Indian Big Business https://www.phenomenalworld.org/analysis/family-business/ Jairus Banaji The evolution of India’s corporate sector from 2000 to 2020
“crony capitalism” had to be grasped in a deeper sense to reflect not the odd favors bestowed on this or that industrialist by the government of the day, but the system that cemented the ties between state and capital.
“At the Modi-Obama reception at Rashtrapati Bhawan [on Sunday 25, 2015], about two dozen industrialists had been invited and were seen standing in a queue to greet the US president. About six to eight of those present collectively owe close to Rs. 3.5 lakh crore1 to banks, mostly public sector undertaking (PSU) banks. The banking industry in India has about Rs.5 lakh crore 2 as total capital and nearly 70 percent of it is exposed to just a half a dozen industrial houses. Technically, if these business houses were to go bust, 70 percent of India’s banking capital will get wiped out. In short, they are too big to fail.