DATE PUBLISHED: April 2023
India’s private corporate sector is more prominent today than at any time in the past. Its chieftains are listed among the richest persons in the world. The Indian government’s growth plans now explicitly centre on the country’s largest firms, with the aim of creating a few ‘national champions’ capable of competing globally. A research report […]
Votaries of the prevailing policies extol India’s private corporate sector for spreading mobile telephony widely, at low prices. This article looks behind this low price. It finds a history of State subsidies and gifts to the private corporate sector. After a phase of chaotic and wasteful development by private firms engaging in resource capture and speculation, began a phase of concentration into just two or three giant firms, through the massive use of finance. Despite these vast resources, these firms have failed to build a domestic technological base, and remain heavily import-dependent. The author uses this example to provide insights into what he calls ‘Indian monopoly capital’.