Book Review by Mitali Chakravarty
Title: Billionaire Raj
Author: James Crabtree
Publisher: One World, 2018
Billionaire Raj by the former Financial Times Bureau chief in India, James Crabtree, is a journalistic assessment of not only how the British Raj in India has been replaced by entrepreneurs and politicians who work symbiotically to create a close nexus of exclusive crony capitalism but also gives an optimistic outlook for the future… with a few strings attached.
The book comes across as a series of clear well-researched articles strung together thematically in logical order. From British Raj, India moved to ‘License Raj’, where a license was needed to start any venture. Once that was lifted, the age of billionaires sets in. He has compared this period to the Gilded Age of American history, an era in the nineteenth century of robber barons and rich bankers, just after the American Civil War.
Crabtree plunges in with stories of people he calls ‘Bollygarchs’, a new term which has evolved to define billionaire-entrepreneurs with Russian oligarchic tendencies like, Vijaya Mallya, Ambani and Adnani and more. The best way to understand the Bollygarchs is perhaps to imagine the flashy Bollywood culture (like that seen in the Bollywood blockbuster Kabhi Khushi Kabhi Gham) brought to life.