‘Celebrating entrerpreneurs essential for growth’: India Inc. showers plaudits on PM Modi’s endorsement of wealth creators

Prime Minister Narendra Modi’s forceful defence of entrepreneurs and wealth creators in his mega exclusive interview with the India Today Group has spurred business leaders across the spectrum, who showered fulsome praise on the Prime Minister for backing those creating wealth and employment in the country.

Top business leaders agreed with Modi’s unapologetic defence of wealth creation and the need for celebrating entrepreneurs and achievers and said celebrating wealth creators is essential for economic growth and innovation. A cross-section of top business leaders and entrepreneurs told Business Today that they were in total support of the PM’s views.

“I say from the Red Fort. I am not ashamed. I say from the Red Fort that in this country wealth creators should be respected. The reputation of the capable people and the powerful people in my country should increase. I include sportspersons and achievers in the guest list of my 15th August. If the country doesn’t worship achievers, the country is not valued, then from where will the people doing PhD come from in my country? Where will the scientists come from? There should be a voice in every field of life,” the Prime Minister told India Today Group editors in his interview which has struck a chord with the business community.

Piramal Group chairman Ajay Piramal told BT: “In any market-driven economy, entrepreneurs play a key role in overall economic development. Alongside job creation and higher tax contribution, entrepreneurs are also instrumental in improving the well-being of marginalized communities through charitable investments in underserved areas.” Piramal added that PM Modi, in his vision for a Viksit Bharat, “wants to ensure a robust entrepreneurial ecosystem and I fully support that.”

Abhinandan Lodha, Chairman, The House of Abhinandan Lodha said “wealth creation has a demonstration impact leading to a multiplier effect over time for the society.”

“Having successful entrepreneurs allows new industries and hence new jobs to get created and innovation to happen. We must celebrate our achievers from every field as they create a demonstration effect,” Lodha added, saying he “completely agrees” with the PM’s statement that wealth creators should be celebrated.

Krishnan Ganesh, serial entrepreneur and promoter of BigBasket, Portea, Bluestone and HomeLane also came out strongly in support of Modi’s comments. “Celebrating wealth creators is an essential step towards driving economic growth and innovation in India. Wealth creators, including entrepreneurs and business leaders, play a crucial role in generating employment opportunities and increasing the country’s GDP. By recognizing and supporting these individuals, we foster a culture of innovation and risk-taking, which is vital for sustaining long-term economic development. This positive reinforcement encourages more individuals to venture into entrepreneurship, leading to diverse business ecosystems and technological advancements,” Ganesh told BT.

“Moreover, wealth creation leads to higher tax revenues, which can be reinvested in public infrastructure, healthcare, and education, addressing some of India’s most pressing challenges. It also helps in reducing poverty by creating jobs and improving the standard of living for many. Celebrating wealth creators aligns with the vision of a self-reliant India (Atmanirbhar Bharat), promoting indigenous businesses and reducing dependence on foreign entities,” he added.

Pointing out his hope for the future following the PM’s comments, he added: “On the ground, I hope this translates into removing the long standing irritants startups and entrepreneurs face even today – the vexatious Angel Tax, the constant tussle with IT department explaining share premium, challenges with GST accounting for startups due to input credit issues and quick and easy closing companies that have failed.”

Strongly supporting PM Modi’s comments, Manisha Girotra, CEO of global investment bank Moelis & Company told BT: “To make us a $10-trillion economy, we need a robust partnership between government and private sector. We cannot be a single engine plane to achieve growth at this scale. This strong articulation by the PM of the important role of weath creators gives the much needed endorsement to the role played by private sector in employment creation, technology advancement and wealth creation. These twin engines firing at full throttle will make our economy unstoppable.”

Leading international tax expert and CEO of Dhruva Advisors, who is on the boards of some major companies, also agreed with the PM’s views. “While the PM is known for a large number of schemes for the masses, there has been this perception that he is not openly acknowledging the contribution of the wealth creators. The amount of foreign investment that has happened in different sectors on account of people who have built infrastructure, telecom, new manufacturing facilities, ecommerce, etc is huge and forms the back rock of our growth. It is indeed heartening to see the PM openly acknowledging the contribution,” Kanabar said. 

“It is also imperative that some of the impediments like Angel Tax are removed which will help ongoing wealth creation,” he added.