Startup Founder Says 2,000 Families Own 18% of India’s Wealth While Paying Only 1.8% of Taxes

In a recent LinkedIn post, the founder and CEO of Bombay Shaving Company, Shantanu Deshpande, boldly stated that 2,000 Indian families own 18% of the nation’s wealth while paying only 1.8% of taxes. 

“2000 families in India own 18% of our national wealth,” the CEO shared. “That's just INSANE. Not sure of the numbers but they definitely do not pay even 1.8% of the taxes,” he further added. 

Deshpande explained that these families and other 'equity builders' like him, although he considered himself a “v v minuscule version,” are guilty of peddling a 'work hard and climb up' narrative. Of course, it's self-serving, but entrepreneurs also do not know any other option. 

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The IIM Graduate startup CEO also revealed one of his “tragic and late realizations” was that economic inequality forces most people into jobs they dislike. He said that the majority of Indians work for survival. 

“If everyone in India was given sustenance money and financial security their current jobs give them, 99% wont show up to work the next day,” the startup founder remarked. 

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Deshpande further elaborated that for most Indians, work is a “majboori” to provide for their spouse, children, elderly parents, and dependent siblings.

“One counter stat is 75% of billionaires are self made. But the denominator is oh so small. India is a country of a billion people. How many can even try?” 

You can check Shantanu Deshpande's LinkedIn post here.

Mentioning his post as a “reflective” one “with no head or tail” the startup founder admitted life is hard for most people and very few will be able to change that. 

“Most people carry invisible burdens on tired shoulders and smile their way through inevitability,” Deshpande said. “If you are privileged, be kind and generous and push as many people up as you can,” he concluded with a praying hands emoji.

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