Startup founder questions India's growth story, cites corruption, inequality as key hurdles
New Delhi: Dhawal Jain, founder and CEO of mental health startup Mave Health, has stirred debate on social media after expressing disillusionment with what he called the “India's growth story.” In a candid post on X, Jain said he was optimistic aboout India’s progress but it has waned. He warned that the country’s economic and social challenges might worsen in the coming years.
“I was high on India’s growth story, but not anymore,” Jain wrote reflecting on how his faith in the nation’s development narrative had faded.
Jain, who once believed India’s problems were remnants of its colonial past and that economic growth would naturally lead to better infrastructure and governance, said, “But lately, it feels like it’s all just a story being fed to us. The change isn’t really coming. The slow growth we see now might not improve, in fact, it could get worse."
Pointing to corruption and a “scarcity mindset” as the two biggest obstacles, Jain argued that accountability must begin at the top. “When our politicians leave rally grounds littered, I can’t expect an average Indian to take the ‘Clean India Mission’ seriously,” he remarked.
He criticised the lack of transparency in how public funds are used. He said, “It pinches me when I pay tax because I know part of it goes into someone’s pocket. I’d love to pay more tax, but I just want to know how it’s being used.” Jain described government processes as “opaque” and “a nightmare” for those who try to act ethically.
Recalling a local tragedy, he cited civic negligence, in which a young boy lost his life in a pothole accident. “Only that one pothole was repaired; others were ignored. We talk about caring for citizens, it’s almost a joke,” he said.
Jain also warned that the rise of artificial intelligence and humanoid automation could exacerbate unemployment. “Millions of Indians will lose jobs, and I don’t expect the government to handle it. Maybe they’ll ban humanoids like they resisted self-driving cars,” he wrote.
Jain expressed admiration for India’s entrepreneurs. “The only way I see us doing better is if entrepreneurs build better systems, fund research, improve healthcare, and drive innovation. I’m so proud of young, ambitious Indians doing real work against all odds,” he said.
Acknowledging his own privilege Jain concluded his post by reaffirming his saying, “I’m not ranting, I just want my country to do better. I’d love to be proven wrong. Until then, I hope India is thriving in some other universe, because I truly believe she can.”
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Rupee falls 9 paise to all-time low of 90.58 against US dollar in early trade
Mumbai (PTI): Rupee depreciated 9 paise to an all-time low of 90.58 against US dollar in early trade on Monday, weighed down by uncertainty over an India-US trade deal and persistent foreign fund outflows.
Forex traders said rupee is trading with a negative bias as investors are in wait and watch mode and awaiting cues from the India-US trade deal front.
At the interbank foreign exchange market, the rupee opened at 90.53 against the US dollar, then fell further to an all-time intraday low of 90.58 against the greenback, registering a fall of 9 paise over its previous close.
On Friday, the rupee had slipped 17 paise to close at an all-time low of 90.49 against the American currency.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.05 per cent lower at 98.35.
Brent crude, the global oil benchmark, was trading higher by 0.52 per cent at USD 61.44 per barrel in futures trade.
On the domestic equity market front, the 30-share benchmark index Sensex was trading 298.86 points lower at 84,968.80, while the Nifty was down 121.40 points at 25,925.55.
Foreign Institutional Investors sold equities worth Rs 1,114.22 crore on Friday, according to exchange data.
"FPIs continue to be in selling mode in equity and debt while RBI has been selling dollars to fund their long positions," said Anil Kumar Bhansali, Head of Treasury and Executive Director Finrex Treasury Advisors LLP.
