Tapping the great market opportunity of the unlisted 30%!
Forbes is popular for listing down India’s richest people publishing their amassed wealth based on public documents and the share value of their publicly traded companies. This is all official. But if we refer to India’s parallel economy contributing up to 30% of the GDP, then we have a huge segment of non-official billionaires who aren’t really on the list.
It is interesting to observe that no one gets into politics to gain money and yet politicians and bureaucrats take position as some of the most moneyed figures over the globe. The only difference in India is that they go largely unlisted. And so do some of the small-to-mid scale and large entrepreneurs that are part of this parallel economy in India.
It would be interesting to see if there could be a list of India’s wealthiest that includes these folks. It is implicit in India and generally known that politicians and bureaucrats are a big (and integral) part of this economy. If there was a way to bring this economy into the mainstream think of all the things that could be achieved! Financial services firms like ICICI, HDFC, Bajaj Capital, and others can come up with wealth management products for these privileged and unlisted people forming a rather huge base of prospective customers. These wealthy folks could also serve as angel investors and venture capitalists and promote innovation and entrepreneurship. Americans could tap into this bracket of unlisted folks that is keen on new avenues to invest their money by promoting the US investor category visa to these folks. Tourism experts in Maldives, Seycelles etc. that are marketing the sale of islands etc. could also look at this great segment of market.
If you have products or services that would make sense to these segments, feel free to share them.
Your thoughts are welcome.
Sanjay Puri has been working on Indian-American issues and facilitating stronger US-India relations through USINPAC (US India Political Action Committee) and AUSIB (Alliance for US India Business), two bipartisan organizations that he chairs.