“India is a fantastic story from a wealth creation perspective. Over the next decade, based on our data, you would see more wealth creation happening from four categories. The first is, of course, traditional family businesses, they would continue to grow wealth, they continue to consolidate. Second category is professionals. If you look at Hurun India Rich List almost 65 per cent of the list is 60 years and above. Which means next 10-15 per cent, India is going to witness the biggest intergenerational wealth transfer in India’s history. Professionals are going to play a huge role in wealth creation by the likes of Sundar Pichai or the CEO of DMart,” said Junaid.
According to Junaid, startup entrepreneurs made up the third group. Junaid said, exponential entrepreneurs require startups. Fund managers and capital providers are "the last category of people who would generate wealth in India," according to him.
Unlike in the past, when the software engineering, chemical, and pharmaceutical sectors were the main contributors to greatest income generation, he claimed that manufacturing was now the top industry. Seeing manufacturing-based entrepreneurs generating substantial wealth in the nation is incredibly encouraging, Junaid remarked.
Additionally, Junaid projected that in the upcoming years, the BT500's total valuation will double.
The creator of Hurun India stated that their analysis indicates that 700,000 millionaire households in India own assets valued at $1 million or more.
Ramesh Iyer also talked on how rural and urban areas of India have seen changes in their landscapes. He claimed that whereas in the past rural clients would simply purchase a tractor, they now do it along with a number of other items, such as a harvester or other machinery. According to Iyer, many of these farmers' children who work in different businesses in metropolises take leaves to help out on the farm during harvest season.
“Lot of companies came to India with the purpose of leveraging the labour cost arbitrage. Nowadays people look at India as a consumption market but that’s a mistake, they need to look at India as a holistic advantage,” pointed out Ashish Gaikwad.