As long as the Indian economy was maintaining a high rate of - TopicsExpress

As long as the Indian economy was maintaining a high rate of growth during the first term of the Manmohan Singh government, the biggest Indian companies were able to enjoy both “normal” profitability and a “crony premium.” But the joint effect of the 2008 global slowdown of 2008 on inflation, and interest rates, and the blow that Radiagate, the CAG, public opinion, and a more vigilant judiciary have delivered from 2009 onwards has fatally compromised this cosy revenue model. It is hardly surprising that this is the time the name of Narendra Modi as a potential Prime Minister of India enters public discourse in a determined fashion. Egged on by corporate sponsors as well as by the personal preferences of their proprietors, big media swung into action to take the process of “normalizing” Modi to its logical conclusion. wp.me/p4twrY-M The Cult of Cronyism - S Varadarajan

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