Zerodha CEO Nithin Kamath decodes the reason why Indians hate the rich
Zerodha co-founder Nithin Kamath recently lambasted the Indian public for harbouring resentment towards the rich and the entrepreneurial class. In a conversation at a tech event with YourStory founder Shradha Sharma, Kamath blamed India’s socialist mindset and wide economic disparities that have triggered a culture that discouraged entrepreneurship and also fostered bitterness towards the moneyed classes.
“In the US, if someone makes a lot of money they are very successful and buy new cars, then it comes on the cover page. And it’s very normal—buying a jet and all is very normal. And as a society also, they don’t look down [on rich people,” said Sharma.
She then went on to exclaim how people were in general very judgmental towards the wealthy, and the rich are almost always accused of shady practices to enhance their wealth.
Reacting to her statement, Kamath said, “The US is a purebred capitalistic society. We are a socialist-pretending-to-be-capitalistic society,” said Kamath. “At the heart of it, we are all socialists.”
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