THe Blog

July 11, 2018

India’s super-rich have grown at a staggering pace

Reuben Abraham, CEO and Senior Fellow at IDFC Institute, is quoted in The Guardian's long read on India's 'Billionaire Raj' by James Crabtree. Excerpts:


"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; the Indian authorities “have a long road ahead”, as one headline put it in the Hindustan Times last year, referring to a “long and arduous” future extradition process in Mallya’s case.


And as Narendra Modi gears up for a tough re-election battle next year, he is fighting the perception that India is unable to bring such men to heel, and that it has been powerless to respond to the rise of this new moneyed elite and the scandals that have come with them. 'This ongoing battle to get India’s big tycoons to play by the rules is one of the biggest challenges we face,' says Reuben Abraham, chief executive of the IDFC Institute, a Mumbai-based thinktank. 'Getting it right is central to India’s economic and political future.'..."


Read the whole article here.

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