0.4% is the new 24%

A son once asked his father why Jains are so wealthy. The father replied, "Beta, hum pyaj khate hain aur wo byaj khate hain," which translates to, "We eat onions, and they eat interest." Jainism, one of the oldest religions in Bharat, dates back at least 2500 years. Historically, communities that have emphasized their "minority" status have become a burden rather than a benefit to this country. However, the Jain community is an exception. Jains are among the most valued people to associate with.

Adam Grant, in his book Givers and Takers, categorizes people into three types: givers, takers, and matchers. Matchers operate on a "you scratch my back, and I'll scratch yours" basis, while givers and takers are self-explanatory. Though Jains may not have read this book, they undoubtedly fall into the Givers category. No other community has contributed to the Indian economy like the Jains. They account for 24% of income tax contributions and 48% of philanthropic activities. Furthermore, the Jain community is one of the most empowering when it comes to women. While the literacy rate for Indian women stands at 74%, Jain women boast an impressive average literacy rate of 94%. 

The Jain community has long demonstrated a remarkable competitive edge in various industries, from textile mills and steelworks to printing presses and bakeries. This advantage is deeply rooted in their philosophical principles, which can be encapsulated in five key tenets: Ahimsa (non-violence), Satya (truth), Asteya (non-stealing), Brahmacharya (chastity), and Aparigraha (non-possessiveness). Integral to Jain philosophy is the emphasis on contributing to society, a concept championed by Mahavir Jain as the ultimate dharma of the soul.

Karma holds significant importance in Jain life, which is why it is rare to find a Jain involved in a business that could potentially harm the environment or humanity. Since the Vedic era, India has been predominantly agrarian, with fertile lands contributing to prosperity under various dynasties, from the Mauryas to the Guptas. Due to their commitment to extreme non-violence, Jains historically did not participate in the warrior or agrarian classes. Additionally, Jainism's reverence for all forms of life, including non-living entities, further guided their business practices.

The Jain community's influence on India’s development is profound. For instance, the Bombay Stock Exchange (BSE), which has been a cornerstone of Indian financial markets and also my first love, was established by the visionary Seth Premchand Ji Roychand. As a minority community, Jains deeply appreciate the significance of harmony and communal support. This is exemplified by the numerous local "shark tank" events where Jains with innovative business ideas seek seed funding from the wealthiest members of their community. The Jain way of life is so impactful that the World Health Organization has recommended adopting Jain principles as a solution to global warming, highlighting their profound relevance.

While vegetarianism and veganism are gaining prominence globally, it is noteworthy that 96% of Jains have adhered to a vegetarian diet for centuries. Understanding this background provides valuable context before we delve into the business acumen of the Jain community, which is equally compelling. Let us now shift our focus to explore this fascinating aspect further. 

Not only in India but also in various European countries, Jains are recognized as one of the wealthiest communities. They constitute 65% of Indian diamond and gold businessmen, 62% of Indian NGOs are run by Jains, and 42% of stockbrokers in India are Jains. Additionally, 33% of the airline businesses in India are managed by Jains, and media houses are significantly influenced by Jain ownership. Jains also have a substantial presence in various sectors, including 20% of the pharmaceutical industry, 20% of textiles, and 10% of the cement industry.

Here are some reasons why Jains excel in the businesses they pursue:

1. Dynamites and not Parasites: As previously mentioned, Jains are one of the rare minorities who have never adopted a victim mentality. Their inherent compassion, or Karuna bhav, makes them exceptionally charismatic. People naturally gravitate towards those who are selfless. Jains do not lament over issues like reservation seats or government jobs. Instead, they focus on creating employment opportunities and addressing unemployment challenges in the country. While some minorities may find that adopting a victim mentality and succumbing to self-pity can be politically advantageous, as seen with politicians like Sharad Pawar. Jains prefer to channel their energy into action and progress. Their remarkable intelligence and determination consistently lead to success.

There is even speculation that if the Jain community were to grow from its current 0.3% of the population to 3%, India could potentially surpass existing developed nations to become the most advanced country, provided that funds are allocated wisely.

