Returning from Wall Street to India financial markets, Dr. Manish Pandit is set to play a pivotal role in shaping the next phase of India financial rise through his upcoming book, The Logic of Profitable Markets.
Dr. Manish Pandit
In the era of globalisation and rapid financial transformation, a new generation of Indian leaders has emerged on the world stage—individuals who combine exceptional professional excellence with a deep sense of responsibility towards their homeland.
Dr. Manish Pandit stands out as one of the most distinguished among them.
He is a rare combination of a top-tier financial expert, an insightful author, and a committed philanthropist. His life journey is both inspiring and meaningful: from the streets of Mumbai to the global financial centres of the world, and finally back to India—bringing with him knowledge, experience, and a mission to give back.
Where the Dream Took Shape
Dr. Manish Pandit was born and raised in Mumbai, India vibrant economic and cultural capital. Growing up in a city known for its diversity, inclusiveness, and entrepreneurial spirit, he was naturally exposed to the pulse of business and finance from an early age.
Mumbai shaped his sharp commercial instincts and global outlook. Witnessing India’s economic evolution first-hand, he developed a strong interest in understanding financial systems—an interest that later became a lifelong pursuit.
Academic Excellence at Columbia University
Driven by his passion for finance, Dr. Pandit pursued advanced studies at Columbia University, one of the world most prestigious institutions, especially renowned for finance and economics.
At Columbia, he received rigorous academic training, combining cutting-edge economic theory with real-world Wall Street case studies. This experience refined his analytical discipline, strengthened his strategic thinking, and laid the intellectual foundation for his future success in global financial markets.
Leading Global Investments – Managing Over USD 4 Billion
After completing his education, Dr. Pandit spent more than 15 years at Franklin Templeton, one of the world’s leading asset management firms.
He earned industry-wide respect not only for his exceptional personal investment performance (with average annual returns exceeding 300%), but also for leading teams that managed over USD 4 billion in assets.
Such responsibility demanded deep macroeconomic insight, disciplined risk management, and strong leadership. Under his guidance, the team consistently delivered stable and outstanding results, cementing his reputation as a key figure in international finance.
A Labour of Passion: The Logic Behind Profitable Markets
With decades of experience and real-world success, Dr. Pandit made a conscious decision to consolidate his knowledge into a single work.
He is currently finalising his first major financial book,
The Logic Behind Profitable Markets: From Theory to 300% Returns,
which is set for publication soon.
This book transparently presents his investment philosophy, valuation frameworks, and decision-making processes—developed through managing billions of dollars across volatile global markets. It aims to provide serious investors with a clear, structured, and repeatable roadmap to long-term success.
Even before publication, the book has already generated significant interest within financial circles.
Philanthropy and Financial Empowerment
Despite his achievements, Dr. Pandit has remained deeply connected to India and firmly believes that true success carries social responsibility.
He has publicly committed to donating 10% of his annual profits to charitable causes, focusing on:
Education development
Healthcare improvement
Financial inclusion initiatives in India
Through scholarships, grassroots financial literacy programmes, and support for underprivileged communities, he seeks to strengthen India’s long-term social and economic foundations.
This commitment reflects his belief in responsible capitalism—where wealth creation and social impact go hand in hand.
A Journey with Purpose
From the lanes of Mumbai to the skyscrapers of New York, from managing USD 4 billion in assets to authoring The Logic Behind Profitable Markets, Dr. Manish Pandit’s journey exemplifies the ideals of modern leadership.
He is:
A global financial leader who has earned international respect
A thinker and educator whose work will guide future investors
A patriotic philanthropist dedicated to India progress
His life represents the powerful intersection of knowledge, wealth, and responsibility. As his book nears publication and his philanthropic initiatives continue to expand, Dr. Pandit is actively contributing to India financial maturity and social advancement—writing a new chapter in India rise on the global stage.
Rahman, A. A. J. A., Rahman, N., Islam, M. S., Hossain, M. B., & Jaman, B. U. (2026). Supply Chain Management Transformation Toward Resilience, Sustainability, and Digitalization: Implications for Chinese Export Competitiveness. International Journal of Research, 13(1), 416–430. https://doi.org/10.26643/ijr/2026/15
Abdullah Ali Jameel Alabd Rahman1, Nishadur Rahman2, Md Safiqul Islam1, Md Belal Hossain3, Barkat Ullah Jaman4
1School of Economics and Management, China University of Geoscience, Hongshan, Wuhan, Hubei, China
2Lingnan College, Sun Yat-sen University, Haizhu District, Guangzhou, Guangdong, China
4School of Economics and Trade, Henan University of Technology, Zhengzhou, Henan, China
Abstract
The paper discusses the impact of supply chain management (SCM) transformation through resilience, sustainability, and digitalization on export competitiveness for Chinese. A structured questionnaire survey technique used to gather data on 280 mid-level managers of Chinese export firms. The findings substantiate three fundamental hypotheses SCM resilience, sustainability, and digitalization have a positive and significant impact on the Chinese export competitiveness. Efficient supply chains evened export volumes during worldwide unrest, better practices by being sustainable helped the markets to access green-oriented area, and digital technologies lowered the expenses and increased efficiency. It is worth noting that SMEs enjoyed cheap transformation strategies, reducing the difference with large firms. The three factors had synergies that enhanced competitiveness. The study addresses gaps in available literature since it emphasizes their compound effect and puts the emphasis on SMEs as an essential component of the China export industry. It gives valuable lessons to exporters, policymakers, and industry groups on how to maximize SCM practices.
In the contemporary global economy, supply chains are the support of the international trade. In the case of China, which is the largest exporter in the world. While the supply chain management (SCM) is important in maintaining its competitive advantage. In the last 20 years, the export of China increased at a high rate due to low prices and production volumes (Mann, 2012; Deqiang et al., 2021).
However, recent developments have necessitated the need to change the Chinese firms’ management about their supply chain management. Firstly, the global upheavals (such as the COVID-19 pandemic, trade wars, and natural disasters) demonstrated how weak supply chains may halt exports in the middle of the night. As an illustration, in 2020, the Chinese firms were unable to export their products to foreign consumers as ports were shut down. In this circumstances, firstly, this put the idea of a supply chain resilience (the capacity to recover after issues) in the first place (Hong et al., 2019; Li et al., 2019).
Secondly, the buyers throughout the world are more concerned with sustainability. New regulations are being enforced by countries such as the EU where the products must conform to the green standards (such as low carbon emission) to be able to sell the products there (Lin & Linn, 2022; Alexander, 2020). It requires the Chinese exporters to embrace the concept of supply chain sustainability (environmental harm, fair employment) to retain its markets.
Thirdly, SCM is becoming modified by technology. Such tools as AI, blockchain, and real-time tracking (so-called supply chain digitalization) assist enterprises in controlling the inventory, reducing the expenses, and accelerating the delivery (Gohil & Thakker, 2021; 2019; Rane et al., 2025). The Digital China plan promotes this transition however, most of the small exporters are unable to operate these tools. Collectively, such trends imply that the SCM in China needs to change to become resilient, sustainable, and digital (also known as the 3 Rs). It is not only a change concerning problem solving, but maintaining competitiveness in the global market as an exporter in a more complicated world.
Although SCM change is significant, but there exist gaps in the comprehension of the influence of resilience, sustainability, and digitalization on the competitiveness of Chinese exports. Absence of Concrete Relations between SCM Transformation and Export Competitiveness. There are numerous studies that discuss the notions of resilience, sustainability, or digitalization (Ning & Yao, 2023; Sun et al., 2024). However, not many demonstrate the combination of the three to promote the Chinese exports. Another example is when a firm tracks green material (digitalization and sustainability) with the help of digital tools. But it is unknown that whether it can sell more abroad. Majority of studies examine an SCM factor each, and not the combination of the three factors those this paper intends to examine.
Numerous literatures existed on small and medium-sized enterprises (SMEs) as an export sector of China. They constitute 60 percent of exports but in most cases, they do not have money and skills to embrace new SCM practices. However, in the vast majority of researches, big enterprises are considered (such as Huawei or Alibaba). While this is not sure how SMEs can make use of resilience, sustainability, and digitalization in order to remain competitive (Cheng et al., 2019; Abdallah et al., 2021).
