Table Of ContentADVANCE PRAISE FOR THE BILLIONAIRE RAJ
‘James Crabtree distinguished himself as the most insightful journalist
writing for the Financial Times from India. It is not surprising therefore
that he has now written a book that off ers a splendid overview of the
issues that have been raised concerning India’s spectacular growth since
the reforms began in 1991. It is bound to become a classic.’
Jagdish Bhagwati, author of In Defense of Globalization
‘A lucid, detailed and at times epic account of the new India, opening
our eyes to the economic and social transformation that has quietly
occurred there in recent years, behind the facade of the headlines.’
Robert D. Kaplan, author of Monsoon
and Th e Return of Marco Polo’s World
‘Who are the Indian nouveau riche and what do they want? James
Crabtree’s Th e Billionaire Raj will prove the defi ning work on these
questions. It is a must-read for anyone interested in wealth, inequality,
India, or the evolution of capitalism.’
Tyler Cowen, economist, blogger and
author of Th e Great Stagnation
‘A fascinating look into the world of the Indian business elite – the
“Bollygarchs” – and their political entanglements. James Crabtree deft ly
explores the changing balance between big money and democratic
accountability, shedding considerable light on whether the country will
sustain the miracle that is the Indian democracy or go the way of
populism and authoritarianism as so many others have.’
Dani Rodrik, Professor of International Political Economy,
Harvard University, and author of Th e Globalization Paradox
THE BILLIONAIRE RAJ
A JOURNEY THROUGH
INDIA’S NEW GILDED AGE
JAMES CRABTREE
A Oneworld Book
First published in Great Britain and Australia by Oneworld Publications Ltd, 2018
Th is ebook published 2018
Copyright © James Crabtree 2018
Th e moral right of James Crabtree to be identifi ed as the Author of this work has been
asserted by him in accordance with the Copyright, Designs, and Patents Act 1988
All rights reserved
Copyright under Berne Convention
A CIP record for this title is available from the British Library
Hardback ISBN 978-1-78607-380-8
Trade Paperback ISBN 978-1-78607-529-1
eISBN 978-1-78607-381-5
Photographs: Dhobi Ghat © Aleksandr Zykov; Antilia © Jay Hariani; Mallya © Sajjad
Hussain/Stringer/Getty Images; Adani © Mint/Getty Images; Gujarat riot © Sebastian
D’Souza/Stringer/Getty Images; protest against demonetisation © Fotokannan;
Modi © Hindustan Times/Getty Images; Jayalalithaa © Nandhinikandhasamy; Jindal
© Hindustan Times/Getty Images; Reddy wedding © Stringer/Getty Images; IPL
protest © Manjunath Kiran/Stringer/Getty Images; Goswami © Sujit Jaiswal/Stringer/
Getty Images; Modi and Obama © Pete Souza; Aston Martin © James Crabtree
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To my parents
CONTENTS
Prologue ix
Introduction xv
PART 1: TYCOONS
1 Th e Richest Man in India 3
2 Th e Good Times Begin 27
3 Rise of the Bollygarchs 53
PART 2: POLITICAL MACHINES
4 India Modifi ed 81
5 Th e Season of Scams 103
6 Money Power Politics 127
7 Cronyism Goes South 149
PART 3: A NEW GILDED AGE
8 House of Debt 177
9 Th e Anxious Tycoons 201
10 More than a Game 225
11 Th e Nation Wants to Know 251
12 Th e Tragedies of Modi 273
Conclusion: A Progressive Era? 297
Acknowledgements 307
Bibliography 311
Notes 319
Index 347
To Chhatrapati Shivaji
International Airport
bandra-worli Mahim
sea link Bay
INDIA
Mumbai
Arabian
Sea
Site of the SSOOUUTTHH
Aston Martin MMUUMMBBAAII
Crash
Antilia
Gamdevi
Pedder Road
Police Station
Babulnath
Chowpatty
Temple
Beach
MMaarriinnee DDrriivvee
Reserve Bank
Back
of India
Bay
Mumbai
Taj Mahal
Palace Hotel Harbour
Sea Wind
0 1 Mile
0 1 Kilometre
PROLOGUE
It was a sunny December day when I found it, abandoned outside a
Mumbai police station and draped in a dirty plastic sheet. Th e silhou-
ette revealed the outline of a car, low to the ground and beaten out of
shape. A chunky black tyre was propped awkwardly against the chassis.
Th in white string tethered the sheet to a telephone pole, although this
did nothing to stop me lift ing it up and taking a peek below.
Th e scene underneath was a mess. A tangle of metal erupted from
the driver’s side. Th e bonnet was bent across the middle, pushed up by
a violent impact. Broken tubes stuck out from the engine. Th rough a
shattered windscreen I could see cramped rear seats, once plush red,
now fi lthy and covered with dust. But the passenger’s side was in better
shape, revealing the classic lines of an Aston Martin Rapide, one of the
world’s most expensive supercars.
Th e vehicle had met its demise late at night a few weeks earlier, in an
incident whose mysterious aft ermath stuck long in my mind as an
exemplar of the power of India’s new super-rich. It had been roaring
north up Pedder Road, a dual carriageway that separates two wealthy
sections of the country’s fi nancial capital. To the left was Breach Candy,
a plush enclave of residential towers off ering pleasant views over the
Arabian Sea. Narrow lanes to the right led up to Altamount Road, where
colonial-era mansions hid behind high walls and iron gates.
It was roughly 1:30 a.m. when the Aston’s driver lost control, rear-
ending another car. Jolted by the impact, the second vehicle, an Audi
A4, spun onto the opposite carriageway and clipped an oncoming bus.
A collision with a third car then crushed the Aston’s front end, sending
