India Inc’s inward turn

first to open its wallet. In April the social network said it would spend $5.7bn on a 9.9% stake in Jio Platforms, the digital arm of Reliance Industries, India’s biggest firm. The investment was followed in short order by nine other entities, including global private-equity giants such as, as well as Saudi and Emirati sovereign-wealth funds. Collectively, this year foreigners have poured or pledged to pour $15.2bn into Jio. That would give them a combined stake of 25%.

Look closer, though, and the apparent thumbs-up from foreign investors is not quite what it seems. After years of trying to make it on their own with mixed results, some foreigners appear to have concluded that getting ahead in India requires a powerful local partner. Mukesh Ambani, Reliance’s boss and India’s richest man, or Gautam Adani, the industrialist behind Adani Group, fit the bill to a tee.

After independence from Britain in 1947 the main way for most outsiders to partake in India’s economy was through joint ventures with domestic partners or some other form of local ownership. Some Indian partners were chosen on the basis of access to the levers of power rather than managerial acuity. India’s largest carmaker, Maruti Suzuki, created in 1982, was the brainchild of Sanjay Gandhi. His mother, Indira, was prime minister at the time.

The contrast with Jio is stark. The Indian champion has managed to snap up mobile spectrum at low prices and extend promotional rates. Given Facebook’s fruitless efforts to gain regulatory approval for a payment feature in its ubiquitous WhatsApp messaging service, the social network may have quite reasonably decided that teaming up with Jio is a better bet.

Is the economist about economics or white supremacy?

Foreign firms in India already has acquired a large share over market, plus now by indulging in malicious collaborations only to avoid law they are threatening the livelihood of millions of people by creating unequal opportunities.

India is great for foreign firms. Look at all the Japanese ones. Incompetent ones die.

don't spread lies. even local firms have tax rules and are inspected by competition commission etc. part of overall governance mechanism

Citizens will NOT Encourage Protectionism by Govts & will Always Buy World Class Goods from Countries Globally. Govts must Ensure Domestic Industry & Businesses manufacture World Class Goods by Investing in Global Innovation, R&D, Technology etc & Export them to top 10 Economies

Looks like Chinese money has been received by to peddle the Chines Propaganda...

Let's talk about what the monster did before 2014 and why he should be in jail...

We know you assholes love to endorse fascists then pretend to be surprised when they turn out to be fascists.

I wish I can communicate with the world 🗺 better.

Stop being a Chinese rag!

False propaganda...narendramodi Ji is on track to deliver promises

He never was. No one studied Gujarat properly

What is BORIS upto ? Good to see your tweets, Healthy criticism is always welcomed, But you're so mute about CHINA and their activities. How much did you recieve ? Be honest.

This is India and all election promises went unfilled and reamins as news in newspaper.

Sounds familiar to some of us in the U.S.

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