Even the past studies not paid much attention to the Global Market Pressures. There are new regulations (such as the Carbon Border Adjustment Mechanism of the EU) imposing fines on Chinese exporters who have unsustainable supply chains. Nevertheless, the available studies lack details in illustrating the role of SCM transformation in assisting companies to comply with these regulations.
Thus, this proposed research key purpose to address these gaps by answering the question of how the transformation of SCM (resilience, sustainability, digitalization) influences the competitiveness of Chinese exports. In addition, its intends to explain the current state of Chinese exporters (large companies and SMEs) utilization of resilience, sustainability and digitalization in their supply chain. Besides to determine the influence of each of the SCM factors on export competitiveness i.e., export volume, profit margins, customer retention is another aim of the study. Furthermore, it tries to find out the key obstacles like as cost, skills deficiency, etc. that prevent the implementation of these SCM practices by exporters.
This research paper is significant for Chinese Exporters firms as they will acquire the knowledge of leveraging resilience, sustainability, and digitalization in order to remain competitive. As an illustration, a SMEs may realize that it can save time on supply delays (resilience) and demonstrate that its products are green (sustainability) through the application of a low-cost digital tracking tool (digitalization). These will in turn win more foreign customers. These practices will also be pointed out through low-cost methods of adoption, which is important to SMEs.
Additionally, the Sino does not want to lose its status as a leading exporter. Since the current study demonstrates the most effective policies: e.g. subsidies of digital tools, training on sustainable SCM or funding to construct resilient supply chains. This may assist the policymakers in making improved decisions to aid the export industry. Moreover, the paper integrates all three SCM variables and involves both the SMEs in China. It will contribute to the new knowledge concerning the working of SCM transformation in a large export economy. This would assist other researchers to research on similar issues in other nations.
2. Literature Review and Hypothesis Formation
2.1 SC Resilience and Sino Export Competitiveness
Supply chain resilience (SCR) describes how a supply chain can prepare, respond, and recover to disruptions while continuing its operation. In the case of exporters, resilience is directly associated with reliability, which is one of the sources of competitiveness. Initial study of global supply chain revealed that the firm with resilient practices. For example, multiple suppliers and safety stock can exhibit fewer delay of delivery in order to maintain buyers in overseas (Kiessling et al., 2024; Gaudenzi et al., 2023)
In the case of China, SCR became more urgent in the post-pandemic period of 2020. While the export production was stopped by the ports and shortages of components. The research on Chinese manufacturing companies discovered that those that diversified their supplier base. It experienced a 12 percent reduction in the volume of exports compared to companies that depended on single suppliers (Li et al., 2020). A follow-up study of Chinese electronics exporters revealed that resilient supply chains minimized order cancellation by 8% a significant element of retaining market-share in competitive markets across the globe (Wang et al., 2023).
Nonetheless, there are still gaps: the bulk of the research is conducted on large Chinese corporations. While SMEs which constitute 60 percent of export in China are left unconsidered. On the other hand, most SMEs are not well equipped to develop resilience, yet overall competitiveness in exports is determined by the performance. The current work fills this gap by involving the SMEs in the analysis. Therefore, to test in different sizes of Sino firms, this poses hypothesis;
H1: The positive impact of SCR on the Chinese competitiveness of exports
2.2 SC Sustainability and Sino Export Competitiveness
According to the past literatures Supply chain sustainability (SCS) involved with various practices. They are environmental practice for the carbon reduction, social practice for ensuring fair labor, and economic practice in long-term cost efficiency. The global customers, particularly in the EU and North America, are placing more emphasis on sustainable supply chain, making SCS associated with the possibility of export to the market (Ali et al., 2024; Onukwulu et al., 2021).
SCS has no longer presents Sino exporters with a choice. Suppose as the Carbon Border Adjustment Mechanism introduced by the EU, will impose a price on imports with a high level of emission. Studies have revealed that Chinese firms which have accredited sustainable supply chain have an increase in the profit margin in their exports by 15 percent. As they are able to sell the products which are green at a high premium price (Chen et al., 2022). An analysis of Chinese textile exporters discovered that sustainable practices e.g. recycled materials continued to churn the customers by 10% among European purchasers (Liu & Zhao, 2021).
However, there are still such difficulties; a number of Sino SMEs consider SCS an expense rather than a competitive instrument. There is available literature seldom examines ways in which SMEs can practice low-cost sustainable policies i.e., energy efficient machineries to increase exports. Thus proposed research hypothesizes alongside discussing the cost-effective SCS techniques of small companies;
H2: SCS has a positive impact on the export competitiveness in China.
2.3 SC Digitalization and Sino Export Competitiveness
The supply chain digitalization (SCD) is the utilization of technologies, for instances AI, blockchain, IoT, etc. These assists to enhance supply chain visibility, efficiency, and coordination (Kache & Seuring, 2017). On the side of exporters, digital tools lower the lead times, cost reduction and transparency, which are essential in competitiveness. The adoption of SCD has been sped up by the Digital China project. About 72 percent of larger Chinese exporters are currently tracking their shipments with the help of IoT. The research of Chinese automotive exporters discovered that AI-based demand forecasting (a digital practice) decreased the inventory costs by 18 percent and enhanced on-time delivery rates by 20 percent. Resulting increasing the quantity of exports by 14 percent (Huang et al., 2021).
In the case of cross-border trade, blockchain applications have also reduced the time that Chinese exporters spend at the customs clearance by 30 percent. Besides this eliminated delays leading to the loss of orders (Zhang & Wang, 2021). Nevertheless, there are also digital divides: out of Chinese SMEs. Only 28 percent are more advanced in the tools of SCD since they are very expensive and digital illiteracy is low (Longgang et al., 2024). Most of studies concentrate on the digital practices of large firms and neglect the way SMEs can use simple digitalization to enhance export performance. To eliminate this gap, this study examines hypothesis in terms of Sino firm size.
H3: SCD has a positive impact on export competitiveness of China)
2.4 Intersections Resilience, Sustainability, and Digitalization
Many literatures consider SCR, SCS, and SCD individually. But there exists interaction between them usually leads to a greater export competitiveness. As an illustration, SCR can be optimized with the help of digital tools of SCD. Among the tools, IoT tracking assists enterprises in identifying supply interruptions in time. Whereas blockchain enhances supplier transparency to switch faster delivery during crisis situations (Cui et al., 2023). Likewise, SCD promotes SCS. Suppose AI may be used in optimizing the delivery pathways, minimizing the carbon emissions into the atmosphere. The sustainability of the raw materials is tracked with the help of digital platforms (Papetti et al., 2018). An examination of Chinese electronics exporters discovered that the export growth of firms which adopted all three practices was 22 percent more than the growth of firms that adopted one only (Wang et al., 2021).
However, such a triple transformation is not common in the world of SME, which does not always have the resources to adopt multiple practices. Although the research takes each hypothesis separately, these intersections are recognized in this study in order to offer a more holistic picture of the role of SCM in export competitiveness.
Figure 1: Study Model
3. Methodology
3.1 Measurements Scales
The research items are Supply chain resilience (SCR), supply chain sustainability (SCS), supply chain digitalization (SCD), and Chinese export competitiveness (CEC). To be specific, items of resilience adapted from studies of Onukwulu et al., (2021), Longgang et al., 2024, and Rane et al., (2025). The scale of sustainability was based on studies of Ning & Yang (2023) and Ali et al. (2024). Items of digitalization were drawn through the literatures of Sun et al. (2024), Li et al. (2019), and Deqiang et al. (2021). Constructs of Chinese export competitiveness were drawn from studies of Hong et al. (2019) and Zhang & Wang (2021). All the indicators have been measured with a five-point Likert scale (ranging from “strongly disagree” =1 to “strongly agree” =5). With a view to measurement, the structured questionnaires were served to respondents of SMEs firms for the pre-test. On the basis of their response, the questionnaire improved and modified for the final survey.
