New Delhi, April 7 -- Recent comments by commerce minister Piyush Goyal on the trends in the Indian startup ecosystem have sparked a fiery debate. While the minister's concerns are not completely misplaced, with a large share of Indian unicorns operating in the consumer and retail segment, a lack of the country's impetus towards research and development (R&D) may also be holding innovation back.

A Mint analysis of startups recognised by the department for promotion of industry and internal trade (DPIIT) shows that the space is dominated by IT services, followed by healthcare and life sciences. The food and beverage industry, including food delivery services, was among the top five industries where startups operate. However, the data also...