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CEO of Bombay Shaving Company, Shantanu Deshpande, revealed that just 2000 families own 18% of the country’s wealth but contribute only 1.8% in taxes.
Shantanu Deshpande pointed out that many work for their families. (Unsplash/Representative Image)
Shantanu Deshpande, the founder and CEO of Bombay Shaving Company, has claimed that 2000 families own 18% of India’s wealth but contribute only 1.8% in taxes, calling it “INSANE.” In a recent LinkedIn post, Deshpande went on to explain that he, along with other successful entrepreneurs, has popularised the “work hard and climb up,” narrative. He recently realised that most Indians were forced to work because of economic inequality.
He added that many work not because they want to, but because they want to support their families. Deshpande feels if people had financial security, most would leave their work immediately.
The CEO wrote, “One of the tragic and late realizations I’ve had is, most people don’t like their jobs. If everyone in India was given sustenance money and financial security their current jobs give them, 99% wouldn’t show up to work the next day.
“From blue-collar workforce to government employees to gig workers to factories to insurance salesmen to banks to small business owners to even ‘fun and employee-friendly startups,’ the story is the same. And that’s the reality,” he said.
Shantanu Deshpande pointed out that many people start with nothing and they work for their spouses, children, elderly parents and dependent siblings. He adds that many spend long hours away from their homes, sometimes for days or even weeks, all for the promise of a paycheck. He said we’ve accepted this way of living because it’s been happening for over 250 years and this is how nations have been built.
“2000 families in India own 18% of our national wealth. That’s just INSANE. Not sure of the numbers but they do not pay even 1.8% of the taxes. These families and other ‘equity builders’ like me 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. One counter statistic is 75% of billionaires are self made. But the denominator is oh so small. Life is very hard for most people. Very few will change that. Most people carry invisible burdens on tired shoulders and smile their way through inevitability,” the CEO concluded.
Reacting to the post, a person suggested, “What is the root cause of this. Government spending too much money leading to asset inflation leading to relative poverty of an average work earner who is stuck in a sisyphean curse to make ends meet which can never be met.”
Another claimed, “99% of corporate employees may not show up but unfortunately (or fortunately) nations are not built by them only. A nation is built by farmers, teachers, engineers, healthcare workers, street side vendors and many more.”
“Our education and training unfortunately serve to propagate this structure. Not everyone has the luxury or imagination to conceive of an alternative. Most people don’t even really know what they want. Best they have are ‘concepts of a plan’,” read another comment.
Since Shantanu Deshpande shared his perspective on LinkedIn, his post has garnered almost four thousand views.
