The Billionaire Raj
Page 40
26. Ninan, The Turn of the Tortoise, p. 128.
27. “Report No. 19 of 2010: Performance Audit of Issue of Licences and Allocation of 2G Spectrum of Union Government, Ministry of Communications and Information Technology,” Comptroller and Auditor General (CAG), November 16, 2010.
28. Anurag Kotoky, “Raja, Other Executives Go on Trial; Court Defers Hearing,” Reuters, April 13, 2011.
29. Sukhantar and Vaishnav, “Corruption in India.”
30. Klitgaard, Controlling Corruption, p. 75.
31. “Report No. 7 of 2012–13: Performance Audit of Allocation of Coal Blocks and Augmentation of Coal Production, Ministry of Coal,” Comptroller and Auditor General (CAG), August 17, 2012.
32. The CAG produced a draft report in March 2012 estimating the loss at Rs10.7 trillion (US$167 billion). The final report published in August 2012 lowered that figure to Rs1.9 trillion (US$29.7 billion). See “Report No. 7 of 2012–13: Performance Audit of Allocation of Coal Blocks and Augmentation of Coal Production, Ministry of Coal,” Comptroller and Auditor General, August 17, 2012.
33. “Not 1, but 100 Toilet Rolls Bought for Rs4,000 Each,” Times of India, August 5, 2010.
34. “Indian Court Acquits All Accused in 2G Telecoms Case,” Reuters, December 21, 2017.
35. James Crabtree, “India’s Supreme Court Declares More than 200 Coal Mining Licences Illegal,” Financial Times, August 25, 2014.
36. “Coalgate Brushes Dirtier,” The Economist, September 1, 2012.
37. Adiga, The White Tiger, p. 113.
38. Sunil Khilnani, “The Spectacle of Corruption,” Livemint, December 16, 2010.
39. Jyoti and Johnston, “India’s Middlemen: Connecting by Corrupting?”
40. James Crabtree, “India’s Red Tape Causes Trouble for Exporting Cats,” Financial Times, March 21, 2016.
41. Tadit Kundu, “Nearly Half of Indians Survived on Less than Rs38 a Day in 2011–12,” Livemint, April 21, 2016.
42. James Crabtree, “Spark of Inspiration,” Financial Times, July 26, 2016.
43. Bertrand et al., “Obtaining a Driver’s License in India.”
44. Bribe Fighter, “Driving License without a Driving Test!!” I Paid a Bribe, November 14, 2012.
45. “Foreign Direct Investment Inflows: A Success Story,” Press Information Bureau, Ministry of Commerce & Industry, May 19, 2017. Indian FDI inflows totaled $60.1 billion in the financial year ending March 31, 2017.
46. “Who to Punish,” The Economist, May 5, 2011.
47. James Crabtree, “India Casts Around for More Outrage,” Financial Times, January 29, 2013.
48. Boo, Behind the Beautiful Forevers, p. 28.
49. Huntington, Political Order in Changing Societies, p. 69.
50. Khan and Jomo, Rents, Rent-Seeking and Economic Development.
51. Studwell, How Asia Works, p. 107.
52. “Doing Business in India,” World Bank Group, 2017.
53. Avih Rastogi, “Inspector Raj for Garment Export Business,” Centre for Civil Society, 2002.
54. Aiyar, Accidental India, p. 16.
55. Amy Kazmin, “Drinks Industry: India’s Battle with the Bottle,” Financial Times, October 9, 2016.
56. Shyamal Majumdar, “Registers and Corruption: Why the ‘Inspector Raj’ Needs to Go!” Business Standard, October 24, 2014.
57. Pritchett, “Is India a Flailing State?”
58. Debroy and Bhandari, Corruption in India, p. 120.
59. Salvatore Schiavo-Campo, Giulio de Tommaso, and Amitabha Mukherjee, “Government Employment and Pay in Global Perspective: A Selective Synthesis of International Facts, Policies And Experience,” World Bank, 1997.
