India is on the move India's approach to Startups is      better than China's 

Query: Reporter asked how can we create VC like China's state-back VC? And Piyush gave a long bullshit answer that doesn't even mention VC

Arvind Agarwal: He has given his reasoning if you will. China was giving easy money, but lending recklessly, and so creating a banking crisis, or NPAs, just like in India before 2012. Govt's approach is Ease of doing business, deregulation eg space and drones & making platforms like UPI, ONDC—startups are using these for business, eg lending to small businesses using UPI data, fintech solutions. Some make drones others provide drone delivery services. etc. Indian banks favour good entrepreneurs. Risks are lower, money spent is less, growth is organic. see Video from 13.40min & 23.20.