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‘Hard work is diminishing’: Harsh Goenka flags changing mindset in corporate India, sparks debate
Harsh Goenka said that while India has the talent and capital required to build businesses, entrepreneurs need to focus more on innovation and emerging sectors.
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RPG Group Chairman Harsh Goenka has sparked a debate on the changing mindset in corporate India, arguing that the value attached to hard work appears to be diminishing and calling on entrepreneurs to revive their appetite for research, development and long-term business building.
In a post on X, Goenka said, "Something deeper is changing in corporate India," as he pointed to a shift among the next generation of business families and entrepreneurs. "The value attached to hard work seems to be diminishing, many next-gen heirs prefer passive income to building factories and businesses, startups chasing delivery apps over deep tech, fights within and between businesses," Goenka wrote.
He added that while India has the talent and capital required to build businesses, entrepreneurs need to focus more on innovation and emerging sectors. "India has the talent and capital but our entrepreneurs must rediscover the hunger to invest in R&D and areas of the future," he said.
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Social media reactions
Goenka's post prompted several users to weigh in on whether changing priorities among younger Indians and corporate families are affecting entrepreneurship and innovation.
One user wrote, "Absolutely. Comfort has its fallout - the hunger for success is lost! The goal for the younger generation seems to be lifestyle and money - not 'making a difference' or 'leaving a legacy'. Need to re-ignite the spirit!!"
"Not hard work, smart work! innate intelligence is reducing. if money is all that is needed to belong, that is all everyone will chase!! Every other person is a s/w engg, manager, hr, finance advisor, cab driver, delivery boy.. where are the others?" commented another.
"It's sad what's happening with old business families , their second generation is out of India doing some random job or living off passive income. It's a churn I guess newer business houses will emerge . Universe doesn't like vaccum," wrote a third user.
"Have been feeling the same too. Was discussing with a friend from US who has been helping Startups and mentoring families . He said that the gen next do not want to handle the challenges which the previous generation faced. They feel that we still don't have ease of doing business in several areas," said another.
Some users, however, directed the discussion towards the state of innovation in Indian industry. "Indian industry is not innovating anything that's why they are stagnant," commented one user.
"Rightly pointed sir, in ever changing world of technology the companies who invest in R&D will survive and progress. Our corporates are conservative with 'Dalal' mindset, they just know how to manage bottomline," wrote another.
