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Majoritarian StateHow Hindu Nationalism is Changing India$
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Angana P. Chatterji, Thomas Blom Hansen, and Christophe Jaffrelot

Print publication date: 2019

Print ISBN-13: 9780190078171

Published to Oxford Scholarship Online: February 2020

DOI: 10.1093/oso/9780190078171.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 24 January 2022

Contours of Crony Capitalism in the Modi Raj

Contours of Crony Capitalism in the Modi Raj

Chapter:
(p.193) 10 Contours of Crony Capitalism in the Modi Raj
Source:
Majoritarian State
Author(s):

A.K. Bhattacharya

Paranjoy Guha Thakurta

Publisher:
Oxford University Press
DOI:10.1093/oso/9780190078171.003.0011

This chapter examines crony capitalism in the first four years of the Modi’s premiership. Firstly, it analyses the changing dynamics of crony capitalism in India after independence from the licensed raj to liberalization in 1991 after which it resurfaced in forms of favors to big businesses, such as special economic zones, spectrum allotment and mining contracts. Secondly, the analysis of data under the Modi regime shows that crony capitalism has decreased, but this can be misleading because the evolutionary process of declining dependence on government patronage also contributed to it. Crony capitalism is also the main political issue that catapulted Modi to power in 2014. It is an issue that has often led to political upheavals in independent India. Finally, with the electoral bonds, increasing private investment and sphere of influence, it may not be a surprise if history repeats itself.

Keywords:   Crony Capitalism, Business, Privatization, Liberalization, Economy, Corruption

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