startups—an insufficient number if the country wishes to compete with the world’s best. He described this as a “disturbing sign,” particularly when set against the backcloth of short-term, service-based innovation.

The Global Stage Awaits

With India pursuing free trade agreements with developed economies such as Australia, the European Union, and the United States, Goyal emphasised that the nation is not aiming for mediocrity. The ambition, he said, is clear: to be a serious contender in global trade and innovation.

He referred to startup founders as “sculptors of New India” and urged them to “go beyond the boundaries of our own thinking.” The call to action was not just about building for India but building from India for the world.

Conclusion

Piyush Goyal’s message at Startup Mahakumbh 2025 was unmistakable: the future of India’s startup ecosystem should not rest solely on the success of food delivery apps or artisanal snacks. Instead, it must expand its horizon to embrace deep technological innovation. As India eyes its 2047 development goals, startups are expected to not just create convenience—but to create capability.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

India’s commercial real estate sector has reached a new peak in the March quarter, largely driven by the rapid expansion of Global Capability Centres (GCCs). These centres, which serve as offshore hubs for multinational corporations, have significantly increased the demand for premium office spaces in key cities such as Bengaluru, Hyderabad, and Pune.

The presence of GCCs has elevated India’s position as a global hub for back-end operations, technology services, and innovation. Their growth not only reflects the confidence global firms have in India’s capabilities but also signals the country’s rising stature in the international business landscape.

Major Corporations Lead Surge in Office Leasing

Leasing activity in India’s top cities has witnessed a remarkable upswing, particularly in Grade A commercial spaces. The primary demand is being driven by large corporations looking to expand their GCC operations as they seek cost-effective and skilled solutions for their global needs.

This trend has led to a sharp rise in the absorption of premium office spaces, with GCCs accounting for a significant portion of new leasing transactions. According to real estate analysts, this surge underlines the strategic importance India holds in multinational firms’ long-term plans.

The Appeal of Indian Cities: Talent and Infrastructure

India’s urban centres offer a unique combination of advantages that make them particularly attractive to global companies. A vast and skilled talent pool, competitive operating costs, and improving infrastructure contribute to India’s continued appeal.

Cities like Bengaluru and Hyderabad, known for their strong IT ecosystems, are particularly favoured due to their ability to support high-value, innovation-driven operations. Moreover, India’s metro cities are increasingly equipped with high-quality commercial properties that meet global standards, further reinforcing investor confidence.

Government Policies and Economic Climate Boost Sector Growth

Favourable government initiatives and policy reforms have played a critical role in supporting the commercial real estate boom. Measures aimed at improving ease of doing business, enhancing urban infrastructure, and attracting foreign investment have created a conducive environment for GCC expansion.

Additionally, the overall economic stability and positive growth outlook of India have encouraged multinational firms to commit more resources to their Indian operations, further fuelling office space demand.

Conclusion

With companies prioritising cost efficiency, access to talent, and operational excellence, India’s office property market is expected to maintain its upward trajectory. The role of GCCs as key occupiers in this space is likely to expand further as more firms recognise the long-term value of setting up operations in India.

As a result, the commercial real estate sector is poised for sustained momentum, and India is set to strengthen its role as a critical player in the global services and outsourcing economy.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

What is UPI and Why It Matters

The Unified Payments Interface (UPI) is India’s flagship real-time digital payments system, enabling instant money transfers between bank accounts through mobile devices. Developed and managed by the National Payments Corporation of India (NPCI), UPI has revolutionised peer-to-peer and merchant payments, becoming the backbone of India’s digital economy. With its wide adoption and convenience, even brief service interruptions tend to have a widespread impact.

Recent UPI Outages: What Happened?

In just the last couple of weeks, users across India reported UPI failures on three separate occasions: March 26, March 31, and April 2. These incidents left millions unable to complete basic transactions like paying for groceries or transferring funds. Such repeated glitches have raised concerns about the reliability and resilience of the infrastructure behind India’s most trusted payment platform.

H2: What Caused the Disruptions?

According to NPCI, the disruptions were caused by latency in the UPI network—a technical term indicating delays in processing transactions. These delays stemmed from fluctuations in success rates at some participating banks. When these banks experienced issues, the load on the network increased, causing slower response times and ultimately resulting in failed transactions.

The NPCI clarified that it had been working closely with the affected banks and that stability had since returned to the UPI network. In a previous instance, the NPCI cited the financial year-end rush as the root cause, suggesting that the system faced an overwhelming volume of transactions as businesses closed their books.

Understanding Latency in the UPI Network

Latency refers to the time taken for a transaction request to travel from the user’s device to the server and back with a response. In the context of UPI, higher latency means longer wait times for confirmation or outright transaction failure. Latency may arise due to:

• High transaction volumes during peak hours
• Server overloads at individual banks
• Delayed responses from third-party service providers
• Maintenance activities or unexpected technical faults

When banks fail to respond quickly to UPI requests, the system attempts retries, which only adds to the load and worsens the network congestion.

The Role of Banks in the UPI Ecosystem

While NPCI governs the framework, banks play a crucial role in executing UPI transactions. Each transaction request must be verified, processed, and authorised by the relevant bank. Hence, if a particular bank’s system is underperforming—whether due to hardware issues, network bottlenecks, or volume overload—it can disrupt the experience for users across multiple platforms, including popular UPI apps like PhonePe, Google Pay, and Paytm.

Can Such Outages Be Prevented in the Future?

