Rafale and Crony Capitalisim

At a grand meet in Lucknow a few days ago, the Prime Minister declared that despite what the opposition says, he isnt scared to be seen with industrialists and that they have an important role in nation building. I agree whole heartedlty with the prime minister except that I think he is confusing industrialists with crony capitalists. Crony capitalists don’t build nations, they destroy them.

Crony capitalism is a term describing an economy in which success in business depends on close relationships between business people and government officials. It may be exhibited by favoritism in the distribution of legal permits, government grants, special tax breaks, or other forms of state.....