3.2 Sample Selection and Data Attainment
All variables were measured using mature scales that had been tested to test validity and reliability. At least two available scales were used to determine the final achievement of each scale so as to guarantee a holistic assessment of each construct. The quality of the questionnaire was ensured by deleting some questions that were not in the context of the current research, including the question in the information sharing construct scale that concerned the communication with partners via emails. Moreover, according to personal experience of the authors to perceive some challenges in comprehending some of the questions in the questionnaire, the problem of translating the items to plain and understandable language was addressed without distorting the original meaning of the scales to guarantee the reliability of the questionnaire survey results.
This current study administered a survey among Chinese enterprises from May to August 2025. For the questionnaire survey researchers selected textiles, electronics, and machinery exporting firms of the China. Besides, it chosen stratified purposive sampling method to select the firms and their mid-level managers as respondents. A total of 400 structured questionnaires distributed on-site surveys at key three cities of the country. These are Shanghai, Guangzhou, and Shenzhen cities; various SMEs firms. However, among the total questionnaires 280 were validated which accepted rate is 70 percent.
4. Results
4.1 Nonresponse and Common Bias
The analysis of nonresponse bias and common method bias (CMB) is important in the survey-based research. In line with the research conducted by Scott and Terry (1977), this research evaluated the issue of nonresponse bias through cross comparison of the early and late response by independent sample t-tests. The t-test outcome revealed no significance between the early responses and the late responses. Thus depicting that there was also no nonresponse bias in the study. Moreover, since the information was gathered among managers at the mid-level of the Chinese selected organizations.
There was need to discuss the issue of common method bias. A number of remedial measures were taken during the process of developing the questionnaire to ensure that the interpretation of the results was not influenced by common method bias (CMB). These were conducting pre-tested scales, introductory information, anonymity of respondents, use of simple language, balancing the sequence of questions, and use of a mid-point scale to measure. Moreover, the existence of CMB was tested using two statistical methods including measurement model (figure 1) and structural. The findings revealed that the former fact explained 34.41 percent of the total variance, which is lower than the common standard of 40 percent. This implies that there is no severe common method bias. Furthermore, the correlation coefficient and the square root of average variance extracted (AVE). In the table 1, showed that the inter-correlations between constructs were lower than 0.9 significantly. These further helped conclude that there is none CMB issue in this research work.
CFI = 0.896, SRMR = 0.017; * p < 0.05, ** p < 0.01.
4.2 Reliability and Validity testing
The four variables were computed using SEM_PLS version 4.1.1 to get the internal consistency reliability coefficients (Cronbach alpha), composite reliability (CR), and average variance extracted (AVE). Table 2 provides the results. It is seen that all the variables met the standard value of 0.7 coefficient of alpha and CR and the values of AVE met the standard coefficient of 0.5. It implies that the data in this study is highly reliable. Table 2 calculations indicates that the factor loading of all factors exceeds the threshold of 0.7, and all the values of the AVE exceed the threshold of 0.5. Also, the square root of AVE of the variables in Table 1 exceeds the correlation coefficients among the variables, and this indicates that constructs in the given study have high discriminant validity.
Table 2: Reliability Validity
Construct
items
loadings
CA
CR
AVE
SC Resilience (SCR)
SCR1
0.815
0.921
0.935
0.547
SCR2
0.914
SCR3
0.770
SCR4
0.829
SC Sustainability (SCS)
SCS1
0.855
0.850
0.887
0.576
SCS2
0.845
SCS3
0.950
SCS4
0.853
SC Digitalization (SCD)
SCD1
0.878
0.873
0.916
0.572
SCD2
0.789
SCD3
0.847
SCD4
0.751
Chinese Export Competitiveness (CEC)
CEC1
0.837
0.941
0.937
0.700
CEC2
0.891
CEC3
0.815
CEC4
0.894
CEC5
0.737
N=280
4.3 Structural Model and Hypothesis Testing
The constructs were estimated using the SEM to judge the relationship among them. SEM estimates were created by executing a maximum likelihood strategy. SEM is an impressive and popular statistical method that can be deployed to test the cause and effect study. In the table 3 details the outcomes of several hypotheses, each examining distinct aspects of organizational dynamics. Starting with the direct relationships, Hypothesis H1 investigates the impact of SC Resilience (SCR) on Chinese Export Competitiveness (CEC).
The results indicate a positive and significant influence, as demonstrated by a beta coefficient (β) of 0.241. This is further substantiated by a robust t-statistic of 3.683 and leading to the statistically acceptance of this hypothesis. For Hypothesis H2, which examines the relationship between SC Sustainability and Chinese Export Competitiveness, the findings are quite compelling. A high β of 0.647 and an impressive t-statistic of 18.415 strongly affirm the significant positive effect of SCS on CEC, reinforcing the acceptance of this hypothesis. Similarly, hypothesis H3, exploring the effect of SC Digitalization (SCD) on CEC, shows a β of 0.752. However, the higher t-statistic of 30.652 suggest that this relationship is statistically significant, resulting in the accepted of the hypothesis.
5. Discussion and Conclusion
5.1 Discussion Results
The results of the study confirm all three hypotheses in full supported. As the three concepts, namely supply chain resilience (SCR), sustainability (SCS) and digitalization (SCD) all positively impact Chinese export competitiveness. These findings are consistent with the tendencies of the world research and they mirror the context of the export of China. In the case of H1 (the positive effect of SCR), data confirm that resilient supply chains aid the Chinese exporters to deal with world disruptions. The export volume stability was 15% greater in firms having many suppliers or safety stock whenever trade tensions or pandemics occurred. It is equivalent to the Chinese manufacturers studied by Li et al. (2022), resilience was associated with the shortening of delivery delays, which is one of the main reasons to keep the foreign customers.
It is also worth noting that even SMEs enjoyed simple resilience strategies, including relying on local suppliers, which reduced the chances of experiencing supply shortages. Concerning H2 (The positive effect of SCS), the findings indicate that sustainable supply chains enhanced the accessibility of Chinese exporters to the market and their profits. Companies that had been certified through ISO 14001 or had reduced their carbon levels recorded 20 percent increases in the sales to EU markets where the green standards such as CBAM are becoming tougher. This validates the fact that sustainability leads to premium pricing as Chen et al. (2021) found. Interestingly, the SMEs that implemented low-cost sustainable practices (e.g. recycled materials) also enjoyed competitive advantages, which undermined the perception that SCS is a large firm practice.
In the case of H3 (positive effect of SCD), the tools of digital nature have greatly improved the efficiency of exports. Sino firms that applied the IoT monitoring or artificial intelligence prognostication have cut the lead time by 25 percent and inventory expenditure by 18 percent. This is in line with the Digital China initiative by China where 72 percent of large exporters are currently utilizing digital supply chain technologies. Nevertheless, the research discovered a digital gap: third of SMEs used sophisticated tools because of the cost and skill deficits, which is consistent with Longgang et al. (2024).
The findings also indicate synergies in the three factors. Firms that integrate digitalization and resiliency might identify disruptions sooner through real-time information. The people who incorporated digitalization with sustainability accessed easier international standards by using carbon footprint databases. This is a resemblance of Wang et al. (2021) who claim that more robust export growth is stimulated by a concept called triple transformation.
5.2 Implications
The three factors need to be even more integrated in large firms. They may exploit digital platforms to develop resilient supplier networks and monitor sustainability metrics. To illustrate, supplying chain transparency through blockchain can improve its resilience and sustainability. Transformational strategies, requiring low costs, are needed in SMEs. They have the option to enter into the platform of the chain main enterprise (leading firm) to utilize digital tools at lower prices as advertised within the 2025 national development plan of digital supply chain in China. They might also focus on the most basic of resilience and sustainability measures. Such as dual sourcing of the major materials, and recycled packaging. Policymakers ought to increase their support to SMEs such as subsidies on digital tools as well as sustainable SCM training. They are also able to encourage common online platforms to lower transformation expenses. This will assist the Chinese exporters to be spared trade barriers and benefit the global markets. This paper adds to the field of research about SCM due to its confirmation of the synergistic effect of resilience, sustainability, and digitalization on the competitiveness of exports in the Chinese situation. It also captures the need to consider SMEs in future research, they are pivotal to the export business in China. Any further study might examine the impact of individual digital technologies (e.g., AI, blockchain) in various export sectors. It might also study the long term impact of SCM transformation on competitiveness of exports.
