Food Delivery, Quick Commerce Turning Unemployed Youth Into Cheap Labour: Piyush Goyal

The minister also took a dig at "fancy" dessert brands that use healthy prefixes as gimmicks.

"I know at least three or four billionaires, whose children have fancy ice cream and cookie brands.... They're very successful, I have no complaints against that but is this the best we have?" Goyal wondered.

"Healthy ice cream, gluten-free, whatever, I don't know.... These are not startups, this is just entrepreneurship. On the other hand, China is building its own AI and chips, becoming self-reliant," he said.

The minister underscored that investors need to move beyond such brands too. "Please change your perspective, Sharks," he said, referring to Aman Gupta, the founder of boAt and an investor on Shark Tank, who was also seated in the audience.

Goyal also took potshots at quick commerce and instant grocery delivery apps. "I have no problem... I'd be happy if they list at a few billion dollars, but we need more Indian investors into the game, not foreign."

In India, resources are going to only hyper-fast logistics, but the other side is investing in manufacturing. Indian founders need to be bold and innovative, according to Goyal.

"Wealth creation might happen in the short term with these conveniences... but we only have to do a shopkeeper's work?" he asked.

Goyal also urged foreign investors to "have a bigger heart" and allow Indian founders to have "respectable ownership", rather than buying off all equity, which lands all ownership outside of Indian shores.