60. “Mandarin Lessons,” The Economist, March 10, 2016.
61. Victor Mallet, “Indian Job Ad Receives 2.3m Applicants,” Financial Times, September 19, 2015.
62. Wade, “The System of Administrative and Political Corruption.”
63. Wit, Urban Poverty, Local Governance and Everyday Politics in Mumbai, section 4.2.
64. James Crabtree, “Goa Dares to Hope as India Eases Mining Ban,” Financial Times, April 30, 2013.
65. “Republic of Bellary,” The Telegraph, July 31, 2011.
66. James Fontanella-Khan, “India Lifts Karnataka Iron Ore Export Ban,” Financial Times, April 5, 2011.
67. Das, India Grows at Night, p. 228.
Chapter 6: Money Power Politics
1. India’s 2011 census put Uttar Pradesh’s population at 200m. It is now estimated to be in the region of 220m. “Uttar Pradesh Population Census Data 2011,” Census 2011.
2. Varshney, Ethnic Conflict and Civic Life, p. 55.
3. Sridharan, “India’s Watershed Vote,” p. 28.
4. Pal, “Haryana.”
5. Michelutti and Heath, “Political Cooperation and Distrust.”
6. Mohd Faisal Fareed, “Mulayam’s Shocker: Boys Will Be Boys, They Make Mistakes…Will You Hang Them for Rape?” Indian Express, April 11, 2014.
7. Przeworski, “Capitalism, Development and Democracy,” p. 493.
8. Huntington, “Democracy’s Third Wave,” p. 30.
9. Vaishnav, When Crime Pays, p. 33.
10. “India Elections: A Complex Election Explained,” Financial Times, April 7, 2014.
11. Amy Kazmin, “Narendra Modi Mocks Economists amid Doubts over Indian GDP,” Financial Times, March 2, 2017.
12. Gowda and Sharalaya, “Crony Capitalism and India’s Political System,” p. 133.
13. S. Rukmini, “400% Rise in Parties’ Spend on LS Polls,” The Hindu, March 2, 2015.
14. J. Balaji, “Poll Expenditure Ceiling Raised,” The Hindu, March 1, 2014.
15. “Munde Admits Spending Rs8 Crore in 2009 Polls,” The Hindu, June 28, 2013.
16. “Assembly Election 2017: Cash, Liquor Seizure Go through the Roof in 2017,” Press Trust of India, February 26, 2017.
17. “Why Tatas, Birlas Use Electoral Trusts to Fund Politics,” FirstPost, September 10, 2012. Also see “Contribution to Political Parties,” Press Information Bureau, February 27, 2015.
18. Sanjeev Miglani and Tommy Wilkes, “On Eve of State Polls, Modi Looks to Clean Up Campaign Funding,” Reuters, February 2, 2017.
19. Kaushik Deka, “Now Nail the Netas,” India Today, November 30, 2016.
20. “Mamata’s Midas Brush,” The Telegraph, April 13, 2015.
21. Raghvendra Rao, “442 Crorepatis, Richest Worth Rs683 Crore,” Indian Express, May 19, 2014.
22. “Mayawati: Portrait of a Lady,” WikiLeaks, October 23, 2008.
23. Janane Venkatraman, “Mayawati’s Cases: A Recap,” The Hindu, April 14, 2016.
24. Vaishnav, When Crime Pays, p. 10.
25. Mehboob Jeelani, “Under the Influence: Ponty Chadha’s Potent Mix of Liquor and Politics,” The Caravan, November 1, 2013.
26. Cordelia Jenkins and Amaan Malik, “Ponty Chadha: The Man Who Would Be King,” Livemint, November 30, 2012.
27. Veenu Sandhu Shashikant Trivedi and Indulekha Aravind, “Mid-Day Mess,” Business Standard, July 26, 2013.
28. Anto Antony and Bhuma Shrivastava, “India Shadow Banker Fights to Keep Empire Built on Poor,” Bloomberg Markets, December 3, 2013.
