Have Marwaris lost their Midas touch?
Comparing the number of Marwaris in 2013 that made it to the Forbes list of top 100 Indian billionaires with those in 2022 showed that while there were 29 Marwaris in 2013, in 2022, the number had gone down to 26, but the number of Marwaris in the first 10 had risen from 2 to 4 in the same period. While these figures show the community remaining as relevant as one of the top wealth creators, it was equally obvious they no longer occupied centre stage.
The community's historically pre-Independence dominance continued after 1947, with many Marwari business houses ruling the roost with the likes of the Tatas.
Entrepreneurial, as well as astute negotiators, their keen understanding of costs and sense of financial risk management set the stage for their rise in industry as well as in the financial services sector in the post-Independence era.
This dominance continued till liberalisation. Unfortunately, this time around, Marwaris were not in a position to take advantage of the opportunities.
With their core talents of money management, understanding of commodity markets and efficient cost-controlling methodologies, Marwaris instinctively gravitated only to those industries and businesses that gave them natural leverage and comfort. Their education was also largely to support and enhance this expertise, with most of their youngsters choosing commerce or chartered accountancy for higher studies.
This single-mindedness, while certainly helping them retain their hold on their businesses, did not allow them to expand their vision to other newer sectors, especially technology.