Although outages cannot be completely ruled out in any large-scale digital infrastructure, improvements in server capacity, better load management protocols, and inter-bank coordination could reduce the frequency and duration of such events. Regular stress testing, real-time monitoring, and timely communication from NPCI and partner banks also play a vital role in minimising disruption.

Conclusion

While UPI has transformed how India transacts, its recent outages reveal the importance of continuous infrastructure upgrades and coordination among all stakeholders. Understanding the root causes—be it network latency or bank-side inefficiencies—helps shed light on the complexities involved in maintaining such a robust digital payment system.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.

At the Startup Maha Kumbh 2025, Union Commerce Minister Piyush Goyal made a pointed observation: “We are making food/hyper delivery apps; creating cheap labour so that the rich can have a meal without stepping out while the Chinese are working on EVs, AI and semiconductors.” His statement highlights the gap between the current focus of many Indian startups and the deep-tech innovation being pursued in countries like China. The message was clear—India’s startup ecosystem needs to shift its focus towards more ambitious, innovation-led ventures.

China’s Bold Bet on AI and Deep Tech

China’s focus on artificial intelligence is relentless. With over 4,500 AI-related companies and more than 300 GenAI products, the country has swiftly embedded AI into its economic strategy.

According to Stanford’s Global Vibrancy Tool 2024, China leads globally in AI patent filings, outpacing even the United States. It’s also gaining traction in real-world usage, with over 230 million AI users by June 2024 and every sixth internet user engaging with GenAI tools.

To fuel this growth, China has pledged $140 billion in AI investments and is expected to commit $1.4 trillion by 2030. Major companies like Alibaba, Baidu, and DeepSeek are central to this charge, building models and applications that compete with the world’s best.

But China’s edge doesn’t stop at capital. It has:

• Vast data pools from its large user base

• Access to cheap and scalable energy

• A skilled and growing AI workforce

• Aggressive AI education and skilling initiatives

Even US-imposed chip export restrictions haven’t stopped the momentum.

India Wakes Up to the AI Challenge

India, long dubbed a sleeping giant in AI, has now begun to stir. In March 2024, the government launched the IndiaAI Mission with a budget outlay of ₹10,372 crore (approx. $1.2 billion) spread over 5 years.

The Union Budget 2025–26 provided a further boost, increasing the allocation to ₹2,000 crore—a significant leap from the previous year’s ₹806.8 crore. In total, India has earmarked ₹4,349.8 crore so far to promote indigenous research, innovation, and AI ecosystem development.

A cornerstone of India’s approach is to build its own Large Language Models (LLMs)—AI tools designed to understand and process India’s diverse languages and contexts. Within the next 4–8 months, India plans to launch 6 indigenous AI models to compete with the likes of ChatGPT and Google Gemini.

To support this growth, India is investing in talent development, including a ₹500 crore Centre of Excellence in AI education and five National Centres of Excellence for AI skilling. Yet, this remains modest when compared to global benchmarks:

• China: $2.1 billion in AI education

• USA: $1.8 billion

• South Korea: $1.3 billion

India’s Startup Scene: Convenience First?

India’s startup ecosystem is bustling with innovation, and technology adoption has been nothing short of remarkable. From food delivery to quick commerce, startups have successfully transformed consumer behaviour by offering unparalleled convenience. But as we celebrate this progress, it’s also worth asking: with so much focus on convenience, are we overlooking areas that could benefit from similar innovation?

1. Food & Instant-Delivery Apps

From piping hot biryanis to bubble tea, Indian startups are racing to deliver anything, anywhere, anytime. These platforms have set new benchmarks in logistics and service, catering effectively to fast-paced urban lifestyles. As the ecosystem matures, there’s growing interest in exploring how such models can also support local economies and smaller towns.

2. Dessert and “Health” Brands

A new generation of food startups is blending indulgence with wellness, offering treats that align with evolving consumer preferences. 

3. Fantasy Sports 

India loves sports, and fantasy platforms have tapped into this passion by allowing individuals to create their own dream teams and engage more deeply with the games they follow. These platforms have not only enhanced the fan experience but also created a new digital experience for millions of fans and sports lovers.

China’s Startup Engine: Deep Tech & National Strategy

In stark contrast, China’s startup ecosystem is shaped by a different vision.

1. Electric Vehicles & Battery Innovation

Companies like BYD are leading China’s EV revolution—not just domestically but globally. Their R&D-led approach is transforming transport infrastructure and climate goals alike.

2. Semiconductors & AI Models

China’s startups are chasing tech independence. From silicon chips to super-intelligent AI models like DeepSeek, they are building tools that define the next technological era.

3. Robotics & Automation

Next-gen factories powered by robotics and AI are reducing reliance on human labour and enhancing production efficiency across industries.

4. Global Logistics & Trade

Chinese firms like Alibaba, DJI, and Shein are not just startups—they’re full-fledged global logistics and commerce machines, building supply chains that the world depends on.

5. Energy, Infrastructure & Space Tech

From solar tech to space missions, Chinese startups are aligning with national interests. Their projects are long-term, capital-intensive, and often strategically significant.

The Broader Picture: Convenience vs Capability

India and China are both nurturing thriving startup ecosystems, but the underlying intent behind the innovation varies significantly.

• India is building convenience, digital leisure, and consumer-facing applications.

• China is building capacity, technological infrastructure, and national leverage.

Conclusion

This isn’t to say India is doing it all wrong. Every ecosystem evolves in phases. But as Minister Goyal implied, perhaps it’s time for India’s startups to dream beyond the next delivery—and start thinking about the next decade.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. This does not constitute a personal recommendation/investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions. 

 

Investments in the securities market are subject to market risks, read all the related documents carefully before investing.