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Ideas Explained: Why Prime Minister Narendra Modi is Right About Private Sector Wealth Creators

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In his opinion piece in The Indian Express, Sanjeev Bikhchandani, co-founder of Info Edge India Ltd. (naukri.com), states that given the history of the private sector viewed with ambivalence and suspicion, he was pleasantly surprised by Prime Minister Narendra Modis’ recent speech to Parliament the Prime Minister openly acknowledged the contribution and role the private sector as an important engine of growth and employment.

“He didn’t just praise the virtues of wealth creation, he actually praised the creators of wealth. Its logic was simple: if you don’t create wealth, you can’t distribute it. Wealth creation is essential for growth, employment and poverty reduction. It took 73 years after independence for a prime minister of this nation to openly recognize these facts, a courageous decision and a big departure from the past, ”writes Bikhchandani. “This bodes well for government policy and future economic reforms in India.”

Thinking back to the change, he points out that during the ’70s and’ 80s, the midday of the Raj license permit, it was all about the states. The intelligentsia viewed the creators of wealth in a pejorative way. The cases meant unethical practices and tax evasion. Profit was a bad word and wealth was evil, even if it was obtained through legitimate means and you paid all your taxes, he writes.

But, he underlines, this speech “was in contradiction with the Indian philosophy of respect for the creators of wealth”. It had been possible to be in business and be seen as patriotic before 1947. Mahatma Gandhi’s Congress worked closely with big business. Sardar Patel has not apologized for his ties to the creators of wealth.

“India’s successes in many areas over the past three decades are tied to the private sector. If you look at the industries that have created growth, jobs, buzz and hope over the past three decades, the vast majority have been driven by private airlines, banking, telecommunications, insurance, IT services, IT services, Internet companies and others, ” he assures.

Looking ahead, Bikhchandani sees “a new wave” of innovation and enterprise in young India. “The success of Mudra Yojana and start-up India is living testimony to this,” he writes.

But it also has a caveat for Indian companies. “Show the Prime Minister’s open support, it is also up to the private sector to respond, grow your business, strive for excellence, follow the law of the land and pay your taxes Become good corporate citizens of India, if not the talk public mistrust of the private sector. “

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