The Four Fortunes Riding on a Modi Win in 2024
A handful of tycoons will shape India’s economy in an important election year — and beyond.
Rich and powerful.
Source: Hindustan Times/Getty Images
There’s a strong possibility that India, still a lower-middle-income economy, will have not one but two centi-billionaires in 2024.
The current consensus among political analysts is for Prime Minister Narendra Modi to retain power in this year’s general elections. In that case, expect a further consolidation of wealth in the hands of Mukesh Ambani, Asia’s richest businessman, and Gautam Adani, his closest rival — a validation of what Arvind Subramanian, a former economic adviser to the Modi administration, has described as India’s “2A variant of stigmatized capitalism,” in which the private sector as a whole can’t be trusted.