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Paranjoy on crony capitalism

In a talk on Crony Capitalism at the Institute of Chartered Accountants of India, Paranjoy Guhathakurta spoke with eloquence on how crony capitalism is eating into India’s moral fibre.  “Crony capitalism is an economic system, in which family members and friends of government officials and business leaders have an unfair advantage.” He then proceeded to give a few examples. One, of how 2G spectrum a natural resource was allocated on a faulty version of first come first served. Two, of how when two brothers fight for resources (natural gas) which belong to the public, you had crony capitalism. And three of how in 2013 Vedanta trust was found to be  a foreign entity controlled by a foreign corporation. And if you are a foreign entity, you cannot donate any money to the political party according to a 2014 High Court verdict. And of how Arun Jaitley, amended the foreign company definition in the Foreign Contribution Regulation Act, so that it excluded Vedanta Company from the ambit of the foreign company.

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