Zerodha CEO Nithin Kamath addressed a recurring topic of discussion in India at TechSparks 2024: the societal perception of wealth. Known for his candid demeanour, Kamath provided a thoughtful response, illuminating the Indian cultural context surrounding wealth and success.
The discussion was initiated by YourStory founder Shradha Sharma who compared Indian and American attitudes towards affluence. She noted that while the United States often celebrates and admires individuals who achieve significant financial success, India may exhibit more complex or nuanced perspectives. Ms Sharma observed that in the US, it is common for the wealthy to be featured prominently in media and viewed as role models.
Ms Sharma highlighted a stark difference in India's attitude towards wealth, stating, "Here, people are very judgmental when someone earns money. The first thought is, 'ismein kuch toh galat hoga' (there must be something wrong with how they earned it)." This widespread perception reveals a deep-seated scepticism toward wealth and success in India, where financial achievement is often linked to unethical behaviour.
Mr Kamath, 44, agreed with Ms Sharma's observation and offered his perspective on why this mindset prevails in India. He highlighted the significant inequality in the country and attributed it to India's socialist roots. "The US is a purely capitalistic society, where success and wealth are often admired. But in India, we are a socialist-pretending-to-be-capitalistic society," Mr Kamath explained. He added, "At the core, we are all socialists."
When asked if he believed this mindset could change in the future, Mr Kamath expressed doubt. "I don't see how it changes. As long as there's such a huge gap in wealth, I can't see anything shifting significantly," he said, acknowledging the persistent inequality in India. Nithin Kamath's response suggests that the underlying social and economic structures that contribute to wealth disparity may prevent any immediate change in societal attitudes towards the rich.
The internet quickly reacted to the viral video. A user commented, "Indians wear poverty like a badge of honour."
Another expressed frustration, writing, "Income inequality is laughing in corner."
The third user wrote, "In India, the rich get richer by avoiding taxes, committing fraud and exploiting the lower and middle classes."
