The new look of philanthropy.
Nation building communities like IITians
Knit by commonality and prosperity.
Today is the first day of the Maheshwari Global Convention and the first after the demise of their cofounder, past Arth Mantri and guiding light R.L. Kabra of R Kabra & Co. LLP . I attend the event today more as a tribute to his memory. I have been his staunchest critic and he has been an exemplary friend. He often joked “when you churn our pot, it starts to boil, everyone listens.” It is pursuant to such arguments that the convention is open to the public at large today.
A lot of my m criticism has been around their inability to build culturally diverse, professionally managed, board run companies. And that reflected in my own personal approach over the years to help build perpetual institutions that rise above religion and politics.
The IIT Alumni Council creation and branding reflected this belief. What surprised all of us however is the way in which both religious groups and political blocs have rallied to support the IIT Alumni Group. From the Ramkrishna Mission and ISKCON to the Catholic/ Protestant/Diocese Church and the Buddhist monasteries – each has played a solid and constructive role in the journey.
Let me go back to the Maheshwari Maha Sabha and their former President and the IIT Alumni Council Distinguished Fellow Late Mr Kabra. His spirit continues to contribute to what we do through his accountant daughter, IITian son in law and enthusiastic grand daughter who contribute time, expertise, resources and energy to what we do and more important … what many of us want to do. And that is to use the inflection point induced by climate change and AI to reposition India in the world order.
Maheshwaris, Agarwals, and Rajasthan Jains are often lumped together as “Marwaris”. That’s a mistake. They represent three very different economic philosophies.
Maheshwaris evolved as builders. Factories, infrastructure, institutions, and balance sheets that last decades. Growth is steady, leverage is cautious, and profits are reinvested for endurance.
Agarwals evolved as scalers. Comfortable with speed, leverage, and volatility, they dominate trading, retail, real estate, FMCG distribution, and now digital platforms. The upside is large—and so is churn.
Rajasthan Jains evolved as guardians of capital. Shaped by Jain ethics, their businesses prioritise capital protection, low risk, and multi-generation compounding. Finance, bullion, gems, and trading networks are their strongholds.
We call these cultural differences. They’re actually centuries of capital strategy encoded into community norms.
As India industrialises, platformises, and financialises at the same time, all three models matter—just in different lanes.
The Maheshwari’s are best positioned among all the business communities of India to benefit from AI. And that is the core theme for the IIT Alumni debate I chair on the sidelines of the event.
Now to board my flight.
