Over past decade, wealth from crony-capitalist sectors in India rose from 5% to 8% of its GDP. Over 60% of increase in crony capitalists' wealth has come from US, China, Russia & India.
Before Vijay Mallya, Nirav Modi, and Mehul Choksi, there was Jayanti Dharma Teja — scientist, shipping magnate, and alleged scamster who led the Indian government on a wild spin.
Modi govt's Rs 6 lakh crore monetisation plan involves leasing out public assets to the private sector. These include roads, railway stations, airports, gas and oil pipelines, warehouses, sports stadiums, etc.
I conducted 63 interviews over the past five months. The majority sentiment among Indian capitalists today is that the mood has moved back to the 1970s.
With “wealth creation” as the central theme of 2020 Economic Survey, Modi govt has harked back to its capitalist orientation in the backdrop of an economic slowdown.
In most cases, funds were siphoned from domestic companies to offshore tax havens by over-invoicing and under-invoicing, through intermediary shell companies .
Following the transaction which is expected to be completed by November, Dassault Reliance Aerospace Ltd will become an associate company, with Reliance retaining a 49% stake.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
COMMENTS