Namaskar, I am Ravish Kumar. The Economic Survey has severely reprimanded India’s corporate world. I swear, it’s a real scolding. The manner in which they have been shamed must be told. I never thought a government document would reprimand India’s corporates so harshly. Even after this, if they have no shame left, then there is nothing left for them. It seems a warning has been issued to the corporates: don’t get too cocky. First, show your work and your contribution to nation-building. If the contribution of India’s corporates in this matter was stellar, then the Economic Survey would have given at least one example from India’s corporate history. Not a single example was given.

The chapter we are talking about begins with the famous shloka from the Gita: *Karmanye Vadhikaraste Ma Phaleshu Kadachana*. Its meaning is written in Hindi in the Economic Survey itself: ‘Your right is only to perform action, never to its fruits. Do not constantly dwell on the fruits of action, nor become inactive.’ The meaning is that our corporates are only concerned with the fruit, not with the country. This corporate is being advised not to become inactive. This is very wrong. On this very point, the Modi government should end the corporate tax cut. If the country is getting nothing from them, why are they being given tax cuts?

After 2014, India’s corporate world became submissive before the government. It forgot how to speak. But now it’s becoming clear that even the Modi government does not consider them useful. They might be busy proving themselves nationalist, but the government has clearly stated: Brothers, your contribution to nation-building is nothing. If anyone has contributed, it’s that company from Germany, that company from Korea, that company from Taiwan for their own countries.

I say that the Prime Minister should tell all of India’s corporate leaders in this very manner: All of you gather at Delhi’s Bharat Mandapam. There, pages 702 to 709/710 (context suggests page numbers) of the Economic Survey will be read out to you. Everyone will have to listen, and come on stage and read it out turn by turn. Just by reading these seven-eight pages, the pride you will feel for companies from Germany, Japan, Taiwan, Korea, Singapore, and America, and the shame you will feel for yourselves—words cannot describe. The embarrassment one feels regarding India’s corporate leaders is what we are describing. Rather, you are seeing it too.

In 2022, Finance Minister Nirmala Sitharaman asked India’s corporates, ‘Why aren’t you investing?’ In 2019, massive tax cuts were given to corporates. It was said then that this would give industry capital to invest, but investment did not increase. Clearly, the Finance Minister’s patience ran out, and she said, ‘Who is stopping you from investing when other countries are thinking India is the market of the day.’ Nirmala Sitharaman said all this in 2022, and the 2026 Economic Survey is saying all this in detail, with examples. But the way it has been said… For one year, corporates should stop chanting ‘Modi, Modi’ like parrots.

India’s corporate leaders may have become cheerleaders for the Modi government, but the Modi government has lost faith in their leadership. The government has started to understand that their job is now only to clap. They could not create something for India globally that would bring in foreign exchange, create employment, build the nation. Reading the Economic Survey, it feels the government has understood that these people are only immersed in their limited gains.

Have the days come for corporates where they will be told by citing examples of General Motors, Ford, Bell Labs, IBM, Caterpillar, Siemens, Bosch, Volkswagen, Sony, Nippon Steel, Samsung, Hyundai, and LG? That after the Second World War, these companies not only profited for themselves but also improved national security. Did something for their own countries. But barring a few exceptions, India’s corporates invested less in research and development, did not emphasise manufacturing, and focused on sectors where they could have a monopoly, which were safe markets, like real estate. In a way, the Economic Survey stopped just short of calling India’s corporates property dealers. It said everything else.

It is written that the governance within these companies is run by family people. They could not even think about long-term investments. In a way, the Economic Survey is saying: What is Indian corporate? A group of small-thinking companies. If they want to become big themselves and also make the country big, they will have to learn from General Motors, Sony, Siemens, and Samsung.

The government has taken a detailed class for India’s corporate leaders. The Economic Survey writes: The experiences of Korea, Taiwan, and Singapore show how private profit was linked to national transformation. The Modi government, which has raised the flag of nationalism for 12 years, is teaching India’s corporate leaders lessons on national transformation, national security, national prestige. Does India’s corporate leadership have no national vision, no national outlook? We were understanding them. The funny thing is, the government has now understood them — that these people only raise flags in front of it, bow down, and pretend to be patriots. But their intention and actions are something else.

Listen to the words in which the praise for corporate leaders of companies like Samsung, Hyundai, LG has been done. The survey writes: ‘Senior leadership often presented performance as a patriotic achievement. The internal culture valued sacrifice, discipline, organizational loyalty as national virtues. Profit was essential, but prestige came from elevating Korea’s industrial stature and earning foreign exchange.’ Meaning, understand clearly, it is being said that Korean companies made sacrifices for their country, earned foreign exchange, worked with a spirit of patriotism. So, this is also missing in India’s corporates.

