The Billionaire Raj: A Journey Through India’s New Gilded Age

The Billionaire Raj: A Journey Through India’s New Gilded Age

By James Crabtree | i-genius Policy Centre book review

In this eye-opening rumination on wealth and power, James Crabtree, a former India correspondent for the Financial Times, ventures deep into the shadowy heart of India’s “black-money” economy and argues that the rise of the “Bollygarchs” and the takeover of Indian politics by huge sums of private money has led to a boom-and-bust cycle in India’s industrial economy.

Weaving in interviews with politicians, central bankers, and industrial tycoons, he concludes that a lack of state capacity in India—the famously byzantine business licensing system, as well as low levels of investment in infrastructure—has contributed to rent-seeking and crony capitalism on the one hand and populist politics. An inside look into the corridors of power, this is an invaluable commentary on modern Indian.

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Image copyright to James Crabtree and Oneworld Publications

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