IIM graduate startup CEO says 2,000 richest families own 18% of India’s wealth: ‘This is insane’ | Trending
The founder and CEO of Bombay Shaving Company reflected on India’s wealth inequality in a LinkedIn post, calling the gap between the rich and poor “insane.” In his critique of modern work culture, Shantanu Deshpande said economic inequality forces people into jobs they dislike. He said that the majority of Indians work not for job satisfaction but for survival. Shantanu Deshpande is the founder and CEO of Bombay Shaving Company Deshpande also claimed that 2,000 families own 18% of India’s wealth while paying only 1.8% of taxes. He said that these families are guilty of promoting the idea that hard work will lead to success because it serves their end goal. HT.com could not independently verify this data. “Most people don’t like their jobs”“One of the tragic and late realizations I’ve had is – most people don’t like their jobs,” the CEO of Bombay Shaving Company wrote in his LinkedIn post. “If everyone in India was given sustenance money and financial security their current jobs give them, 99% won’t show up to work the next day.” Deshpande theorised that this dislike for work permeates class and sectors – whether it is gig workers or government employees or professionals in “fun and employee friendly startups” like his very own, most people would quit if they did not have to earn a living. “Work is a majboori to provide for spouse, children, elderly parents, dependent siblings,” he wrote. Questioning the inequityShantanu Deshpande further said that for centuries, it has been considered normal to tear people away from their families from morning to night, ostensibly to provide for these very families. More and more, however, he has found himself questioning the logic of such a work culture. “To usurp someone away from their homes and families all day from morning to night, sometimes for days and weeks, with a hanging carrot of a paycheck – we just assume it’s alright to do that cos that’s what’s been happening for 250+ years. “That’s how nations have been built. So we do it. But increasingly I’ve found myself questioning the inequity of this,” the founder and CEO wrote on LinkedIn. Deshpande highlighted the wealth disparity that exs within India. On the question of wealth inequality, he provided some “insane” statics. Deshpande said that 18% of national wealth is concentrated among the country’s 2,000 richest families. He admitted that he was not too sure about the accuracy of the numbers but said that these families definitely don’t pay even 1.8% of taxes. “2000 families in India own 18% of our national wealth. That’s just INSANE. Not sure of the numbers but they definitely do not pay even 1.8% of the taxes,” the IIM graduate founder reflected. “These families and other ‘equity builders’ like me (v v miniscule version haha) are guilty of peddling a ‘work hard and climb up’ narrative because it’s self serving of course, but also what other option is there? We don’t know any other way,” he added. His post proved to be divisive on the professional networking platform. Several people disagreed with Deshpande’s take. “99% of corporate employees may not show up but unfortunately (or fortunately) nations are not build them only. A nation is built farmers, teachers, engineers, healthcare worker, street side vendors, and many more. Trust me not but most of them will still go to work!” wrote one person in the comments section. “I disagree with this blanket statement – If everyone in India was given sustenance money and financial security their current jobs give them, 99% won’t show up to work the next day,” another said.
