India holds the title of the world’s largest democracy. Over the past few decades, its GDP has displayed remarkable growth. Despite this progress, economic inequality remains a pressing issue, leading to widespread poverty. However, India boasts a rich tradition of fostering entrepreneurship and capital accumulation. Unsurprisingly, this environment has given rise to numerous billionaire entrepreneurs.
1. Dhirubhai Ambani
Dhirubhai Ambani (1932-2002) hailed from India and initiated his career by vending traditional treats to religious pilgrims. Swiftly, his business prospered, expanding into telecommunications, power production, consumer products, and logistics.
Today, Reliance Industries stands as India’s biggest private enterprise and a Fortune 500 firm. Mukesh Ambani, Dhirubhai Ambani’s son, presently serves as the CEO of Reliance Industries. According to Forbes, his net worth amounts to seventy billion dollars.
2. Jehangir Ratanji Dadabhoy Tata
He was India’s inaugural aviator. Holding the position of Tata & Sons’ Chairman for half a century, he also initiated Air India International, the nation’s primary global airline. His recognition with the Bharat Ratna arrived in 1992.
Following his tenure with the TATA family business, he embarked on an independent journey, birthing TATA Airlines, subsequently evolving into contemporary Air India.
JRD Tata emerged as India’s pioneering entrepreneur, renowned for his visionary flying and the establishment of a key Indian industrial conglomerate. Tata Motors (TTM), his automotive venture, notably crafts budget-friendly vehicles accessible to the common Indian populace. Descended from Jamsetji Tata, who laid the foundations of the TATA conglomerate in the mid-1800s, JRD Tata owned about 100 diverse enterprises across sectors at the time of his demise.
3. Nagavara Ramarao Narayana Murthy
N. R. Narayana Murthy, a brilliant mind, contributed significantly to the establishment of Infosys Ltd., an Indian transnational conglomerate. He stands as an entrepreneur, esteemed for his role as one of the finest Indian businessmen in the modern era. Murthy’s influence greatly impacted the success of Infosys—a leading IT firm offering business consulting, technology, and outsourcing services.
Evidencing brilliance from a young age, Murthy received his education from India’s premier technology school. His professional journey commenced at Patni Computer Systems in Pune before he ventured into entrepreneurship. Often hailed as the “Father of the Indian IT Industry,” Murthy held the position of Infosys CEO from 1981 to 2002, later becoming its chairperson until 2011. As of July 2021, Infosys boasts a valuation exceeding $90 billion.
4. Shiv Nadar
Shiv Nadar initiated HCL Infosystems in 1976 with a small investment, focusing on calculators and microcomputers. The expansion to Singapore and the Far East swiftly followed, leading to sales exceeding 1 million rupees. Nadar’s success translated into a net worth of $23.8 billion, establishing him as a billionaire.
For four decades, HCL has navigated the IT sector under Nadar’s leadership, driving technological innovation since its inception. His unwavering faith in technology has been instrumental in shaping the company’s path.
Nadar’s dedication propelled HCL Technologies into a global powerhouse, boasting one of the largest IT technology and R&D divisions worldwide.
5. Lakshmi Niwas Mittal
Lakshmi Niwas Mittal, an Indian businessman, began his career in his father’s steel firm. He later established Arcelor Mittal, now a global steel giant (MT), due to family disputes. As of April 2020, Arcelor Mittal’s enterprise value stands at $32.96 billion. Simultaneously, Mittal possesses a personal fortune exceeding $18.38 billion.
6. Ghanshyam Das Birla
Ghanshyam Das Birla (1894-1983) was a renowned Indian entrepreneur. He established his first business, a cotton and textile mill, in the early 1900s. By 1919, Birla’s ventures had expanded to include significant paper and sugar manufacturing. Over time, his Birla Group evolved into a global conglomerate spanning multiple sectors. Kumar Mangalam Birla, his great-grandson, currently leads the conglomerate. He possesses a combined fortune of $13.4 billion.
7. Dilip Shanghvi
Dilip Shanghvi initiated Sun Pharmaceuticals in 1982, investing ten thousand rupees (around $200). His background as a pharmacy wholesaler’s son informed his decisions. Sun India stands as the largest pharmaceutical firm in the country. Over time, it has expanded to approximately 2 trillion rupees through gradual growth and acquisitions. Shanghvi’s current net worth is estimated at about $11.8 billion. In the United States, Sun Pharmaceuticals holds the position of the largest pharmacy firm from India. Additionally, it ranks among the leading Indian acute medication pharmaceutical companies. Globally, Sun Pharma is recognized as the fifth-largest specialty generics company.
As the chairperson of the governing board at the Indian Institute of Technology Bombay – IIT Mumbai, Dilip Shanghvi holds a significant role. Notably, he is considered one of the nation’s wealthiest individuals. His involvement extends to the RBI’s central board committee, which consists of 21 members.
8. Azim Premji
Azim Premji was the former director of Wipro Industries (WIT), a diverse software and technology business.Many have likened Wipro Industries to Microsoft.He holds the honorary title of “czar” of the Indian IT industry.Azim Premji is frequently referred to as India’s Bill Gates due to this prestigious position.His estimated net worth is around $9 billion.
9. Mukesh Jagtiani
Mukesh “Micky” Jagtiani, an Indian entrepreneur, has resided in the United Arab Emirates for the majority of his life. Initially, he studied in schools located in Bombay and Beirut. His educational journey then led him to London, where he pursued studies in accounting. During his time as a taxi operator, he established his maiden enterprise. This initial venture eventually evolved into the colossal commercial and real estate entity, Landmark, with its headquarters in Dubai.
In recent times, Landmark has also embraced the realm of e-commerce. It’s worth noting that Jagtiani’s estimated net worth is a substantial $3.6 billion.
10. Ardeshir Godrej
Ardeshir Godrej (1868-1936), a co-founder of the Godrej Group, a multinational conglomerate with holdings in real estate, consumer items, security, home appliances, and industrial instruments. After a series of failed endeavors into hand-crafted medical equipment, Ardeshir and his sibling found success in locksmithing.
The Godrej Group was formed in 1897, and its firms now generate over $11 billion in revenue. Adi Godrej, his grandson and the company’s CEO, is valued at $2.7 billion.
Final Thoughts
Entrepreneurship has a long history in India, yet it has its own character. Many Indian entrepreneurs started from poor origins and built empires shared down through generations as family-owned businesses rather than starting technological companies. That isn’t to imply that prospective Indian entrepreneurs won’t concentrate on technology and contribute to the country’s economic development.
However, we must remember that the GDP per capita in this nation of over one billion people is just $1,900 annually, indicating it as one of the world’s greatest rates of economic disparity.
