Rahul Gandhi recently drew parallels between the oppressive practices of the East India Company during India's colonial period and the current behavior of monopolistic entities in India's corporate ecosystem. He emphasized how these monopolists control the market, stifle competition, and replicate the exploitative tendencies of the East India Company, creating a sense of fear among dynamic Indian business leaders. Despite this fear, Gandhi acknowledged the presence of ethical and innovative Indian businesses that play by the rules and navigate within the challenging business environment.
In his opinion column for The Indian Express, Gandhi criticized the monopolistic behavior of certain corporate entities that operate with impunity, often at the expense of fair competition. He highlighted the reluctance of many Indian business leaders to speak out against such practices due to the fear of retaliatory actions from government agencies like the Income Tax Department, CBI, or ED. This fear, according to Gandhi, has led to a stifling environment where changing the rules of the game or accessing much-needed capital becomes a daunting task for legitimate businesses.
Gandhi's message centered on the need to support and encourage "play-fair" Indian businesses that have persevered despite facing challenges within the system. He cited examples of homegrown companies, both well-established ones like L&T and HDFC group and rising stars like Zomato and Tynor, as entities that innovate, thrive, and contribute positively to the economy. Gandhi urged for a shift in focus by Indian banks away from well-connected borrowers with non-performing assets towards supporting these ethical businesses that abide by the rules and foster innovation. His overall stance emphasized the importance of creating a level playing field for businesses and ensuring fair competition in India's corporate landscape.