Adani rise fuels criticism of concentration of capital in few hands: Report

Gautam Adanis mushrooming empire has become a focus of criticism for those who believe that capital is being concentrated in the hands of a few favoured corporate titans at the expense of Indias middle class, Financial Times reported.

The report said some argue the concentration of economic power in family-run conglomerates is a way to fast-track India’s economic development, like the Chaebol did for postwar South Korea. But critics say the rapid consolidation of state assets is creating monopolies and stifling competition.

The report said whether India’s industrialisation leaves it more closely resembling the US at the turn of the 20th century when the likes of oil magnate John D. Rockefeller wielded vast influence, or Russia in the 1990s, Adani’s voracious appetite for dealmaking and political instincts have ensured he will play a central role.