In the past decade Indian business has not been on a journey towards someone else’s economic model, whether Chinese, European or American. It has not been growing out of an immature phase, or shaking off a simpler way of doing things. Instead it seems to have established its own equilibrium—what might be called “capindialism”—in which profits are controlled not by institutional shareholders but mainly by the state, or by entrepreneurs and their descendants. Outside the state firms, the fiddly conglomerate is the favoured form of organisation. This special report will try to answer the big questions all this raises. Why has Indian business developed in this way? Will it continue to? Can the aspirations it has raised be met? And is this new form of capitalism good for India—and the world?
For those interested in India’s economy, it’s a good read.