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Corporate influence over politics UPSC NOTE

 


  • Indian big businesses, such as the Adani Group and Reliance Industries Limited, are continuing to grow and acquire more assets, despite concerns about their debt.

  • Adani group has been able to persuade financial markets to lend it more money, notwithstanding assessments that it is over-dependent on debt

  • Reliance Industries Limited has announced the demerger of its financial services arm to establish a new entity, which media speculation sees as a bid by the group to establish a dominant presence in the financial services industry

  • Other business groups like the Tatas and the Aditya Birla empire are also performing well.

  • However, not all businesses in India are thriving

  • Small- and medium-scale firms, as well as informal enterprises, are struggling to recover from the losses caused by COVID-19.

  • Concentration of assets among the top five business groups in non-financial sectors has increased significantly, while the share of the next five groups has declined.

  • Rapid industrial concentration can lead to stifled competition, profit inflation, extreme income inequality, and corporate influence over political processes.


  • Efforts to regulate and prevent the growth of dominant businesses or conglomerates are necessary, but implementing such policies depends on the influence of societal structures on the state.

  • The distance between the state and private capital has narrowed over time, and the state now promotes big business instead of regulating it.

  • Neoliberalism and the belief that the state should facilitate private capital growth have contributed to this shift.

  • Neoliberalism advocates for the unrestricted operation of markets, with minimal government intervention or regulation.


  • State policies aim to strengthen domestic big businesses and support their expansion globally, often through subsidies and transfers.

  • Money's influence in politics remains high, with political parties relying on support from big businesses for funding elections.

  • A few favored business groups are actively supported by the state in the name of promoting national interest, leading to concentration of wealth and economic power.

  • Dissent and resentment among various segments of society are suppressed by using state power, resulting in the relentless march towards extreme concentration of wealth and economic power.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: Corporate influence over politics UPSC NOTE
Corporate influence over politics UPSC NOTE
Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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