2. Succession Planning: As many of you might know, the majority of Indian businesses are family-owned and controlled. It often takes just two generations for family disputes over wealth distribution to arise. The saying "Jaisa beej boge, waisa phal milega," which translates to "You reap what you sow," reflects the reality of these conflicts. Prominent examples of such disputes include Reliance, the Murugappa Group, the Kalyani Group, Kirloskar, the Modi family, Raymonds, and Gadgil’s.

A good friend of mine from the Jain community shared something fascinating. He began working in his family business when he was in the 5th grade, starting as an intern who carried files and food. Now, he runs the business. His commitment from such a young age—when many children are busy playing cricket—is a testament to the Jain community’s dedication. Jains instill values of peace and harmony in their children from an early age. This collective focus on both making money and growing together is a key factor in their success. "sher ke bacche ko shikar aur Jain ko vypyaar sikhaya nahi jata". Those 8 years of his internship were nothing short of an extended MBA programme. 

3. The power of education: Running a business isn’t necessarily tied to formal education. Consider figures like Anil Agarwal, Gautam Adani, or Steve Jobs, who achieved billionaire status despite not completing their formal education. Many Gujaratis I know who run their own businesses have also only completed minimal formal education.

However, the case is different with the Jain community. It is quite rare to meet a Jain who has not pursued extensive formal education or advanced degrees. Jains are known for successfully running businesses while also holding valuable academic qualifications. This dual emphasis on both practical business acumen and educational achievement sets them apart. Being highly educated empowers them to make better decisions. 

4. Jivdaya: Practices such as avoiding cruelty, providing shelter, maintaining proper nutrition, living close to nature, following veganism, and exercising daily are integral to Jain daily life, contributing to their longer life expectancy. The average lifespan of a Jain is 71 years, which surpasses that of many other communities. Their habits include a balanced diet, avoiding food after sunset, drinking hot water, and using masks—practices that have been part of their routine for decades.

It’s essentially a cycle: eat healthily, stay healthy, give more, expect less, avoid envy, live harmoniously, accumulate wealth, and then face life’s end. Jain community has one of the lowest probabilities of getting a heart attack or getting diabetes or BP. Longer you live, longer you earn. That's why, Jains are one of the most productive people with highest cognitive ability. 

5. Anarthdand tyagvrath: "Anarth" refers to something that has no value, and "Tyagvrath" means a pledge of sacrifice. Jains believe that anything that does not add value should be sacrificed. They tend to avoid activities such as clubbing, partying, associating with unstable individuals, engaging in idle chatter, drinking, and smoking—though this might sound harsh, it reflects their values.

Instead, Jains focus on prayers, spirituality, meditation, and forgiveness. The practice of "Anarthdand Tyagvrath" involves sacrificing unproductive habits and relationships, leading to a concept known as conscious capitalism. This approach, combined with the ability to delay gratification, strengthens their minds and willpower.

Jains embrace the philosophy of "live and let live" and engage in various fasting practices, which further enhance their problem-solving skills. It is said that Albert Einstein once remarked that while he did not believe in reincarnation, if it were true, he would choose to be a Jain in his next life.  

Another major part of Jainism is its logic and reasoning. Much of science aligns with Jain teachings. Jains had the idea of a atom and the atomic theory before the Greeks. Jain scriptures detailed propagation of sound and scattering of light, phenomena only recently explained by physics. Jains believe in anekantavada- which roughly means there exists two points of view of anything. One is your point of view and the other is the world's point of view. Thus, it does not oppose any other faith. (Thanks Preyas Shah!)

And lastly, I think everyone should know that Jainism is theoretically an atheistic religion. Jains don't believe in a God who has created the world and controls it. They view the world as ever existing and ever expanding. Although Jains do worship tirthankaras, they view them as teachers and individuals who have successfully liberated themselves from the cycle of birth and death.

It's a very deep philosophy and should be studied by anyone who wishes to know more about the world or at least more about themselves. Many Westerners like to move towards Buddhism when it comes to Eastern philosophies, but Jainism should definitely be something worth knowing. It would be wrong to talk about Jainism and not quote Lord Mahavir. 

" Don't accumulate if you do not need it. The excess of wealth in your hands is for society, and you are the trustee for the same". 

Happy Investing.