Commerce and Industry Minister Piyush Goyal criticized food delivery and quick commerce platforms, referring to them as turning unemployed youth into cheap labor for the convenience of the rich.
Goyal highlighted China's focus on long-term businesses such as battery and electric mobility, questioning India's concentration on hyper-fast logistics.
The minister expressed his cynicism towards dessert brands using healthy prefixes as gimmicks and emphasized the need for Indian founders to be more bold and innovative.
Goyal urged foreign investors to allow Indian founders to have respectable ownership rather than buying off all equity, which leads to all ownership outside of Indian shores.