At the Rising Bharat Summit 2025 held in New Delhi on April 8, Jay Kotak, Co-Head of Kotak811, sparked interest by advocating for India’s next generation to focus on building businesses and leading operations, rather than diving into financial investing too early in life. His comments came in the wake of a broader discussion triggered by a recent remark made by his father, Uday Kotak, which questioned the current mindset of young heirs in India’s leading business families.

According to Jay Kotak, India's current economic landscape demands that the youth lean into operations and entrepreneurship. Drawing a comparison to the United States 100 years ago, he noted how the scions of large industrial families at the time were deeply involved in operations and only several generations later turned to financial investing.

“Where India is today, I agree that the next generation should lean towards operating... not jump too early into asset management or investing,” said Jay Kotak, stressing the importance of entrepreneurial grit over portfolio-building.

Uday Kotak's Provocative Statement: A Wake-Up Call?

Uday Kotak, founder of Kotak Mahindra Bank, recently stirred a national debate when he claimed that India’s business heirs are more focused on managing stocks and wealth than creating and managing enterprises.

He remarked, “I would love to see this generation be hungry for success and build operational businesses... rather than becoming financial investors too early in life.”

This sparked critical conversations in business circles and among commentators about the changing character of entrepreneurial ambition in modern India. Uday Kotak's concern is rooted in a belief that the economic animal spirit of India could be under threat if upcoming generations lean too heavily into financial speculation instead of productive enterprise building.

Harsh Goenka Agrees with Uday Kotak

Joining the conversation, RPG Group Chairperson Harsh Goenka strongly agreed with Uday Kotak’s sentiment, critiquing what he perceives as a lifestyle-first, ambition-later attitude among young industrialist heirs.

Goenka observed that many now chase “passive income, active vacations, and aggressive networking at yacht parties” rather than immerse themselves in the grit of building and managing businesses.

His remarks underscore a broader concern within India’s business elite that succession planning and business continuity may be at risk if the younger generation becomes more focused on returns than risk.

Shashwat Goenka: The Balanced Perspective

Shashwat Goenka, Vice-Chairman of RP-Sanjiv Goenka Group and nephew of Harsh Goenka, offered a more balanced perspective during the same panel discussion. While he agreed that operational involvement is essential, he also noted the growing importance of smart wealth deployment through family offices and strategic investments.

“It is not an either-or question,” said Shashwat, adding that building and investing can coexist, and the key lies in managing both effectively.

His viewpoint reflects a modern wealth management strategy that combines operational excellence with strategic financial planning, rather than treating them as mutually exclusive pursuits.

Lavanya Nalli: Power in Operating Family Businesses

Lavanya Nalli, Vice-Chairman of Nalli Group of Companies, echoed a slightly different thought. She noted that while choices today are more flexible, there is still inherent power in becoming an operator, especially within the family business where institutional memory and legacy provide a platform for long-term value creation.

Her stance suggests that while entrepreneurship outside the family legacy is viable, deepening operational roots within existing businesses may offer unique advantages.

A Generational Shift in India’s Business DNA?

This evolving discourse signals a significant moment in India’s entrepreneurial evolution. The traditional approach, which prioritised hands-on operations, is increasingly clashing with a new-age mindset that values financial independence through investments.

What Jay Kotak and Uday Kotak are advocating for is a revival of India’s classic entrepreneurial spirit—one where wealth is built through innovation, scale, and hard work, rather than optimising balance sheets alone.

This discussion is especially relevant as India sees a surge in startup culture, new-age digital businesses, and a rising number of unicorns. The emphasis on sweat equity and value creation could offer a crucial reminder for today’s youth to go beyond passive income models.

Why This Debate Matters for India’s Future

The statements made at the Rising Bharat Summit 2025 reflect more than just individual opinions. They highlight a critical decision point for India’s economic future. Should its next generation focus on wealth preservation or wealth creation? Should they manage inherited capital or generate new capital through ventures and ideas?

The dichotomy between investing and operating has implications for job creation, innovation, GDP contribution, and even national self-reliance.

If India’s business heirs lean too heavily into investing without entrepreneurial passion, the pipeline of future industrialists and startup leaders may shrink—potentially weakening India’s long-term economic dynamism.

Final Thoughts

Jay Kotak’s push for entrepreneurial involvement and operational leadership aligns with India’s current need for builders, doers, and visionaries. As debates unfold among scions of India’s top business families, it’s evident that a balanced yet proactive approach—combining business building with smart investing—might offer the most sustainable path forward.

Whether India’s youth heed this call to action remains to be seen, but the conversation is an essential one. In a country where demographics favour ambition, the emphasis must be on turning that ambition into action—not just asset management.

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