Conglomerates, cronyism, brandless growth

It's good that cronyism is being debated robustly. But the much bigger failure of incredibly powerful, rich and successful conglomerates - Adani, Ambani, Tata- lies in India's fully brand-free growth

The Adani controversy brings to our attention many related aspects of India’s political economy. The first is the most important and immediate one: The Opposition’s allegation of cronyism. When elaborated, it becomes a larger theme encompassing the top four or five leaders of corporate India.

You can add Ambani, Tata, Birla, and Vedanta to the list. All these qualify to be called conglomerates. They all have interests in diverse fields. This, to be sure, isn’t a definitive or comprehensive list.

The Tatas, for example, are often described as a salt-to-software group. They produce automobiles and military aircraft, run a massive and diverse