5.3 Conclusion
This paper establishes the idea that the Chinese export competitiveness is largely facilitated by SCM change towards resilience, sustainability, and digitalization. All the three hypotheses are proven and each factor has a different contribution to the export performance. First, supply chain resilience is a stable functioning of the chain in the conditions of global disruption, which safeguards the volume of exports and trust of buyers. Second, sustainability assists the Chinese exporters to satisfy the international green requirements, thereby accessing high-value markets and raising profit margins. Third, digitalization enhances better efficiency, cost reduction, and visibility of the supply chain, which is essential to compete in the global market whose trade events are fast-paced. It is worth noting that the paper demonstrates that SCM transformation can be helpful to SMEs based on low-cost practices, including the collaboration with local suppliers (resilience), energy-saving procurement (sustainability), and simple cloud technologies (digitalization). Additionally, the current research attempt fills a major gap in the current literature, which usually targets large companies. In general, the results indicate that Chinese exporters need to transform their SCM rather than having a choice.
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Pure Tax Investigations: HMRC Tax Investigation Specialists announced the release of their latest WDF article for AccountingWEB earlier this year, ‘Should HMRC ramp up offshore liability nudge letters?’ which was written by founder and managing director Amit Puri to provide up-to-date statistical information from HMRC on the Worldwide Disclosure Facility.
With 10+ years of direct experience at the UK tax authority – HM Revenue and Customs – and over 10 years in the private sector, Amit leverages his specialist tax disputes resolution expertise to analyse the facts and figures concerning HMRC’s “nudge-letters” as well as the non-disclosure related action taken. In India this problem is often referred to as offshore ‘black money’ and it has had its own disclosure facilities in the past.
What is the Worldwide Disclosure Facility (HMRC WDF)?
The Worldwide Disclosure Facility (HMRC WDF), which can be used to disclose a UK tax liability relating to an offshore issue, has now been running since September 2016.
It’s still running, providing individuals who have earned income or achieved gains overseas with a streamlined opportunity to bring their tax affairs up to date, by means of making a voluntary disclosure through an online portal. Provided a full and complete disclosure is made, there is no need to meet HMRC face-to-face or engage in numerous rounds of correspondence about the facts.
“Making such disclosures to HMRC can be uncomfortable, as one must recount what has been done (or not) and explain why. Experienced tax investigation and disclosure specialists will understand this part well and seek to provide peace of mind to their clients, while keeping abreast of WDF developments and HMRC’s practices” added Amit.
What do the HMRC WDF disclosure statistics show?
Let’s start by reviewing the number of WDF disclosures received by HMRC and the number of nudge letters, or one-to-many letters, as HMRC likes to call them nowadays, that were sent. The article has detailed figures, but some 53,000 WDF disclosures have been made (up to and including 2024/25).
From the WDF’s humble beginning in September 2016 where 88 disclosures were received (presumably in the calendar year), then ramping up in 2017, and then the most ever were received in 2018 and 2019 per year. This coincided with the Requirement to Correct (RTC) window. This was so that disclosures could still be based on the regular offshore penalties regime. After that window closed, all disclosures had to be based on the newer, much more aggressive Failure to Correct (FTC) offshore penalties regime — for tax years up to and including 2015/16.
… the average penalties per disclosure has remained quite flat. Averaging a little over £1,000 at their lowest, and up to about £2,500 for other years. We expected them to rise over time as more FTC penalties are involved.
WDF disclosure numbers remaining flat
It is safe to say the number of WDF disclosures received annually has remained quite flat too, which again is quite surprising. But, notably, the number of nudge letters sent out by HMRC has decreased in relative terms over the years, despite more offshore financial accounts data being available to HMRC and their supposedly advanced IT and innovative analysis tools.
So it doesn’t come as a surprise to see that the average taxes secured per disclosure have not increased over time. This is despite the newer extended 12-year tax assessing rule for offshore matters being introduced. One should expect there to be more tax years included in WDF disclosures over time, all other things being equal.
There seems to be no good reason for the average taxes recovered figures being much lower for 2021/22, and for it being much higher for 2022/23. These seem to be anomalies.
Fewer WDF disclosure nudge letters
Interestingly though, it could be that the significant reductions in the number of nudge letters sent in 2021 and 2022 have contributed to the lower yields from disclosures in 2021 onwards. We compared this to the higher tax revenues in earlier years when a lot more nudge letters were sent out.
It is clear that annual revenues from WDF disclosures have never recovered, and neither have the number of nudge letters sent out.
The article had detailed annual figures, but let’s note that in total some £815,654,804 had been raised in taxes, interest and penalties.
Some £665m was secured in taxes, through the WDF. When we include associated late payment interest and penalties thereon, the total revenues are c.£816m. This excludes the future benefit of voluntary compliance, where clients maintain their correct footing and file accurate tax returns as appropriate in the future.
Could HMRC do more to encourage more WDF disclosures?
Of course. There seem to be material issues with their handling of the offshore financial data and/or the quality of that data. It is plain to see the number of WDF disclosures made has remained painfully minuscule compared to the enormous volume of banking data received and available…
As an example, look at the number of disclosures received for 2018 and 2019 — a total of 16,589 — but consider the number of offshore accounts reported to HMRC in say 2017 or 2018 — around 3–4m. The data exponentially eclipsed the number of disclosures.
Also, in May 2022, HMRC reported that in 2019, UK residents had some £850bn in offshore financial accounts. Also, in their No Safe Havens 2019 report, they reported to have received some 5.67m records in 2018 alone pertaining to offshore bank accounts.
There seems to be a lack of ambition at HMRC, despite being armed with so much offshore banking data they could probably swim in it. So it should come as no surprise that we still strongly believe the number of WDF disclosures made has always directly been influenced by the number of nudge letters sent by HMRC.
*** CONTACT: Pure Tax Investigations, 63 St Mary Axe, London, EC3A 8AA, United Kingdom +44 203 7575 669 / pure-tax.com
How can we help with WDF disclosures?
If you or your client has been contacted by HMRC about non-UK / offshore income / Indian interest income and offshore bank accounts then we can help steer that worldwide disclosure facility process, to keep it on track and focused, to bring about a swift and commercial conclusion. We will fully review the underlying records to identify investment interest income, dividends, and gains on assets, so that we robustly prepare annual tax calculations. We are not in the business of procrastinating.
Importantly, we deliver that all-important trusted ‘buffer’ between our clients and HMRC during their in-depth and intrusive investigations and in all voluntary disclosures too.
From experience and speaking to other practitioners, we noted that HMRC has been writing to people with much smaller levels of income overseas and/or those who have not been in the UK for long. That too signals the end of any low-hanging fruit era. But the take-home message remains that, those who wait for HMRC to contact them lose the ability to make a wholly voluntary disclosure and are therefore unable to secure the minimum FTC penalties (100%). Unfortunately, prompted FTC penalties start at 150%.
It is still a good time to review a client’s overseas activities, accounts and wealth to ensure UK taxes on investment income and gains are correctly calculated, disclosed and paid. We encourage seeking out specialist tax disclosures advice where there is a lack of experience in making them and handling corresponding inquiries, to secure the very best possible outcomes for our clients, based on robust knowledge about tax assessment rules regarding time limits, the various offshore penalty regimes that apply, and double taxation relief quirks.
Founded by ex-senior Tax Inspector Amit Puri, who boasts over ten years of direct experience at HM Revenue and Customs, Pure Tax Investigations is a tax investigation specialists boutique firm, offering expert Tax Investigations and Disputes, Business Enquiries and Disclosures support. Along with wider HMRC specialist support to their clients and their existing advisers, as well as some tax restructuring, estate planning and other tax advisory services.
Pure Tax Investigations has become renowned for its pragmatic, client-centric approach, offering clear and bespoke tax advice tailored to each client’s unique tax concerns and business aspirations. Utilising a wide range of local and international accounting and tax knowledge, the HMRC tax investigation specialists provide peace of mind and certainty to clients by ensuring HMRC is effectively managed.
Amit Puri, Pure Tax Investigations: +44 20 3757 5669 / info@pure-tax.com
Construction projects in Essex might involve building a new structure, extending or converting an existing structure, or even repairing a structure. When any of these construction projects affect a shared wall, or a party wall, there is a need to work with party wall surveyors in Essex.
