<ul><li>Commerce and Industry Minister Piyush Goyal faced criticism from former Infosys CFO Mohandas Pai for urging Indian startups to focus more on innovation.</li><li>Pai highlighted challenges faced by startups including angel tax scrutiny, restrictions on investment, and limited involvement of insurance companies.</li><li>Piyush Goyal questioned if Indian startups are focusing too much on certain ventures and urged them to think big and go global.</li><li>Reactions from the Indian startup ecosystem suggest that the problem is cumbersome regulations rather than a lack of ambition or innovation.</li></ul>

'Mohandas Pai bashed me for my appeals for startups to focus on innovation; it is unfortunate': Piyush Goyal

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