![]() Yet, our promoters have figured out a way to make money from them by bulldozing their way into their share of the pie, rationing out the technology to Indians and setting themselves up as modern-day heroes. None of the recent technologies that have changed the world and created wealth-telecom, computers, aviation-have come out of India. Indian companies make money from rent-seeking behaviour, creating artificial barriers of access to regulators, thereby depriving our start-ups of wealth-generating opportunities. They have milked an unfair system for their personal benefit, taking opportunities that would have belonged to the young on a level playing field. We then load them with awards, rank them on lists and treat them as role models for the young. This is why they are able to make billions. Whether it is obtaining permission to set up a power plant, or to use agricultural land for commercial purposes, or to obtain licences to open a bank or sell liquor-our top business promoters can get all this done, something ordinary Indians would never be able to. The promoters of these companies have the required skill-navigating the Indian government maze. However, in India, such conglomerates thrive. Traditional management theory will wonder how a company can be in food, telecom, power, construction and financial sectors all at the same time. ![]() ![]() ![]() ![]() “The corporate czars we celebrate-with some exceptions-are second or third-generation tycoons who run huge empires comprising dozens of unrelated businesses. ![]()
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