Capitalism in its current form is plagued with serious structural problems. Growing income inequality, the extreme concentration of wealth and irreversible environmental damage are some of the most urgent crises created by capitalism.
In addition to this, certain Indian industries have spawned their own unique set of problems, aptly summed up by economist Raghuram Rajan: in India, there is a skewed form of capitalism. Promoters take the upside but the downside goes to the creditors, especially the public-sector banks.
Then there is the putrid history of certain Indian business houses manipulatingaging the policy environment and gold-plating the capital cost. In the past, a few Indian industrialists had built big infrastructure projects worth thousands of crores entirely with bank money. By using a complex web of related-party transactions and inter-group dealings, they created immense personal wealth by repeatedly turning debt (mostly public-sector bank money) into…
