India vs China: Piyush Goyal and startups | Let Me Explain 69| Pooja Prasanna

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Joker goyal 😂. R&D mai kitna kharcha hota hai bhai zara batana 😂

As an Indian American living in the U.S. for over 25 years, with experience across pharma, banking, and digital health, I’ve often wondered why India hasn’t produced a single globally adopted, world-class product or service. Be it consumer goods (TVs, phones), pharma (mostly generics, no major drug discoveries), manufacturing (no cars, machineries, robots etc), or Services (financial engineering, best practices)—we haven’t seen any innovation which is adopted by advanced countries.

IT was always about labor arbitrage. If India were truly at the cutting edge, we’d have our own Google or ChatGPT by now.

To its credit, India developed its own COVID-19 vaccine under pressure—proof that innovation is possible when stakes are high. Many Indians have also succeeded globally, often without elite pedigrees like IITs.

Root Causes: Jugaad Culture, Weak Systems, and False Narratives: 1) Work Ethic vs. Jugaad – Too much short-term hacking, not enough deep problem-solving and weak work ethics. 2) Elite Failure – Upper-middle-class HNIs, leaders, and neocons promote hype over real innovation, resist change and reward mediocrity and 3) Endless Excuse Culture – We just got independence,” “The previous government ruled for 60 years,” “Government Corruption is the problem.” Always a slogan. Always a scapegoat. Never true accountability!

But systemic issues persist: a culture of “Jugaad” over real problem-solving, weak work ethics, and a leadership class—especially among upper-middle-class elites and neocons—that resists change and rewards mediocrity. Innovation is often sidelined, and hollow narratives take its place. Always copying the Western world nothing original.

what he said is true

Piyush is showing mirror to indian industries….India needs tech startups to compete the world as that helps country grow. We should have existing Indian talent enough to grow the country(not rely on NRI ). Ask Infosys and TCS where are indian replacements for Facebook,whatsapp,browser,yourtube,istagram etc are they waiting for US to ban them for india to start working. and government should support these so india uses these only. Ask Reliance,Birla, Tata where are semiconcdutors, AI datacenters, battery tech, airospace, edutech, farmtech that indians can link to. VC should be allowed to make profit fast but then forced to invest back in tech. Govt should make all universities mandatory to get the R&D working and allocate fund based on quality of patents that come out of that

We are discussing wrong thing. We should pool in money from govt and private sectors and ask our IITs and Recs to help built up ecosystems to have meaningful products for exports.

One of the biggest problem is China has lockhorn with India.
Second China creates huge India enemy support.
Now even though India could be a good Business partner China creates Border issues to make more neighbour Business difficult for India to let China spread its export.
China must Understand Financial Status of India is more sound to deliver Export and Receive Foreign Exchange from India.
China could easily let India be Export Hub for Chinese products, But in place chose India's neighbour, For which China strategically think More Secure by keeping the forces at acquired places for future.
These actions creates severe turmoil in REGION and world think China is on mode to ENGULF.
Many people are poor in economical conditions around India and China thinks it is Backbone weak link of countries to capture, engulf, and Dodge these countries.
CHINA MUST OVERCOME THIS DIPLOMATIC EYEWASH GAME WITH INDIA, INDIAN BUSINESS HOUSE AND CORPORATES.
CHINESE GOVERNMENT HOLD STRONG BUSINESS GOVERNING, WHEREAS IN INDIA, BUSINESS HOUSES AND CORPORATES HAS MORE DECEISIVE ACTION TO COOPERATE WITH GOVERNMENT NORMS.
KARMA RETURNS TO INITIATOR.
WHETHER IT IS FRUITFUL OR NOT CHINA HAS TO THINK.

Bjp government always used to do blame people and no one

This MF ministers are doing nothing, what they realy doing fool people and do hindu muslim for almost decade and then they say why India is not growing

Innovation is a myth in startups. Founders only job is to rapidly capture market and cash out their own equity before the company collapses

This Goyal is ridiculously stupid!

Now the government has started thinking. That is a welcome move.

All the politicians are PHD holders themselves 😂

Another great video by tnm. This neoliberal scolding of Indians for not being creative enough or good enough will not help anyone. The government needs to spend on proper education, support creativity, bolster social safety nets and spend on R&D. Instead all theyve been doing is taking money from common people and giving it to their billionaire friends to exploit indians mote efficiently. This system is not working, and will not work. If india wants to catch up to china, the gov need to take seriously what china is doing right, starting with how china directs and leashes its billionaires and corporations not the other way around

He is an entitled brat. If he tells we need innovation it is ok. He is wanting people to copy china but will not spend anything for research and development. Loser…

जो बोओगे वही काटोगे the pressure cooker education system kills all the innovation.. the same person when goes to US creates his or her startup

Not to support the govt, but there is truth to what Goyal says. The upper caste, elite and savarna founders of India's "startups" lack any innovation or the drive to innovate. These elite founders of startups at most establish brands and build products that are only cute enough as gifts for marriages and birthdays.

Also need to appreciate Goyal for talking exploitation of educated and unemployed youth. At best, our innovations have been 5 minute deliveries which will not take long time to be outpaced by someone else.

These coddled, savarna minds are absolutely impotent of innovating. We need to enable the people from the bottom and push them to innovate. Only they understand the needs of the larger population and innovate better, that will revolutionize the country.

• China's R&D expenditure 2.7% of its GDP
• India's R&D expenditure 0.6% of its GDP