‘No impact’: Piyush Goyal downplays Trump tariffs, says startup remarks meant to ‘inspire’

Union Commerce and Industry Minister Piyush Goyal, on the second day of Startup Mahakumbh 2025, clarified his yesterday's remarks on Indian startups, saying that they were meant to “inspire” and not create controversy. 

On being asked about the potential impact of US President Donald Trump’s recent tariffs on India, the Union minister gave a short answer saying "there's no impact", while adding that Indian startups were achieving new heights based on their capabilities.

Speaking during his visit to the startups stalls at Bharat Mandapam, Goyal praised the creativity and innovation of India’s startup ecosystem, calling it “the foundation on which India will foray in a big way into the world of innovation.”

“The wonderful work that our young startups are doing... the flavour that I got, the taste of the innovative world that our young men and women have created through their sheer tenacity, hard work, spirit of inquiry, research, innovation, is music to one’s ears,” said Goyal. 

“Yes, I have had a chance only to visit two of the various pavilions in the entire Bharat Mandapam startup market. You can see drones of world-class quality, energy efficiency innovations, defence equipment, fintech for empowerment, and even agri-tech being driven by a young lady entrepreneur. It truly has been a delight,” said the Union minister.

Goyal tried to clarify his remarks on the opening day of Startup Mahakumbh, in which he appeared to criticise Indian startups. The minister said these remarks were taken out of context, alleging these were twisted by "the Congress ecosystem". “I think it (his message to startups) was an attempt to inspire, instead of putting some people in a controversial position. I’m confident that my message to the startups has been received, except by some Congress party handles who are hell-bent on manufacturing a controversy where there is none.”

The Union minister, while speaking about Indian startup ecosystem on Thursday, had said: "We are making food (hyper) delivery apps; creating cheap labour so the rich can have a meal without stepping out, while the Chinese are working on AI (artificial intelligence), EVs (electric vehicles), and semiconductors." He said Indian companies should not only make "ice cream" but "chips" (semiconductors) as well, adding that the country sees the largest pool of STEM graduates every year.

On India’s readiness on the global map, Goyal said: “If you look at what I said yesterday, now the ground is ready in India. The threshold, the foundation is ready. We have laid the foundation, and our youth are ready to take a big leap on this foundation. We will move forward to reach new heights.”

He said the time has come for the investors of India to recognise that the ecosystem of startups has a lot of potential. "Our young people are doing a great job. And to take it to the next level, the investment of India and the people of India should give it more momentum."