Relevance in 2026 and Beyond
Dharmic Markets in an Age of AI and Climate Crisis
How the dharmic principles of ESG, stakeholder capitalism, conscious consumption, ethical investing, self-reliance, and wealth sharing apply to the unprecedented challenges of 2026, from AI disruption to climate transition to India's global rise.
The Algorithm Doesn't Have Dharma
In March 2024, Klarna, the Swedish fintech giant, announced it had replaced 700 customer service workers with AI. The AI handles 2.3 million conversations monthly, with equivalent satisfaction scores. The company celebrated: costs down, efficiency up, shareholders happy.
But here's the question no one asked: What happened to those 700 people? Did Klarna have any obligation to them? Is a company's only duty to shareholders, or does it owe something to the workers, communities, and systems it depends on?
This isn't a hypothetical. As you read this, AI is reshaping industries at a pace that makes previous disruptions look glacial. Goldman Sachs estimates 300 million jobs globally will be affected. India, with its massive IT services industry, faces a particular reckoning, the sector that lifted millions into the middle class may contract before its workers retire.
What framework guides us through this?
The Modern Challenge: Multiple Crises, No Compass
We face an unusual convergence of challenges in 2025-2026:
AI and Employment: India's $250 billion IT services industry, employing 5+ million, confronts automation. TCS, Infosys, and Wipro are themselves deploying AI that threatens their business model. How do companies built on human capital handle technological displacement?
Climate Transition: India committed to 50% non-fossil energy by 2030. The transition requires trillions in investment, job creation in new sectors, and managing decline in coal communities. Who bears the costs? Who captures the benefits?
Wealth Concentration: India has 271 billionaires (2024), up from 140 in 2020, the fastest growth globally. Meanwhile, rural distress persists, and urban inequality creates visible divides. The top 10% hold 77% of national wealth.
Globalization Backlash: Supply chain disruptions, semiconductor wars, and "friend-shoring" force nations to choose between efficiency and security. India navigates between Atmanirbhar Bharat and global integration.
Conventional economics offers partial guidance, optimize for efficiency, let markets adjust, provide safety nets. But these frameworks don't address the deeper questions: What do we owe each other? What makes economic activity legitimate? What's the purpose of prosperity if it doesn't serve human flourishing?