'India Inc functions like zamindars': Navam Capital MD after Uday Kotak's wake-up call warning
'One simply doesn't expect these 21st-century zamindars to be able to contribute to the Indian economy's growth to $20T in output,' says Rajiv Mantri
- Jun 3, 2026,
- Updated Jun 3, 2026 5:09 PM IST
Navam Capital MD Rajeev Mantri on Wednesday launched a scathing critique of India's business houses, arguing that large parts of it remain controlled by a small network of dynastic families that function like "old school zamindars".
"Indian business is controlled by a small coterie of business dynasties, many of whom are linked together by marriage. It is a closed circle of elites who function like old-school zamindars," Mantri wrote in a post on X.
Must Read: 'It's a wake-up call': Uday Kotak's message to India Inc after Google's $80 bn raise
He said India's existing corporate structure is ill-suited to support the country's ambition of becoming a much larger economy. "One simply doesn't expect these 21st-century zamindars to be able to contribute to the Indian economy's growth to $20T in output."
The investor argued that the problem goes beyond ownership structures and extends to how many companies operate. In fact, he said, the Licence Raj orientation and manipulative, "predatory mindset of many companies is a serious impediment to India's progress."
Mantri called for greater competition and easier pathways for new businesses to emerge and scale. "For India to progress, these businesses have to be out-competed and neutered," he said, adding that the same had happened 30 years ago, when the first flush of reforms speared through and reshaped the Indian business landscape.
The Navam MD said that many of the companies that disrupted India's old corporate order after economic liberalisation have themselves become entrenched incumbents. "Many of today's corporate giants swept away blue-chip names of that era - as life goes, today the challengers of that period have become like the old guard they had displaced."
He said barriers to entry and barriers to scaling have slowed the natural turnover of businesses, allowing incumbent companies to retain their dominance for longer than they should.
Mantri also linked future economic progress to further reforms, saying a new generation of entrepreneurs needs room to challenge established players.
"This generation of Indians is counting on Prime Minister Narendra Modi to deliver on necessary reforms, so that new entrants can once again displace the distracted, tired, and corpulent incumbents who at this point can be generously described as squatters impeding the path of India's progress."
Mantri's comments came a day after Kotak Bank founder Uday Kotak asked India Inc to focus on business and to invest aggressively in the future. He pointed to Alphabet's decision to raise up to $80 billion to expand its artificial intelligence infrastructure as a sign of the scale at which global technology companies are investing in the future.
The veteran banker said Google's annual profit is $160 billion, last quarter $62 billion, and market cap $4.5 trillion. "That is close to the total profits and market cap of all Indian listed companies put together."
"Google, which is cash surplus, just announced an additional capital raise of $80 bn," Kotak wrote on Tuesday. "It’s a wake-up call to all companies to invest in the future, whatever the present may be."
Navam Capital MD Rajeev Mantri on Wednesday launched a scathing critique of India's business houses, arguing that large parts of it remain controlled by a small network of dynastic families that function like "old school zamindars".
"Indian business is controlled by a small coterie of business dynasties, many of whom are linked together by marriage. It is a closed circle of elites who function like old-school zamindars," Mantri wrote in a post on X.
Must Read: 'It's a wake-up call': Uday Kotak's message to India Inc after Google's $80 bn raise
He said India's existing corporate structure is ill-suited to support the country's ambition of becoming a much larger economy. "One simply doesn't expect these 21st-century zamindars to be able to contribute to the Indian economy's growth to $20T in output."
The investor argued that the problem goes beyond ownership structures and extends to how many companies operate. In fact, he said, the Licence Raj orientation and manipulative, "predatory mindset of many companies is a serious impediment to India's progress."
Mantri called for greater competition and easier pathways for new businesses to emerge and scale. "For India to progress, these businesses have to be out-competed and neutered," he said, adding that the same had happened 30 years ago, when the first flush of reforms speared through and reshaped the Indian business landscape.
The Navam MD said that many of the companies that disrupted India's old corporate order after economic liberalisation have themselves become entrenched incumbents. "Many of today's corporate giants swept away blue-chip names of that era - as life goes, today the challengers of that period have become like the old guard they had displaced."
He said barriers to entry and barriers to scaling have slowed the natural turnover of businesses, allowing incumbent companies to retain their dominance for longer than they should.
Mantri also linked future economic progress to further reforms, saying a new generation of entrepreneurs needs room to challenge established players.
"This generation of Indians is counting on Prime Minister Narendra Modi to deliver on necessary reforms, so that new entrants can once again displace the distracted, tired, and corpulent incumbents who at this point can be generously described as squatters impeding the path of India's progress."
Mantri's comments came a day after Kotak Bank founder Uday Kotak asked India Inc to focus on business and to invest aggressively in the future. He pointed to Alphabet's decision to raise up to $80 billion to expand its artificial intelligence infrastructure as a sign of the scale at which global technology companies are investing in the future.
The veteran banker said Google's annual profit is $160 billion, last quarter $62 billion, and market cap $4.5 trillion. "That is close to the total profits and market cap of all Indian listed companies put together."
"Google, which is cash surplus, just announced an additional capital raise of $80 bn," Kotak wrote on Tuesday. "It’s a wake-up call to all companies to invest in the future, whatever the present may be."