Acharya Balakrishna and controversies surrounding him
Acharya Balakrishna, who is also the CEO of Patanjali, was ranked 26 among 339 in the list with individuals having Rs 1600 crores. This 44-year-old CEO has stormed into Hurun India Rich List with a wealth of Rs 25,600 crores. Balakrishna who was born to Nepali parents who later migrated to India
Though the face of Patanjali is Baba Ramdev the brains behind this enterprise is Acharya Balakrishna. While Baba Ramdev propagated ideas of swadeshi, Ayurveda, Yoga etc Balakrishna created products to tap such markets. Unlike the popular belief that Baba Ramdev is main benefactor behind Patanjali it is Balakrishna who owns 94% stake in the organisation. Baba Ramdev holds no stake in the company.
Balakrishna journey from village in Nepal to the CEO of one of the fasted growing FMCG brands in the country is nothing short of a miracle. But, his journey is not devoid of controversies. His high school and Sanskrit degrees from Sampurana Nand Sanskrit University, did not exist on records. He was also charged with cheating and criminal conspiracy for procuring Indian citizenship. The CBI (Central Bureau of Investigation) registered a case against Balakrishna in 2011 and arrested him with charges of forgery and cheating. Subsequently, the ED (Enforcement Directorate) filed a case against him on charges of money laundering but, the agency after 2-year investigation found no evidence of wrongdoing and gave Balakrishna a clean chit.
Does degree matter?
There is an opinion that degree does not matter and one’s capabilities to produce results only matter. It is absolutely true that degree do not matter to produce results but, for a business which uses the “trust” factor, truth is of very importance. Patanjali success can be mainly attributed to the trust factor of Baba Ramdev and his trust on his disciple Acharya Balakrishna. Most of the people started using Patanjali products because they trust Baba Ramdev.
Patanjali is a symbol of indigenous products and swadeshi at the present time and as claimed they are using swadeshi knowledge and Ayurveda to compete against FMCG giants and MNC.
Also they have been in controversies for their products and their quality. At the same time have been praised for promoting swadeshi products.