Rajeev Mantri, Founder and Managing Partner of Navam Capital, has issued a candid critique of India’s economic landscape in response to Prime Minister Narendra Modi’s recent push for the ‘Vocal for Local’ campaign. In a detailed post shared on X (formerly Twitter), Mantri highlighted structural inefficiencies and urged the government to focus on long-overdue economic reforms rather than relying solely on patriotic consumer appeals.
“Dear Hon. PM @narendramodi, I am taking the liberty to highlight some reasons why Indians are going abroad for weddings, or why they are preferring to buy foreign made products,” Mantri wrote. “The brutal truth is most Indian products and services are simply not good enough compared to those made by foreign companies.”
According to Mantri, even 35 years after economic liberalization, India remains uncompetitive in key global markets — not due to a lack of entrepreneurial spirit, but because of systemic failures by successive governments. He pointed to persistent issues such as a dysfunctional credit system, poor contract enforcement, outdated labour laws, and bureaucratic hurdles in land acquisition.
He further warned that despite liberalized FDI policies, Indian entrepreneurs are handicapped by domestic policy inertia. “A number of structural reforms are long-pending. Nothing is moving on that front at all,” he said, adding that domestic frictions, rather than external competition, are holding India back.
In his post, Mantri also criticized the call to “buy Indian” without addressing quality and competitiveness. “Why should consumers spend their hard-earned, tax-paid money on products and services that most of the time simply do not match up to what is offered by some company from abroad?” he asked.
Using the example of destination weddings, he argued that hosting a wedding in India often costs two to three times more than in Thailand or Indonesia, due to India’s poor tourism infrastructure and expensive hospitality services.
Mantri concluded his appeal with a direct message to the Prime Minister: “Please deliver on your own reform commitments and promises, nobody else can do it. We citizens don’t mind the occasional sermon, but ultimately action is what counts.”
His post has sparked debate online, drawing support as well as criticism for its blunt tone and unsparing critique of the Indian state’s economic performance.