29. Jeelani, “Under the Influence.”
30. Tony Munroe and Devidutta Tripathy, “Sahara: Massive, Splashy…and Mysterious,” Reuters, September 26, 2012.
31. Tamal Bandyopadhyay, “Sahara Hasn’t Done Anything against the Law: Subrata Roy,” Livemint, April 26, 2014.
32. Suchitra Mohanty and Devidutta Tripathy, “Sahara Told to Repay Small Investors $3.1 Billion,” Reuters, August 31, 2012.
33. Raghuram Rajan, “Finance and Opportunity in India,” Address at Tw
entieth Lalit Doshi Memorial Lecture, Mumbai, August 11, 2014.
Chapter 7: Cronyism Goes South
1. Rollo Romig, “What Happens When a State Is Run by Movie Stars?” New York Times, July 1, 2015.
2. Vaasanthi, “Madras Check,” The Caravan, April 1, 2014.
3. “Populism Doesn’t Win Polls,” Indian Express, April 8, 2014.
4. T. N. Gopalan, “Indian State of Tamil Nadu Gives Laptops to Children,” BBC, September 15, 2011.
5. A. S. Panneerselvan, “The Acid Wears Off,” Outlook, September 25, 1996.
6. “Court Jails Tamil Nadu CM Jayalalithaa in Graft Case,” Reuters, September 27, 2014.
7. B. V. Shivashankar, “Jayalalithaa’s 10,500 Saris, 750 Slippers, 500 Wine Glasses in Court,” Times of India, December 9, 2016.
8. “Jayalalithaa Conviction: 16 Persons Commit Suicide,” The Hindu, September 29, 2014.
9. Satish Padmanabhan, Dola Mitra, and Ajay Sukumaran, “Winners Take the Decade,” Outlook, May 30, 2016.
10. Romig, “What Happens When a State Is Run by Movie Stars?”
11. Ellen Barry and Hari Kumar, “Suicides Reported in India after Death of Jayalalithaa Jayaram,” New York Times, December 10, 2016.
12. V. Geetha, “The Undemocratic Regime of Jayalalithaa,” The Caravan, December 9, 2016.
13. Jacob, Celluloid Deities, p. 212.
14. Vaasanthi, “Madras Check.”
15. “Tamil Nadu Gives Tax Sops to Auto Part Makers,” Reuters, February 23, 1996.
16. Prachi Salve, “Jayalalithaa’s Legacy: Industrial, Social, Crime Rankings among India’s Best,” IndiaSpend, December 6, 2016.
17. Public Affairs Index: Governance in the Indian States of India, 2016.
18. Mihir Sharma, “Jayalalithaa’s Chief Minister Template Followed by Nitish, Modi,” NDTV December 6, 2016.
19. Centre for Media Studies, “CMS India Corruption Study 2017,” 2017.
20. Gomez, Political Business in East Asia, p. 37.
21. Annie Gowen, “Jayaram Jayalalithaa, Powerful Indian Politician Who Broke Gender Barriers, Dies at 68,” Washington Post, December 5, 2016.
22. “Largest Wedding Banquet/Reception,” Guinness World Records.
23. Robin Pagnamenta, “Jayaram Jayalalithaa,” The Times, December 10, 2016.
24. “Women in India: Tamil Nadu’s Iron Lady J. Jayalalithaa,” WikiLeaks, March 19, 2009.
25. Robert Byron, “New Delhi: The Individual Buildings,” Architectural Review, January 1931, reproduced August 25, 2010.
26. “MP Who Collapsed in Parliament Admitted to Hospital,” Business Standard, February 13, 2014.
27. “Indian Parliament Pepper-Sprayed as MPs Brawl over New Telangana State,” Agence France-Presse, February 13, 2014.
28. Shekhar Gupta, “National Interest: India Stinc,” Indian Express, February 15, 2014.
29. “RIPPP,” The Economist, December 15, 2012.
