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Ravi Modi
#2614

Ravi Modi

Source of wealth: Readymade garments

Net Worth

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Earnings per second

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Biography

Ravi Modi started Vedant Fashions, named after his only son, in Kolkata city in 2002 to manufacture traditional Indian garments.

Vedant's popular brand Manyavar is best known for its men's kurtas, sherwanis and jackets and women's lehengas, sarees and gowns, aimed at the Indian wedding market.

Modi's wife Shilpi has a board seat, while his son Vedant is the company's chief revenue officer.

The Kolkata company has more than 670 stores across 245 cities and 14 international stores.

Modi sold 10% of his stake in 2023 to increase the public holding in the company to 25% as required by the stock market regulator.

Financial Assets

Exchange
BSE INDIA
Ticker
543463-IN
Company
Vedant Fashions Limited

The Great Lie of Mega-Fortunes: The Case of Ravi Modi

Billionaires are often presented under the romantic myth of the 'self-made person': a narrative designed to justify opulence as the natural reward for hard work, effort, or ingenuity. However, when confronting such extreme volumes of wealth with macroeconomic reality, the meritocracy narrative completely breaks down. No individual can legitimately generate through personal effort a fortune equivalent to millions of times the average working-class salary. Capital at the top does not grow because of exceptional talent; it expands through an implacable dynamic where accumulated money works exponentially faster than people, devouring the wealth generated by productive labor.

The immense fortune of Ravi Modi, linked to Fashion & Retail and 'Readymade garments', has not been built in a free-market vacuum, but through rent-seeking, the use of exclusive elite influence, the consolidation of monopoly positions, or inherited wealth. Far from taking real private risks, billionaire empires structurally depend on state support through direct subsidies, infrastructure use, exploitation of R&D, public contracts, and offshore tax engineering. While this wealth is equivalent to the physical weight of 11 tons of pure gold, the rest of the planet suffers from an artificial scarcity of basic resources. The fact that this wealth is enough to fully fund the public health system of DR Congo, a country with more than 105800000 million inhabitants for 0.7 years, proves that unlimited accumulation is not an entrepreneurial achievement, but the hijacking of democratic sovereignty.

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