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India Inc is not a small crony club

Crony capitalism has been in the spotlight because of the 2G telecom scam, mining scams and real estate scams like Satyam. Apart from corruption, crony capitalism can help entrenched oligarchs to shut out talented newcomers lacking political contacts. Steven Pearlstein of The Washington Post wrote, in a recent article on India, that “much of the formal economy is controlled by a handful of family-run conglomerates that are quick to use their political and financial muscle to move into any sector that shows promise.

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