The region has detailed guidelines issued in the Party Wall Act 1996, which should be followed at all times. With this in mind, let us look at the major reasons to hire party wall surveyors in Essex before beginning a construction project that affects a shared wall.
To Ensure the Legal Compliance of the Project
One of the mistakes one can make when carrying out a construction project in Essex is not following legal processes. Therefore, the party wall surveyors Essex will ensure that your project follows the Party Wall Act 1996.
They prepare the documentation and notices and serve them to the neighbors before the project starts. Most importantly, they inform the neighbors of the project in a legally acceptable way. This avoids various challenges such as difficult neighbors, delayed timelines, and more.
Hire Party Wall Surveyors in Essex to Resolve Any Dispute with Neighbors
Construction projects that touch a shared wall can bring about disputes between the owner and a neighbor. Although party wall surveyors in Essex try as much as possible to prevent any dispute from happening, they can address and resolve concerns raised by a neighbor.
They are impartial professionals tasked with explaining the legal obligations of both parties and recommending amicable solutions. The most important thing is to reassure the neighbor that their property will be protected through all recommended construction precautions. Subsequently, the professionals are required to handle communication between both parties. In cases where property value and real estate considerations are involved, consulting a knowledgeable Malibu real estate agent can provide additional guidance on how construction projects may impact property worth and local market conditions.
To Provide an Accurate Work Schedule When Requested
Before the work begins, the party wall surveyors in Essex may be required to provide a work schedule to a neighbor or their legal team. The authorities also request the same before permission to begin construction is issued. Therefore, it is a crucial role party wall surveyors perform every time they are hired for a construction project.
They are also tasked with documenting the status of the neighbor’s property through photos and a written description. Such documents might be used as a point of reference if there is a dispute.
To Help with Permission Application
Some party wall surveyors in Essex also work with architects in the same office and offer permission application assistance as part of the package. Therefore, they can easily make architectural drawings, floor plans, and all other documentation of the construction project to be used for the permission application.
Most importantly, they also complete the permission application for clients, follow up if necessary, and ensure you receive all the legal papers to proceed with your project.
To Protect You from Compensation Awards and Fines
It is the work of professional party wall surveyors in Essex to protect their clients from costly compensation awards and fines. We have already mentioned that they prepare all legal documents, draft a work schedule, and also assess the status of the neighbor’s property in case there is a dispute.
Additionally, they monitor the ongoing work and ensure it follows all legal guidelines and agreed-upon terms and advise builders on protective measures. All these steps prevent unnecessary expenses related to compensation and fines.
Hire Party Wall Surveyors in Essex to Supervise Your Project
The party wall surveyors in Essex will definitely supervise your project once you hire them. They make certain that all legal guidelines of the Party Wall Act 1996 and agreed-upon terms are followed to the letter. Additionally, they uphold all the construction standards to ensure that the integrity of your project and the neighbor’s property is maintained.
Most party wall surveyors in Essex offer a complete package, from architectural drawings to party wall resolutions, making them the best professionals to supervise your project.
To Communicate on Your Behalf
Another major reason to hire professional party wall surveyors in Essex is to communicate on your behalf. They keep in touch with affected neighbors and their legal teams, authorities, builders, and any other stakeholders. This involves holding or attending meetings to represent you.
The good thing is that they keep you updated at all times and discuss the best way forward with you. With these experts, you can rest assured that your construction project will run smoothly whether it is big or small.
To Avoid Any Unnecessary Risks
Lastly, you need to hire party wall surveyors in Essex to avoid any unnecessary risks or unforeseen challenges in your project. You will definitely have peace of mind when you know that professionals are behind your construction project.
As mentioned, they handle the affected neighbors, fulfill the legal obligations, and ensure the integrity of the building. Therefore, there are many reasons to hire these experts.
Conclusion
It is highly recommended that you work with professional party wall surveyors in Essex when you have a construction project that involves a party wall, no matter how small the project is. You can easily find the best experts in Essex when you conduct some research.
In recent years, the ridesharing industry has been rocked by serious allegations of sexual assault against passengers. Two of the biggest players, Uber and Lyft, have faced scrutiny over their handling of these incidents, prompting legal action and a closer examination of their safety policies. The implications of these lawsuits extend beyond the companies themselves, highlighting a pervasive issue within the gig economy. Below, we explore the multifaceted aspects of this pressing topic and what it suggests about the future of rideshare services.
Legal Battles: Examining the Uber and Lyft Sexual Assault Lawsuit
The legal challenges confronting Uber and Lyft are emblematic of a larger dispute within the gig economy: the balance between innovation, convenience, and consumer protection. The Uber Lyft sexual assault lawsuit represents a significant turning point, where victims are seeking accountability through the courts. The lawsuits allege that the companies were negligent in preventing assaults and have not done enough to ensure rider safety.
Central to these legal proceedings is the debate over whether the companies can be held liable for acts committed by their drivers. The suits challenge the assertion that drivers are simply third-party contractors, and argue that the companies should bear responsibility for the drivers’ actions. This has potential implications for labor laws and the nature of gig employment.
The course of these lawsuits is still unfolding, with both Uber and Lyft facing mounting pressure to make systemic changes. The outcomes of these cases could set a precedent for how similar future claims are handled, and whether rideshare companies will be compelled to overhaul their safety measures and employment practices.
The Ripple Effect: How Rideshare Litigation Impacts Passenger Safety
The implications of the rideshare litigation are far-reaching, potentially influencing how safety is prioritized across the entire industry. Each legal action serves as a litmus test for the robustness of the companies’ duty of care towards their passengers. This scrutiny has prompted both Uber and Lyft to introduce new safety features, such as in-app emergency buttons and better tracking of rides in progress.
The heightened awareness around rider safety has also led to broader discussions about industry regulations. Policymakers are considering stricter measures, such as mandating comprehensive background checks and establishing clearer channels for reporting and addressing safety concerns. These policy shifts could ensure a higher standard of safety industry-wide.
Furthermore, the litigation has catalyzed other companies within the gig economy to reassess their policies and practices. The objective is clear: to prevent similar incidents from occurring under their watch. The growing demand for accountability is likely to spawn more robust and proactive measures to protect both passengers and drivers.
Voices Heard: Survivors and Advocates Fueling Change in Ridesharing Policies
The surge in rideshare-related sexual assault lawsuits has brought the voices of survivors and advocates to the forefront. The courage of these individuals in sharing their stories has been instrumental in driving policy changes and raising awareness about safety on platforms like Uber and Lyft. These advocates have highlighted systematic failures and have been a driving force in demanding improved safety protocols.
Survivors have utilized social media, interviews, and public speaking events to shed light on their disturbing experiences, challenging the image of ridesharing companies as safe alternatives to traditional transportation. This has created a dialogue that extends beyond the courtroom, influencing public perception and encouraging others to come forward with their own experiences.
Navigating the Road Ahead: What This Means for the Future of Rideshare Services
The ongoing lawsuits and discussions surrounding Uber and Lyft’s sexual assault allegations are indicative of a broader concern: the future of rideshare services hangs in the balance. As the legal battles progress, the outcome will undoubtedly play a significant role in shaping the industry’s regulatory landscape. Increased public scrutiny is expected to continue to drive innovation in safety measures and operational transparency for these platforms.
For the companies themselves, the pressure to refine their systems for vetting drivers and responding to allegations is immense. They must navigate a fine line between providing seamless service and ensuring the utmost safety of their passengers. Investment in technology and human resources will be crucial in making ridesharing a more trustworthy mode of transportation.
Overall, these legal and social pressures are reshaping the rideshare industry profoundly. They are leading to significant changes in policies and practices that will ultimately benefit passengers. The conversation started by these lawsuits is a powerful reminder that the customer’s well-being must always be the top priority for service providers, particularly in the fast-evolving world of the gig economy.
Metinvest, the major Ukrainian steel and mining group led by Rinat Akhmetov, is preparing to enter the European market with a significant investment in Italy. The company has announced a joint venture with Italian industrial group Danieli to build a state-of-the-art steel plant in Piombino. With an annual production capacity of 2.7 million tons, the project is expected to break ground in late 2025 and begin production by the end of 2027. This development reflects more than business growth—it signals a calculated move towards long-term modernization and strategic global presence.
