There is often discussion about some rich and millionaires of India going abroad. Well-known economist and member of the Prime Minister’s Economic Advisory Council (EAC-PM) Sanjeev Sanyal has said an important thing on this issue. According to him, this is not just because of better living standards or taxes, but lack of competition and change in big business of India is also a big reason.
Economic advisor and historian Sanjeev Sanyal has said that the exodus of millionaires from India is not just due to pollution or expensive lifestyle, but the lack of necessary changes in the country’s business elite is also one of the reasons for this. Sanyal is a member of the Economic Advisory Council to the Prime Minister (EAC-PM) and made this comment during a podcast.
Why do Indians settle abroad?
Sanjeev Sanyal says that big industries and business houses in India have been dominated by a few people for a long time. New companies and new entrepreneurs get limited opportunities to move forward. When there is a lack of new faces and new thinking in the business sector of a country, innovation also reduces. In such an environment, many wealthy people find it safer to take their businesses and investments abroad.
He explained that many established businesses are risk averse and focus more on protecting their profits rather than innovation. This is why they set up family offices or investment centers in countries like Dubai. According to Sanyal, this is not only India’s problem, but it happens in many countries.
Sanjeev Sanyal also said that big industries should invest more in research and new technology, but this is happening very rarely. Many companies spend on CSR (Corporate Social Responsibility), but invest less in actual production, technology and research. This weakens the economic strength of the country in the long run.
Young entrepreneurs are not afraid to take risks
Praising India’s startup ecosystem, he said that young entrepreneurs, especially in cities like Bengaluru, are not afraid of taking risks. This is the reason why new ideas and new companies are emerging rapidly in the startup sector. Sanyal believes that the same thinking should come in big industries also.
Sanjeev Sanyal believes that for a strong economy, it is important to accept failure. If a big company is not able to function, then it should be allowed to close down, so that new companies can get a chance. Citing the example of Jet Airways and banking crisis, he said that new opportunities arise only when old systems break down.
Finally, he said that if India has to progress, then constant change, new thinking and healthy competition are necessary in the business sector. Only then will investment in the country increase and millionaires will stop leaving the country. According to a 2025 report by Henley & Partners, around 3,500 millionaires may leave India, compared to 5,100 in 2023 and 4,300 in 2024.
