India's Economy

YankeeFan · Jul 27, 2011

Pretty fascinating article from the Times. I'd love to champion it as proof of the strength of the private sector vs. the public sector. But, that's not quite the case:

India in the 21st century is now often compared to the United States during the Gilded Age of the late 19th century, when robber barons dominated the American economy. The country has 55 billionaires whose aggregate wealth of $250 billion is equivalent to almost a sixth of the nation’s annual economic output.

“No question, there is an oligarchy developing that has an enormous amount of influence,” said Arvind Subramanian, an economic adviser to the Indian government. “That is a matter of great concern. But in India, these are also the guys who are performing. In some cases, they may be gaming the system, but they are also performing despite how bad the system is.”

Mr. Adani is now India’s sixth-richest person, with a fortune valued at $10 billion. He was an import-export trader during the 1980s when the Indian government tightly controlled trade and industry through high tariffs and an abstruse licensing regime. During the 1990s, after India embarked on economic reforms, Mr. Adani expanded his trading business and befriended influential politicians, including the powerful and controversial chief minister of his home state, Gujarat.

http://www.nytimes.com/2011/07/27/world/asia/27tycoon.html?hp=&pagewanted=all
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India's Economy

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India's Economy

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