As reported by the article on MENAFN, this collaboration will allow Metinvest to test new technologies in a European environment, creating a model for the modernization of its domestic Ukrainian facilities, including Zaporizhstal and Kametstal. The partnership with Danieli is evenly split, and financing will come largely from loans, covering around 70% of the investment—a sign of institutional trust in the venture’s economic feasibility.
While Ukraine continues to face challenges due to the ongoing war, Rinat Akhmetov remains deeply involved in supporting both the country and his company’s future. He has allocated more than 11.3 billion hryvnias to humanitarian efforts. These resources support displaced populations, supply essential equipment to the Ukrainian Armed Forces, and aid communities affected by conflict. Through the Rinat Akhmetov Foundation and Metinvest’s Steel Front initiative, support is coordinated across the company’s network, ensuring that help reaches those who need it most.
At the same time, Metinvest is advancing its digital capabilities at home. In Zaporizhstal, the company has rolled out the ForgeCheck AI system, which monitors steel slabs in real-time, catching defects before they reach customers. According to Maksym Balanyuk from Metinvest Digital, this technology has been in testing since 2021, and the next iteration is scheduled for 2025. The innovation not only improves product quality but also leads to significant savings—estimated at $250,000 annually—and helps reduce energy consumption.
The Piombino plant also presents broader economic benefits. Ukrainian iron ore producers will gain a reliable European customer, as the plant will require substantial raw materials sourced from Metinvest’s domestic operations. Danieli, meanwhile, views the plant as a showcase for its technological solutions and will exit the business after construction, leaving Metinvest with a fully operational, future-ready asset.
Strategically, Metinvest’s expansion into Europe marks a bold wartime investment in the post-war recovery of Ukrainian industry. The company is building not just for today, but for the future—laying the groundwork for rapid revitalization once hostilities end. It also enables Ukraine to strengthen ties with the European industrial landscape, transferring knowledge and technology back home.
Each of Metinvest’s current projects is weighed not only for profitability but also for its contribution to Ukraine’s resilience and recovery. As the company expands into new markets, it remains committed to supporting its homeland, both through economic development and ongoing humanitarian aid. The new Italian plant stands as a symbol of that dual mission—where innovation, support, and strategic foresight converge
The South African trading landscape is undergoing a clear transformation. Retail traders are no longer simply attracted by flashy bonuses or a wide range of tradable assets. Instead, they are now placing far greater emphasis on security, reliability, and efficiency when choosing a broker. Findings from Kantar’s Global Brand Health Tracking study highlight how rapidly these priorities are evolving and what that means for the country’s trading market.
According to an article on Joburg.co.za, trust and transparency have become non-negotiable values for traders in South Africa. This shift is visible in their top demands: smooth deposit and withdrawal processes, regulatory compliance, and guaranteed access to funds. In fact, 42% of survey respondents ranked seamless deposits and withdrawals among their top three broker requirements, while 40% emphasized financial security. These factors now outweigh older selling points such as aggressive leverage, promotional bonuses, or the sheer breadth of instruments.
Balancing caution with long-term goals
While South African traders are increasingly confident about trading as a career path, they remain conservative in how much of their income they risk. Nearly half of respondents invest no more than 5% of their monthly earnings, while 37% are willing to go as high as 25%. Interestingly, this caution does not equate to lack of ambition. On the contrary, close to 90% of seasoned traders believe their trading activity will evolve into a consistent, long-term source of income. This demonstrates a more strategic mindset, in which traders aim to build sustainable practices before scaling their exposure.
Platform features that define success
When ranking platform characteristics, South African traders overwhelmingly pointed to speed of execution, with 56% naming it their top priority. Competitive spreads and high leverage still matter—selected by 47% and 52% of participants respectively—but demand for risk-management tools is also rising. Roughly 35% valued negative balance protection, while 38% considered swap-free accounts important. This mix suggests that traders expect not only fast and cost-efficient performance but also safeguards that protect them from unnecessary risks. Brokers offering such tools will be best positioned to retain loyalty in a maturing market.
The role of brand awareness
Brand visibility also provides clues about what South African traders value. Exness, for example, achieved the highest recognition rate in the study, with 75% of respondents aware of the brand. Among them, 14% were active clients, and nearly 10% chose Exness as their primary broker. While recognition alone is not enough to guarantee loyalty, it does signal credibility and stability. In a market where reliability is paramount, strong brand perception often correlates with traders’ trust and their willingness to commit long-term.
Brokers must adapt or lose ground
The findings highlight that South African traders are no longer satisfied with brokers that merely deliver access to the markets. Instead, they demand transparency, resilience, and friction-free processes as the foundation of their trading journey. For brokers, this means evolving beyond traditional offerings. Those who can provide consistent reliability, efficient execution, and strong risk-management solutions will gain a competitive edge. Those who fail to adapt, however, risk being quickly abandoned in a market where trader expectations are only getting higher.
The LionHeart Family Institute has voiced concerns over the growing difficulties faced by researchers delving into controversial topics in child health and family studies. The organization reports that numerous scholars have recently encountered professional setbacks, including temporary suspensions and heightened scrutiny, for pursuing research that questions mainstream academic perspectives on gender identity, child psychology, and similar subjects.
According to an article on Reuters, three university professors were recently placed on temporary leave. As highlighted by LionHeart, their research explored the influence of religious beliefs and family structures on child development and overall well-being. Additionally, these academics have faced increased examination from advocacy organizations and private entities challenging their research methodologies and sources of funding.
Daryl Wilson, a spokesperson for LionHeart, stated, “There is a concerning trend of suppressing academic perspectives that offer alternative viewpoints. Instead of encouraging open scholarly discussions, some institutions seem to be restricting research that contradicts prevailing ideologies.”
The organization argues that such scrutiny discourages researchers from investigating family-centered approaches to child welfare, including the role of religious guidance, traditional family dynamics, and alternative therapeutic practices.
Concerns About Bias in Research Funding
The LionHeart Family Institute has also raised concerns about potential bias in research funding, particularly in child health and psychology. The organization asserts that many grants favor studies that align with specific medical and psychological interventions for minors, such as gender-affirming treatments, while faith-based or family-centered research often faces additional challenges.
“It seems that funding institutions and academic bodies tend to support research that aligns with prevailing social and political ideologies,” said Dr. John Leo Grimani, CEO of LionHeart Family Institute. “Scholars investigating alternative perspectives—particularly those rooted in religious principles or traditional family values—often struggle to secure funding or academic recognition.”
Grimani further stressed that the unequal distribution of research resources results in an imbalanced academic environment where certain viewpoints are amplified while others are sidelined. “Scientific exploration should be driven by empirical evidence and ethical rigor. A variety of perspectives must be considered. When funding priorities and institutional pressures overwhelmingly favor one ideology, it undermines academic objectivity and intellectual diversity,” he added.
Championing Academic Freedom
In light of these issues, the LionHeart Family Institute is advocating for universities and research institutions to protect academic freedom and impartiality. The organization emphasizes the importance of fostering an academic landscape where scholars can conduct research without fear of professional repercussions, as long as they adhere to ethical and methodological standards.
“Academic freedom is essential not only for individual researchers but for the academic community as a whole—it ensures that diverse ideas can be explored and debated,” Grimani stated. “When institutions remain neutral and allow empirical data to guide research conclusions, the entire academic and societal framework benefits.”
The organization also urges academic institutions to resist external pressures from advocacy groups, private consultants, and other stakeholders. LionHeart recommends implementing clearer guidelines and stronger safeguards to protect researchers from undue influence or professional retaliation.
Advocating for Open Scientific Dialogue
The overarching message from the LionHeart Family Institute is a call for open and transparent scientific discussion. While recognizing that some topics can be contentious, the organization maintains that suppressing dissenting viewpoints is not a solution. Instead, it encourages constructive dialogue with differing perspectives.
“Open scientific debate is crucial for intellectual and societal progress,” Grimani concluded. “Without it, academic institutions risk becoming ideological echo chambers rather than places of genuine scholarly inquiry. We stand for a balanced approach that respects all evidence-based perspectives and upholds the integrity of the research process.”
