Wed Nov 06 12:26:05 UTC 2024: ## Rahul Gandhi Warns of “East India Company” Resurgence in Indian Corporate Landscape
**New Delhi:** In a scathing critique, Congress leader Rahul Gandhi has likened the current corporate ecosystem in India to the East India Company’s dominance in the pre-independence era. He argues that a “new breed of monopolists” are replicating the company’s tactics of exploiting resources, dictating trade terms, and stifling competition, echoing the decimation of India’s textile and manufacturing industries.
Gandhi, writing in an opinion column for The Indian Express, points out that while the East India Company was known for plundering India, it simultaneously projected itself as a model corporate citizen in the UK, garnering the favor of its foreign shareholders. In contrast, he lauds “play-fair” Indian businesses, highlighting their resilience and innovation amidst an oppressive system.
He cites the example of Peyush Bansal, the founder of Lenskart, and the late Faqir Chand Kohli, who built Tata Consultancy, as examples of “play-fair” entrepreneurs with minimal political connections.
Gandhi goes on to list a diverse array of homegrown companies, including established giants like L&T, Asian Paints, and Bajaj Auto, alongside newer players like Zomato, PhonePe, and Zerodha, acknowledging their contribution to innovation and adherence to fair business practices.
Gandhi expresses concern about the fear gripping Indian business leaders who are hesitant to speak out due to the threat of raids by government agencies like the Income Tax Department and Enforcement Directorate. He urges Indian banks to shift their focus from “top 100 well-connected borrowers” to supporting these “play-fair” businesses.
He concludes by stating that while fear is palpable, there is also hope in the form of these “play-fair” businesses. His message is clear: while he does not condone the actions of the monopolists, he believes in fostering a level playing field for all businesses to flourish.
First Piper 