Rahul Gandhi talks about atmosphere of fear among business leaders and corporate sector Rahul Gandhi talks about atmosphere of fear among business leaders and corporate sector Rahul Gandhi talks about atmosphere of fear among business leaders and corporate sector Leader of Opposition in the Lok Sabha and Congress leader Rahul Gandhi, invoking East India Company, said that the fear they had generated before India’s independence, is back in the corporate ecosystem. The way the East India Company plundered the country, dictated terms of trade, obliterated competition, wiped out the textile industry and manufacturing system is being recreated by a “new breed of monopolists”. However, Gandhi said that as there are “match-fixing monopoly groups”, there are also a number of amazing “play-fair Indian businesses”.
In an opinion column written for The Indian Express, Gandhi said he does not know of any product innovation or market development that the East India Company had undertaken. “While the Company plundered India, it behaved as a model corporate citizen in the UK. Its foreign shareholders loved it,” said Gandhi.
The Congress leader said “India’s brilliant and dynamic business leaders” are scared of speaking out for fear of raids from agencies such as the Income Tax Department, Central Bureau of Investigation, or Enforcement Directorate. He said these leaders are scared of changing “the rules of the game midway” or starving their companies of the capital when they need it the most.
Gandhi said as there is fear, there is also hope. For the many ‘match-fixing’ monopoly groups, there are ‘play-fair’ Indian businesses too.
PLAY-FAIR INDIAN BUSINESSES
As opposed to the monopoly groups, the play-fair Indian businesses have persevered in an oppressive system, said Gandhi.
Gandhi names Peyush Bansal, “a first-generation entrepreneur with no political contacts”, who co-founded eyewear company Lenskart in 2010, Faqir Chand Kohli who built Tata Consultancy in the 1970s as a manager as some of the play-fair Indian businessmen.
“I have never personally known Bansal or the late FC Kohli. It could well be that their political preferences diverge/diverged from mine. So what?” he wrote.
Gandhi named a bunch of young companies like Tynor, InMobi, Manyavar, Zomato, Fractal Analytics, Araku Coffee, Tredence, Amagi, iD Fresh Food, PhonePe, Moglix, Sula Vineyards, Juspay, Zerodha, Veritas, Oxyzo, Avendus, as well as L&T, Haldiram, Aravind Eye Hospital, Indigo, Asian Paints, HDFC group, Bajaj Auto and Bajaj Finance, Cipla, Mahindra Auto, Titan, from the older lot.
Some of these are listed companies, including Manyavar (Rs 1,361.30), Zomato (Rs 250.90), Sula Vineyards (Rs 431.85), Veritas (Rs 988.10), L&T (Rs 3,618.85), IndiGo (Rs 4,025), Asian Paints (Rs 2,874.40), HDFC group (HDFC Bank Rs 1,751, HDFC Life Insurance Rs 711, HDFC AMC Rs 4,390.70), Bajaj Auto (Rs 10,020.35), Bajaj Finance (Rs 6,977.05), Cipla (Rs 1,593.25), Mahindra and Mahindra (Rs 2,915.50), and Titan (Rs 3,174.25).
He lauded these homegrown companies for innovating as well as playing by the rules.
Rahul Gandhi said his politics has always been about protecting the weak and the voiceless, a conviction that made him support MGNREGA.
The government cannot be allowed to support one business at the expense of all others, said Gandhi, adding much less support benami equations. “That said, I do not believe that fear should be transferred from you to these big monopolists. They are not evil individuals, but simply the outcome of the deficiencies of our societal and political environment. They should get space, and so should you,” he said.
He urged Indian banks to overcome their “fascination” for the “top 100 well-connected borrowers with their attendant NPAs” and support play-fair businesses.