"India needs to curb a concentration of wealth greater than that seen in Brazil and Russia or risk becoming hostage to a corporate oligarchy that will depress its rapid economic growth. A study funded by the Asian Development Bank found that, by early last year, India had 50 billionaires who together controlled wealth equivalent to 20 per cent of gross domestic product and, reportedly, 80 per cent of stock market capitalisation. “This concentration of wealth and influence could be a hidden time bomb under India’s social fabric,” warned the report. It was prepared by economists for the US-based Emerging Markets Forum."
(Financial Times, 24 June) RD
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