Is Korea being praised or is India’s corporate being pulled up? The Economic Survey did not say that India’s corporate leaders lack patriotism. But you tell me, if there is no lack, then why is the example of Korean corporate leaders’ patriotism being given? Why are examples of American companies being given — that after WWII, big companies like General Motors, Ford, Caterpillar not only increased their balance sheets but were also providing machinery, vehicles, and industrial equipment? After so many years of achievement, is there a need to give the example of General Motors to India’s corporate leaders? That these companies did not just build or increase their balance sheets but were also building big machines which led to the construction of America and Europe.

That’s why I said if India’s corporate leaders are called to a hall and this is read out, they will bow their heads. Corporate media will say the government is inspiring them. But it’s not like that. In a way, the government is saying: You people kept increasing your balance sheets. You did not innovate. You did not build machines. If India’s corporate world was doing all this, what was the need to explain in the Economic Survey how American and German companies were making their country a leader in the technological field? How these companies invested in computers, semiconductors, communications, and aerospace and built things for public good?

Reading these lines repeatedly, I feel that the government is now telling India’s corporate leaders: Chanting ‘Modi, Modi’ is fine. Tell us, what else are you doing? After WWII, how did Germany’s corporate change it? Reading this, India’s current corporate leaders will surely regret. We missed the opportunity. If only we had also become global leaders, the Modi government would not be reading them the global history of corporates.

By giving the example of Germany’s Siemens and Volkswagen companies, it is said how German companies were providing training? Giving salary in proportion to productivity, which brought social stability and the country’s reconstruction was also happening. Their exports were not just for narrow profit but also to establish Germany’s legitimacy, to create employment.

The survey writes: In fact, Germany’s private sector took up the part of national reconstruction and saw this work as a complementary duty. Complementary duty means their complementary duty was also that their work should benefit the country. Reading this, it starts echoing in the ears: See what German companies did for their country. Gave people training, gave salary according to work, gave employment, brought social stability. And what are you, India’s corporate leaders, doing?

So, is corporate the new villain now? Surely, this is being read out specifically to India’s corporate leaders. After Germany, Japan’s example is given to explain how private enterprises there internalised national objectives. I am reading the same thing: Big industries made profits but adopted organised investment, export discipline, technological acquisition strategies which were in line with national advancement objectives. Companies like Toyota, Sony, Nippon Steel invested heavily in process quality, productivity, and engineering. Because of this, Japan’s recovery was possible.

This is a lecture. It has been delivered to India’s corporate leaders: Just look at history. It seems now India’s government has understood the right use of history. BJP was also entangled in which old pages of history? After this survey, BJP should show the mirror to India’s useless corporates by telling and telling the history of corporates from Germany, Japan, Taiwan. Ask: Corporates were given tax cuts. Now even their share in tax collection has reduced. But what did they do for the country? Has an amazing time come? Corporates are being asked: Tell us, what did you do for the nation?

What I am about to read now should make corporates feel ashamed. I am reading. I am telling by moulding the Hindi of the Economic Survey into my Hindi. It is written: National transformation is sustainable when business leaders see themselves not merely as beneficiaries of development but as trustees of a larger developmental project. The meaning is clear. Development is coming from the government, not from corporates. Corporates are beneficiaries of development. Beneficiary corporates living on the government’s charity.

The most successful corporate histories after WWII in America, Japan, Germany, East Asia are those where companies invest before short-term returns. Meaning, they invest before short-term profit. They see technological capacity, workforce upgrading as a civic duty. All this is being told after 12 years: that you people only think of profit when investing. You don’t think about workforce development and technological capacity development.

The next line is almost unreadable. It is written: Those companies (Japan, Germany, Taiwan) did not stop making profits. But more than making short-term profits, they were engaged in increasing the country’s prestige and pride. Companies did not see themselves as players in the market. Rather, they saw themselves as institutions of the nation.

Thus, in this way, India’s corporates are getting a lecture on nationalism and national duty. They were roaming around as gurus of capitalism. The Economic Survey handed them a pamphlet on nationalism. Read this too, you people. Very bad days have come for India’s corporates.

Citizens have also got a little lecture: that your job is not limited to voting, paying tax, following rules. Development is not something that happens only in ministries and boardrooms; it happens in homes, neighbourhoods, workshops, factory floors. Through those quiet habits that people develop daily.

Now what is left? Nothing is happening with corporate leaders. The government has clearly said. Because the media is corporate-owned, obviously this won’t be discussed. But this is also historic: the same government before whom corporates were prostrating, that same government has pulled the rug from under them and scolded them thoroughly: you have neither the sense to invest, nor the spirit to take risks, nor the vision, and who knows how many other things you lack. What all is India’s private sector not able to do? All this is being told. By naming those who did it, by giving their example.

Let me tell you in one line: out of fear, corporate leaders might give the Modi government 10 out of 10 on Budget day, but even before the Budget, the Modi government has given them 0 out of 10 in the Economic Survey.

Namaskar, I am Ravish Kumar.