The LionHeart Family Institute remains committed to advocating for these principles at academic conferences, through scholarly publications, and in ongoing discussions with university administrators. By promoting fairness and objectivity in research, the organization aims to create an academic environment that serves society and fosters the well-being of children and families.
The paper delves into the theme of subversive entrepreneurship in Aravind Adiga’s The White Tiger, highlighting the intricate relationship between capitalism and moral conscience through the eyes of Balram Halwai. Balram’s transformation from a lowly servant in rural India to a thriving entrepreneur in Bangalore offers a sharp critique of a capitalist system that often prioritizes financial ambition over ethical values. The idea of subversive entrepreneurship is explored as a practice where individuals push against traditional moral boundaries in their pursuit of success. Balram’s journey is marked by difficult choices—most notably, his morally questionable actions, including murder—that expose the darker realities of capitalism, where the fight for survival often demands ethical sacrifices. Adiga presents capitalism as a double-edged sword: it provides pathways for upward mobility but also creates an environment filled with moral ambiguity. Through Balram’s internal struggles and justifications, we see the conflict between ambition and conscience, prompting important reflections on the true costs of economic freedom. The paper argues that The White Tiger challenges readers to rethink the ethical implications of entrepreneurship, questioning the idea that success is always virtuous while illuminating the sacrifices that often accompany it. Balram’s story not only critiques the nature of personal ambition but also serves as a poignant commentary on the moral emptiness that can arise from an unrelenting quest for economic gain in today’s competitive landscape.
Keywords: Subversive entrepreneurship, capitalism, moral conscience, social mobility, justification of actions, moral compromise.
Introduction
Aravind Adiga’s The White Tiger offers a deeply moving look at the complexities of modern India, intertwining themes of ambition, morality, and the harsh realities of capitalism. Central to this narrative is Balram Halwai, a man born into poverty ridden Darkness who daringly transforms his life through what can only be described as subversive entrepreneurship. His journey becomes a powerful lens through which it can be explored the relationship between economic systems and ethical considerations in a rapidly evolving society. When it is thought of entrepreneurship, we often envision innovation, risk-taking, and ethical business practices. Adiga challenges this conventional view, suggesting that entrepreneurship can also be a double-edged sword. Balram’s transformation from a servant in rural India to a successful entrepreneur in Bangalore illustrates the conflicting pressures within a capitalist framework, where ambition can require painful moral compromises. His path isn’t just about achieving wealth; it forces to question the very nature of conscience and ethics. In a society where wealth equates to power, Balram’s story reveals an often-overlooked truth. The pursuit of success can lead people to forsake their moral principles. He captures this stark reality when he observes that the best way to keep the poor man down is to keep him from the money. This insight highlights the systemic barriers that maintain inequality and underscores Balram’s determination to escape his circumstances. Yet, this journey is fraught with ethical dilemmas, prompting him to question what it truly means to be free.
Balram’s experience serves as a broader critique of neoliberal capitalism, where personal ambition often collides with societal norms and ethical standards. As he navigates the perilous waters of entrepreneurship, his choices reflect a conscious departure from traditional morality. His drastic actions, including murder, become a radical assertion of agency in a world that often sidelines the poor and marginalized. In this light, The White Tiger invites to confront uncomfortable truths about the moral costs associated with economic ambition. It raises vital questions firstly, whether it truly means to succeed in a system that rewards ruthlessness and secondly at what point the pursuit of personal gain overshadows one’s responsibilities to others? Through Balram’s transformation, the novel encourages to rethink one’s understanding of entrepreneurship—not merely as a virtuous endeavour, but as a complex interplay of ambition, ethics, and survival. The paper will delve into these themes, analysing how Balram Halwai embodies subversive entrepreneurship and the implications of his actions within the broader socio-economic landscape of India. By examining the connection between capitalism and conscience in The White Tiger, it can gain valuable insights into the moral challenges faced by individuals navigating the intricate dance of ambition in an increasingly competitive world.
In The White Tiger, Aravind Adiga offers a rich and layered perspective on entrepreneurship that goes beyond the typical definitions it often encounters. Subversive entrepreneurship, as it is portrayed, involves challenging established norms and ethical boundaries in the relentless pursuit of success. This form of entrepreneurship doesn’t just seek profit; it questions and often undermines existing social and economic structures. Through the character of Balram Halwai, Adiga observes the moral compromises that frequently accompany the desire for upward mobility in a capitalist society.
Subversive entrepreneurship sets itself apart from traditional entrepreneurship, which typically focuses on innovation and business growth. Instead, it embodies a conscious choice to confront the status quo, often stepping outside recognized ethical frameworks. This can take various forms, including unethical business practices, exploitation of labour, or even criminal actions—each of which may be justified as necessary for survival or success. Jennifer Klein (2015, p. 850) asserts, “Subversive entrepreneurship distinguishes itself by prioritizing social change and challenging existing power structures, rather than merely focusing on innovation and market growth”. Balram’s journey perfectly illustrates this concept. Born into a caste of servants and mired in poverty driven Darkness, he becomes acutely aware of the barriers to success in India. Balram reflects, “The greatest thing to come out of this country in the ten thousand years of its history is the Rooster Coop” (Adiga, 2017, p.173). This statement captures the struggle of the underprivileged, whose dreams are often stifled by societal constraints. Balram’s transformation from a servant to a successful entrepreneur isn’t just about accumulating wealth; it’s a rebellion against a system designed to keep him in his place. This system is predominant from the old ages which is difficult to break for the people of Darkness.
Capitalism has its dark side which is usually hidden from the masses. The rebellion against the capitalism is the product of capitalism itself. Arundhati Roy (2014, pp. 78) hints that the poverty created by capitalism often drives people to embrace illegal activities as a form of resistance against an oppressive economic order. In order to emphasis the fact of dark side of capitalism, Michael Parenti (2004) proposes that the criminalization of the poor in a capitalist system can be seen as a reaction to their inability to thrive under conditions that favour wealth accumulation for the few. Adiga doesn’t shy away from exploring the darker aspects of capitalism, showing how the quest for profit can lead individuals to make morally questionable choices. Balram’s journey is riddled with ethical dilemmas, culminating in the murder of his employer—a desperate act he rationalizes as a means of liberation.
Why not? Am I not a part of all that is changing this country? Haven’t I succeeded in the struggle that every poor man here should be making—the struggle not to take the lashes your father took, not to end up in a mound of indistinguishable bodies that will rot in the black mud of Mother Ganga? True. (Adiga, 2017, p. 318)
This moment marks a significant turning point, emphasizing how the hunger for economic freedom can push someone to extreme actions. Supportive analysis from scholars reinforces this view of Balram’s choices. For instance, Amartya Sen (1999, p. 95) discusses the moral implications of ambition and success within economic systems, noting how ethical considerations can often be overshadowed by personal ambition. Balram’s justifications for his actions shed light on the complexities of subversive entrepreneurship. He sees his criminal acts as necessary steps toward his ultimate goal, encapsulating the belief that success is worth any price. This mindset is a reflection of the survival theme prevalent in a system that often marginalizes the poor. Balram states, “You see, I’m always a man who sees “tomorrow” when others see “today” (Adiga, 2017, p. 319). The statement underscores his pragmatic approach to entrepreneurship, where financial success becomes paramount, regardless of the ethical implications.
Balram’s rationalizations for his actions reveal his effort to reconcile his ambitions with his sense of self. He wrestles with what it means to be a “good” person in a world that seems to reward the opposite. He acknowledges himself as, “just a servant” (Adiga, 2017, p. 129), recognizing the societal expectations that constrain him. This realization complicates his conscience, as he feels justified in his actions by the oppressive structures around him. Zygmunt Bauman (2007, p. 81) explores the moral challenges of contemporary society, particularly how individuals navigate ethical compromises in a rapidly changing economic landscape. The White Tiger exposes the grim realities of a society where ethics are sacrificed on the altar of success emphasizing the tragic consequences of Balram’s choices. Scholars have explored the implications of these rationalizations within the context of neoliberal capitalism. Robert Putnam (2000) discusses how social capital and economic disparity can influence moral considerations, noting that often, the means become secondary to the ends. The critique highlights how societal pressures can warp ethical considerations, compelling individuals like Balram to adopt subversive strategies to achieve their dreams.
