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Globalization and politics

Raksha Kumar
Freelance Multimedia Journalist
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piqer: Raksha Kumar
Saturday, 21 July 2018

India’s New Billionaires Have Accumulated More Money, More Quickly, Than Plutocrats In Any Country

In 2014, when the current Prime Minister of India was elected to office, one of the promises made was to curb corruption. The ruling party, the Bharatiya Janata Party, has marketed itself as a corruption-free party since the 1980s.

It was meant to be a 'party with a difference' in comparison to the corrupt Congress Party.

The previous Congress-led government was accused of siphoning off billions of dollars in corrupt coal and telecom deals, and the Modi government was elected to put an end to it. 

Narendra Modi pledged to end a situation in which the country’s ultra-wealthy — sometimes called 'Bollygarchs' — appeared to live by one set of rules, while India’s 1.3 billion people operated by another. Yet as they continue to hide out in cities like London, men like Mallya and Nirav Modi have come to be seen as representing the failure of that pledge.

According to official figures, the last three decades have seen an extraordinary explosion of wealth at the top of Indian society. 

In the mid-1990s, just two Indians featured in the annual Forbes billionaire list, racking up around $3bn between them. But against a backdrop of the gradual economic re-opening that began in 1991, this has quickly changed. By 2016, India had 84 entries on the Forbes billionaire list. Its economy was then worth around $2.3tn, according to the World Bank. China reached that level of GDP in 2006, but with just 10 billionaires to show for it. At the same stage of development, India had created eight times as many.

The piece gives a good overview of why India is the fastest-growing economy and at the same time is counted among the poorest of nations.  

India’s New Billionaires Have Accumulated More Money, More Quickly, Than Plutocrats In Any Country
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