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India may talk capitalism, but its most enterprising citizens are still leaving home to build wealth elsewhere — a reality fintech influencer Akshat Shrivastava calls “crony socialism dressed in market terms.”
In a post on X, Shrivastava, founder of Wisdom Hatch, spotlighted a persistent economic irony: Indian states are rich in culture and talent, but their most ambitious residents often leave to seek prosperity abroad or in metro hubs.
“Kerala is a wonderful state. But people who want to make money migrate to the Middle East,” he wrote. “Bihar… to Delhi or Mumbai. Telangana… to the US.”
Shrivastava argued that India’s economic framework remains inherbitious residents often leave to seek prosperity abroad or in metro hubs.ently socialist, despite its pro-market rhetoric. “At our core, we are a socialist state. We just pretend to be capitalists,” he said, adding that if true capitalism were embraced — one that respects capital and rewards risk — “people would stay with their families embracing their own cultures.”
Data supports the claim. Over 2.1 million Keralites work in the Gulf, sending ₹1.25 lakh crore in remittances in 2023 — nearly 30% of the state’s GSDP. Bihar, with 9% of India’s population, contributes just 4% to the national GDP and ranks among the top states for out-migration. Telangana, despite Hyderabad’s tech boom, continues to export high-skilled talent, particularly to the U.S.
The issue, Shrivastava and others argue, is both economic and cultural. “India doesn’t reward risk-taking,” he noted, citing the country’s high effective tax rates, compliance-heavy business environment, and policies that subsidize consumption but penalize creation.
His post calls for a recalibration: a form of capitalism rooted in Indian values but free from systemic disincentives. “Unless we reward entrepreneurship and stop demonizing wealth, the best talent will always look outside for validation,” he warned.
