Sajjan Jindal, Chairman of JSW Group in a recent interview with CNBC-TV 18, shared insights into his approach to wealth creation and the role of the next generation in business ventures. On a question asked, does he believe that the next generation is happy running family offices as opposed to running businesses? Jindal responded, ‘’Uday is a friend, and we always spar on topics. And on this point, I agree with Uday that the next generation tends to use the money which the father has earned and invest rather than working himself.’’
Jindal’s take on wealth inheritance
Jindal then further shared a narrative about his Harvard-educated son, who once told him about his interest in investing in an electric vehicle (EV) company. However, Jindal had a firm reply, ‘’I want you to make your own money and not use what I have earned over the years.’’
The business man remarks come amid broader debate about the new generation of India’s wealthiest families. Uday Kotak, one of India’s most influential bankers, recently pointed out that the next generation of billionaires’ families are choosing to handle investments instead of doing something of their own.
He also highlighted the capabilities of some of the next generation business leaders. He stated, ‘’Harsh Goenka’ son is proving to be even more capable than him, running things exceptionally well’’. He also praised Kotak’s son, Jay Kotak, acknowledging, ‘’Jay is highly intelligent , actively working in the bank, and doing a remarkable job. Most of them are extremely smarter than us. My son is smarter than me, and most of our sons and our daughters are smarter than us.”
Jindal stance on Electric Vehicles
The JSW Steel MD also recently shared his opinion on Tesla’s entry into the Indian market, he stated,’’ Tesla cannot do what Mahindra can do, what Tata can do. India has capability to build world class EVs on its own.’’