On microblogging platform X, Goyal, adopting a pro-capitalism stance, wrote: “Capitalism isn’t perfect, but it’s the only engine we’ve seen that creates value. Create first, and distribute second. Reverse the order, and we distribute scarcity. Helps no one.”
In simple terms, Goyal argues that economies grow by creating wealth first, and only then can that wealth be shared meaningfully. Trying to redistribute before value is created risks spreading shortage instead of prosperity.
(Investopedia defines capitalism as an economic system where private individuals or businesses own capital goods, and the free market controls the production of goods and services — meaning the market sets prices.)
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Social media reactions
Goyal’s post triggered a sharp debate online, drawing both support and criticism.
Paytm founder and CEO Vijay Shekhar Sharma, chiming in on the issue, said, “…We entrepreneurs are the market economy’s outcome. Neither capitalism is perfect nor socialism solves the world’s miseries. It is always the market based economy that gives the opportunity to serve and build to everyone equally!” He then went on to explain his stance on the issue.
As for other users, many disagreed with Goyal. One argued that capitalism does not generate value in isolation. “It creates value through labour, and when labour is insecure, underpaid, or disposable, the system isn’t merely imperfect. Scarcity also comes from imbalanced bargaining power,” the user said.
Another wrote: “Who is saying that these apps need to shut down – all we saying if the workers complaining then hear them out – don’t call them miscreants.(sic)”
Also Read: Eternal CEO Deepinder Goyal says delivery workers’ strike backed by ‘0.1% miscreants’
Many others backed Goyal’s view. One user wrote: “Profit-making is the single biggest motivation behind innovation and progress. Humans at their very core are driven by self-interest. Capitalism simply channels this into productivity.”
Another added: “Every wealthy nation paid a growth tax. Only after they got rich did they afford the luxury of a slow, protective welfare state. Prioritizing distribution over creation doesn’t help the poor, it ensures we all stay poor together.”
Following the gig workers’ strikes on December 25 and 31, the Eternal founder posted multiple messages addressing the debate around India’s gig workforce. He defended the 10-minute delivery model used by quick commerce companies, explained how it functions, and highlighted the benefits extended to gig workers — even if, as he noted, it remains a “gig” for many.
However, for a section of observers, the tone of his posts appeared insensitive and tone-deaf.
The post followed another message from Goyal a day earlier, in which he argued that class divisions had long kept the labour of the poor invisible to the rich. “Factory workers toiled behind walls, farmers in distant fields, domestic help in backrooms. The wealthy consumed the fruits of that labour without ever seeing the faces or the fatigue behind it.”
According to Goyal, the gig economy has shattered that invisibility on an “unprecedented” scale.
“This is the first time in history at this scale that the working class and consuming class interact face-to-face, transaction after transaction. And that discomfort with our own selves is why we are uncomfortable about the gig economy. We want these people to look our part, so that the guilt we feel while taking orders from them feels less,” he wrote.
Several investors and founders, including Info Edge cofounder Sanjeev Bikhchandani and Lightspeed Venture Partners’ Hemant Mohapatra, publicly backed Goyal. Others, however, pushed back. Rajya Sabha MP Raghav Chadha said he supports startups and innovation but would oppose “exploitation dressed as progress.”