30. Pratap Bhanu Mehta, “The Contractor State,” Indian Express, April 2, 2013.
31. Julie McCaffrey, “Exclusive: The Last Nizam of Hyderabad Was So Rich He Had a £50m Diamond Paperweight…” The Mirror, April 15, 2008.
32. Gupta, “National Interest: India Stinc.”
33. Aparisim Ghosh, “South Asian of the Year: Chandrababu Naidu,” TIME Asia, December 31, 1999.
34. B. V. Shiv Shankar, “Jalayagnam: The Mother of All Frauds,” Times of India, April 16, 2012.
35. “Corruption Plagues Andhra Pradesh’s Big Ticket Spending Programs,” WikiLeaks, October 22, 2007.
36. James Crabtree, “India’s Billionaires Club,” Financial Times, November 16, 2012.
37. Praveen Donthi, “The Takeover,” The Caravan, May 1, 2012.
38. “CAG Finds Grave Irregularities in Land Allotments by YSR Govt,” Business Standard, March 30, 2012. Also see Sukhantar and Vaishnav, “Corruption in India,” p. 8.
39. Donthi, “The Takeover.”
40. Mark Bergen, “Dividing Lines,” The Caravan, May 1, 2013.
41. Kapur and Vaishnav, “Quid Pro Quo.”
42. James Crabtree, “Mumbai’s Bloodied Elite,” Prospect, December 17, 2008.
43. Gowda and Sharalaya, “Crony Capitalism and India’s Political System.”
Chapter 8: House of Debt
1. “Profile: Rakesh Jhunjhunwala,” Forbes, June 15, 2017; “The World’s Billionaires Index,” Forbes, March 26, 2012.
2. Rana Rosen, “No More Room in India’s Most Expensive Office,” Livemint, August 17, 2007.
3. T. C. A. Srinivasa-Raghavan, “The Economic History of Liberation,” Open, July 22, 2016.
4. Gupta and Kumar, “India Financial Sector: House of Debt.”
5. Hamid, How to Get Filthy Rich in Rising Asia, p. 180.
6. Ajit Barman and Biswajit Baruah, “Not Hyper-Critical, I Want to Be Hyper-Objective: Ashish Gupta, MD Equity Research, Credit Suisse,” Economic Times, June 21, 2013.
7. James Crabtree, “Concerns Grow over Indian Industrials’ Debt Burdens,” Financial Times, August 14, 2013.
8. James Crabtree, “Lackadaisical Indian Bank Set for Shake-up under New Leader,” Financial Times, December 8, 2013.
9. Kahneman, Thinking, Fast and Slow, p. 250.
10. Paranjoy Guha Thakurta and Aman Malik, “From Adani to Ambani, How Alleged Over-Invoicing of Imported Coal Has Increased Power Tariffs,” The Wire, April 6, 2016.
11. Rajiv Lall, “Turn the PPP Model on Its Head,” Business Standard, January 3, 2015.
12. Raghuram Govind Rajan, “Essays on Banking,” PhD thesis, Massachusetts Institute of Technology, May 1991.
13. Rajan and Zingales, “Which Capitalism?”
14. Raghuram G. Rajan, “Has Financial Development Made the World Riskier?” 2005.
15. “Statement by Dr. Raghuram Rajan on Taking Office on September 4, 2013,” press release, Reserve Bank of India, September 4, 2013.
16. “Report of the Committee to Review Governance of Boards of Banks in India,” Reserve Bank of India, May 2014.
17. Lionel Barber and James Crabtree, “Rajan Treads Different Path to More Circumspect Predecessors; RBI Governor,” Financial Times, November 19, 2013.
18. “Chairman of Syndicate Bank Arrested on Bribery Allegations,” Reuters, August 3, 2014.
19. Tamal Bandyopadhyay, “How Corrupt Are Our Bankers?” Livemint, September 26, 2016.
20. “Annual Report 2016–17,” State Bank of India, May 2017.
