Why I'm Leaving India?: My Struggle with Taxes and Business Challenges

Summary

The speaker discusses the challenges of running a business in India, citing high taxation, market downturns, and a lack of support from the corporate ecosystem. They also touch on the exodus of high net worth individuals from India, the impact on the economy, and the need for tax reforms and better infrastructure to retain talent and business.

Takeaways

• 😀 The speaker is trying to shift their business from India to places like the US or Dubai due to challenges in the Indian market.
• 💼 The speaker mentions having created significant employment, providing over 600 jobs for freshers, but now facing a downturn with only 16 people remaining in their operation.
• 📉 The market is experiencing a significant downturn, with the speaker's business being affected from 100 to 75, then to 50, and now down to 16 employees.
• 🌐 The speaker feels that the corporate eco-system and the Indian taxation system are not helping, with requirements being frozen and no new demands coming in.
• 💡 The speaker is considering managing new clients and requirements to handle the situation but is concerned about the high taxation in India.
• 🤔 There is a discussion about high net worth individuals (HNIs) leaving India, with the speaker questioning whether this is a right or wrong move and seeking solutions.
• 💰 The speaker calculates the potential financial impact of HNIs leaving India, noting that in 2023, 6300 HNIs left, each with a net worth of approximately $1 million.
• 🏙️ The speaker discusses the challenges of living in India, including pollution, traffic, and the high cost of living, which might be factors driving people to consider moving abroad.
• 🏥 The speaker criticizes the quality of government facilities like schools and hospitals, suggesting that middle-class families might be motivated to leave India for better facilities.
• 🚗 The speaker shares personal experiences with insurance claims and road accidents, highlighting the inefficiencies and frustrations with the system.
• 🌳 The speaker talks about the high cost of living in India, including taxes on water and the need to pay for clean drinking water, suggesting that this might be a deterrent for some.

Q & A

What is the speaker trying to shift from India to the US or Dubai?

The speaker is trying to shift their IT business from India to the US or Dubai.

How many jobs has the speaker created for freshers in their company?

The speaker has created approximately over 600 jobs for freshers.

What is the current employment situation in the speaker's company?

The employment situation is deteriorating, with the number of employees dropping from 100 to just 16.

What is the impact of the corporate eco system on the speaker's business?

The corporate eco system is not helping the speaker's business, and the requirements for new hires have been frozen.

What is the speaker's view on the Indian taxation system?

The speaker believes that the Indian taxation system is too high and is not providing adequate returns after tax payments.

How many crorepati families left India in 2023 according to the speaker?

According to the speaker, 6300 crorepati families left India in 2023.

What is the estimated net worth of each HNI (High Net Worth Individual) mentioned in the script?

Each HNI has a net worth of approximately 10 million dollars, which is roughly 85 crore rupees.

What is the speaker's opinion on the Indian government's promise of free healthcare up to 5 lakhs?

The speaker is skeptical about the government's promise, stating that it has not been effectively delivered.

What are the three most important things that people demand from a country according to the speaker?

According to the speaker, the three most important things people demand from a country are clean tax payments, quality of life, and facilities like good schools and hospitals.

What is the speaker's view on the pollution levels in Indian cities?

The speaker is concerned about the high pollution levels in Indian cities, stating that it has become difficult to breathe clean air.

What is the speaker's suggestion for the Indian government to retain HNIs in India?

The speaker suggests that the Indian government should implement tax reforms, lower tax rates, provide tax relief to HNIs, and encourage investment in Indian startups and infrastructure.