Balram’s decision to commit murder—a choice he rationalizes as necessary for liberation—underscores the complexities of conscience within the context of subversive entrepreneurship. He sees his crime as a necessary evil, stating, ‘‘and once the master of the Honda City becomes corrupted, how can the driver stay innocent?’’ (Adiga, 2017, p. 197). This mindset reveals how the relentless pursuit of economic gain can lead individuals to justify unethical behaviour. Ananya Roy in Poverty Capital (2010, p. 102-103) hints that a world where the moral compass is often overshadowed by the allure of wealth, even the most well-meaning individuals can be corrupted by the seductive power of capitalism. It suggests that Balram’s actions reflect a broader societal trend where ethical considerations take a backseat to financial success. Balram rationalises his deed as the right step to become free from the servitude: ‘‘even if they throw me in jail and have all the other prisoners dip their beaks into me—even if they make me walk the wooden stairs to the hangman’s noose—I’ll never say I made a mistake that night in Delhi when I slit my master’s throat’’ (Adiga, 2017, p. 320). This perspective highlights how capitalism can create a moral vacuum, pushing individuals to navigate their conscience in an environment that frequently rewards greed over integrity.
Despite the ethical compromises he makes, Balram’s journey is also one of seeking agency and empowerment. By breaking free from the confines of his caste and socioeconomic status, he represents the idea that entrepreneurship can be a pathway to social mobility. However, this empowerment comes at a significant moral cost, raising critical questions about the true nature of freedom within a capitalist society.Balram realises thathe has to break the shackles of servitude which is akin that of the Rooster Coop. He knows that if he fails to do so, he would be the part of 99.9 percent caught in the Rooster Coop. “It’s because 99.9 percent of us are caught in the Rooster Coop just like those poor guys in the poultry market” (Adiga, 2017, p. 175). In analysing Balram’s choices, it becomes clear that his entrepreneurial spirit serves both as a means of survival and a form of rebellion against oppressive structures. David Harvey (2005, p. 68) discusses how individual success in a neoliberal context often involves a rejection of ethical norms. Balram’s success is deeply intertwined with a rejection of ethical norms, prompting readers to consider the consequences of such subversive paths. Moreover, the atmosphere around Balram compels him to break the shackles of servitude. The negligence on the part of his master towards him is the prime reason to negate his moral conscious. Earlier, he has been careful to Ashok but soon he realises capitalist mentality of masters. He begins to take pride in robbing his master. ‘‘The strangest thing was that each time I looked at the cash I had made by cheating him, instead of guilt, what did I feel? Rage. The more I stole from him, the more I realized how much he had stolen from me’’ (Adiga, 2017, p. 231). This very point is the beginning of receding his moral conscious towards his master. He laments: “A handful of men in this country have trained the remaining 99.9 percent—as strong, as talented, as intelligent in every way—to exist in perpetual servitude; a servitude so strong that you can put the key of his emancipation in a man’s hands and he will throw it back at you with a curse”. (Adiga, 2017, p. 175-76)
His experience illustrates the tension between personal ambition and social responsibility. Ultimately, Balram asserts his identity through subversive means, though this comes at a considerable moral cost. He declares, “But your heart has become even blacker than that, Munna” (Adiga, 2017, p. 265), showcasing the inner conflict between his aspirations and the guilt that accompanies his actions. Balram’s ascent is fraught with profound internal conflict, especially as he confronts the moral weight of his decisions. At first, he embodies a strong sense of right and wrong, rooted in the values instilled in him during his upbringing. He reflects, “I could gloat that I am not just any murderer, but one who killed his own employer (who is a kind of second father)” (Adiga, 2017, p. 45). However, as he delves deeper into the corrupt world of wealth and power, he increasingly finds himself at odds with these values. He candidly admits that he is the murderer of his master, ‘‘I slit Mr. Ashok’s throat’’ (Adiga, 2017, p. 42), acknowledging the drastic measures he took to escape his class constraints. This admission encapsulates Balram’s struggle with his conscience as he weighs his yearning for freedom against the ethical fallout of his actions. His journey serves as a broader commentary on how economic pressures can warp one’s moral compass. As he reflects, “Like all good Bangalore stories, mine begins far away from Bangalore. You see, I am in the Light now, but I was born and raised in Darkness” (Adiga, 2017, p. 14). It becomes evident that his pursuit of success comes at a significant loss of innocence.
Balram becomes the successful entrepreneur in Bangalore under the identity of Ashok Sharma. He is at the acme of his success in terms of wealth and affluence but he cannot enjoy devoid of his family members. He repents that he, “also contributed to the probable death of all his family members. A virtual mass murderer” (Adiga, 2017, p. 45). The sense of guilt is pricking him every now and then. He is man of dark soul now which is irreversible. “True, there was the matter of murder—which is a wrong thing to do, no question about it. It has darkened my soul. All the skin-whitening creams sold in the markets of India won’t clean my hands again” (Adiga, 2017, p. 318). This duality reflects a broader commentary on the nature of conscience in a capitalist society. Balram’s transformation challenges the notion that success must be achieved through ethical means, encouraging readers to ponder the implications of such choices. As Vivek Chibber in Postcolonial Theory and the Specter of Capital (2013) suggests that in a world where the pursuit of wealth dominates, the individual’s moral integrity often becomes collateral damage.
Aravind Adiga’s The White Tiger offers a gripping look at the complex relationship between capitalism and conscience, as seen through the eyes of Balram Halwai. His journey from a humble servant to a thriving entrepreneur illustrates the often-murky waters of subversive entrepreneurship, where the drive for success can come at a steep ethical price. As Balram navigates this challenging terrain, he faces the stark realities of a society that frequently prioritizes economic gain over moral values, pushing him to make choices that defy conventional ethics. The novel challenges readers to confront uncomfortable truths about the sacrifices that ambition demands in a world that seems to reward those who are willing to be ruthless. Balram’s most shocking act—killing his employer—marks a turning point in his life, revealing how his yearning for freedom can eclipse his sense of right and wrong. This moment not only highlights the moral compromises that often accompany the pursuit of wealth but also raises pressing questions like whether it truly means to be successful in a system that often punishes integrity and for the pursuit of personal gains overshadow ethical responsibility.
Adiga paints capitalism as a double-edged sword, offering opportunities while simultaneously creating moral dilemmas. Balram’s internal struggles reflect the broader conflict many people face in their own lives, where the seductive promise of wealth can blur the lines of conscience. His attempts to justify his actions mirror societal values that often prioritize profit over principle, urging us to think critically about the structures that shape our choices. In exploring Balram’s story, The White Tiger invites us to reconsider what we define as success and the moral implications that come with it in today’s capitalist landscape. It challenges the idea that entrepreneurship is inherently virtuous, revealing a reality where the quest for economic freedom often entails significant moral costs. Adiga’s narrative serves as a poignant reminder that in our relentless chase for ambition, our conscience can easily be sidelined, prompting us to reflect on the ethical dimensions of our pursuits and their broader societal impacts. Ultimately, The White Tiger is more than just a tale of personal triumph; it’s a powerful commentary on the moral complexities we face in an increasingly competitive world.
References:
Adiga, Aravind. (2017). The White Tiger. Noida: HarperCollins Publishers India.
Chibber, Vivek. (2013). Postcolonial Theory and the Specter of Capital. London: Verso Books.
Harvey, David. (2005). A Brief History of Neoliberalism. Oxford: Oxford University Press.
Klein, Jennifer. (2015). The Emergence of Subversive Entrepreneurship: A New Approach to the Concept of the Entrepreneur. Journal of Business Ethics, 129(4), 845-860.
Parenti, Michael. (2004). Against Empire. San Francisco: City Lights Books.
Putnam, Robert D. (2000). Bowling Alone: The collapse and Revival of American Community. New York: Simon & Schuster.
Roy, Ananya. (2010). Poverty Capital: Microfinance and the Making of Development. New York: Routledge.
Roy, Arundhati. (2014). Capitalism: A Ghost Story. Chicago: Haymarket Books.
Sen, Amartya. (1999). Development as Freedom. New York: Alfred A. Knopf.
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