21. Rakesh Mohan, “Transforming Indian Banking: In Search of a Better Tomorrow,” Bank Economists’ Conference 2002, Bangalore, December 29, 2002.
22. Ninan, The Turn of the Tortoise, p. 65.
23. “PM’s Remarks at Gyan Sangam: the Bankers’ Retreat in Pune,” Narendra Modi website, January 3, 2015.
24. “Raghuram Rajan Not to Continue as RBI Governor after September,” Scroll, June 18, 2016.
25. Luigi Zingales, “RBI Governor Rajan’s Fight against Crony Capitalism,” Pro Market, June 11, 2016.
26. Rahul Shrivastava, “Why IIT, Harvard Graduate Jayant Sinha Lost Finance Ministry,” NDTV, July 7, 2016.
Chapter 9: The Anxious Tycoons
1. “Angul,” Jindal Steel & Power website (accessed December 28, 2017).
2. Ashwin Ramarathinam and S. Bridget Leena, “With Rs73.4 Crore, Naveen Jindal Retains Top Paid Executive Title,” Livemint, September 23, 2012.
3. Rahul Oberoi, “How SC Ruling on Coal Blocks Will Impact Related Companies,” Money Today, November 2014.
4. Rakhi Mazumdar, “I Am Relieved We Could Finish Angul Project: Jindal Steel & Power Chairman Naveen Jindal,” Economic Times, May 29, 2017.
5. Dillip Satapathy, “Coal Fire 3: Jindal Steel & Power’
s Projects Worth Rs80,000 Cr in Limbo in Odisha,” Business Standard, November 2, 2013.
6. “Jindal Wins Government Nod for Flying Tricolour at Night,” Business Standard, December 24, 2009.
7. Rakhi Mazumdar, “4-Way Split of Jindal Group Proposed,” Business Standard, August 27, 1997.
8. Partnering India’s Aspirations, Annual Report 2012–13, Jindal Steel and Power Limited.
9. Naazneen Karmali, “Citizen Tycoon,” Forbes, September 25, 2009.
10. Moinak Mitra, “The Paladin of Power,” Economic Times, August 24, 2012.
11. Sudheer Pal Singh, “Navin Jindal’s Toughest Hour,” Business Standard, November 14, 2012.
12. James Crabtree and Avantika Chilkoti, “Jindal Steel Shares Sink after Police Raid at Coal Mine,” Financial Times, October 20, 2014.
13. “Jindal Steel Defaults on Debenture Interest Payments,” Reuters, October 6, 2016.
14. David Lalmalsawma, “Zee News Editors Arrested in Jindal Extortion Case,” Reuters, November 27, 2012.
15. Mehboob Jeelani, “The Price of Power,” The Caravan, March 5, 2013.
16. Myrdal, Asian Drama, p. 277.
17. “The Bollygarchs’ Magic Mix,” The Economist, October 22, 2011.
18. Tarun Khanna and Krishna G. Palepu, “Why Focused Strategies May Be Wrong for Emerging Markets,” Harvard Business Review, July–August 1997.
19. Ninan, The Turn of the Tortoise, p. 93.
20. Martin Hirt, Sven Smit, and Wonsik Yoo, “Understanding Asia’s Conglomerates,” McKinsey Quarterly, February 2013.
21. Asian Family Business Report 2011, Credit Suisse, October 2011.
22. Aakar Patel, “When Will the Brahmin-Bania Hegemony End?” Livemint, August 28, 2009.
23. Dasgupta, Capital, pp. 224, 225.
24. James Crabtree, “Mumbai’s Former US Consulate Sets Indian Record for Property Deal,” Financial Times, September 14, 2015.
25. Samanth Subramanian, “Breach Candy,” Granta, 130, 2015.
26. James Crabtree, “Mumbai’s Towering Ambitions Brought Low by Legal Disputes,” Financial Times, October 10, 2014.