The Billionaire Raj: A Journey Through India's New Gilded Age

The Billionaire Raj: A Journey Through India's New Gilded Age

by James Crabtree

Narrated by Shridhar Solanki

Unabridged — 14 hours, 42 minutes

The Billionaire Raj: A Journey Through India's New Gilded Age

The Billionaire Raj: A Journey Through India's New Gilded Age

by James Crabtree

Narrated by Shridhar Solanki

Unabridged — 14 hours, 42 minutes

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Overview

A colorful and revealing portrait of the rise of India's new billionaire class in a radically unequal society

India is the world's largest democracy, with more than one billion people and an economy expanding faster than China's. But the rewards of this growth have been far from evenly shared, and the country's top 1% now own nearly 60% of its wealth. In megacities like Mumbai, where half the population live in slums, the extraordinary riches of India's new dynasties echo the Vanderbilts and Rockefellers of America's Gilded Age, funneling profits from huge conglomerates into lifestyles of conspicuous consumption. *

James Crabtree's The Billionaire Raj takes readers on a personal journey to meet these reclusive billionaires, fugitive tycoons, and shadowy political power brokers.*From the sky terrace of the world's most expensive home to impoverished villages and mass political rallies, Crabtree dramatizes the battle between crony capitalists and economic reformers, revealing a tense struggle between equality and privilege playing out against a combustible backdrop of aspiration, class, and caste.

The Billionaire Raj*is a vivid account of a divided society on the cusp of transformation-and a struggle that will shape not just India's future, but the world's.

Editorial Reviews

AUGUST 2018 - AudioFile

The riches of India's prominent families are magnified because they exist alongside the abject poverty of the masses. Narrator Shridhar Solanki's tenor voice casts a questioning tone on their lifestyles and a system that allows so much wealth inequality. He presents to us the author’s anecdotes and analysis of India's billionaires in a storytelling style that makes us shake our heads at their excesses all the while learning about families that are not often in the international headlines. Solanki captures Crabtree’s incredulity at six-story garages and police cover-ups for the wealthy. Listeners are taken by their ears into a world of glittering privilege available only to the truly elite. M.R. © AudioFile 2018, Portland, Maine

Publishers Weekly

★ 04/23/2018
In this eye-opening rumination on wealth, power, and those who seek both, Crabtree, a former India correspondent for the Financial Times, ventures deep into the shadowy heart of India’s “black-money” economy. From the cantilevered skyscrapers of Mumbai’s billionaire elite to a neglected Muslim ghetto in Ahmedabad, Crabtree brings a reporter’s precision and flair to his story, arguing that the rise of the “Bollygarchs” and the takeover of Indian politics by huge sums of private money has led to a boom-and-bust cycle in India’s industrial economy. Weaving in interviews with politicians, central bankers, and industrial tycoons, he concludes that a lack of state capacity in India—the famously byzantine business licensing system, as well as low levels of investment in infrastructure—has contributed to rent-seeking and crony capitalism on the one hand and populist politics with a Hindu nationalist tinge on the other. An inside look into the corridors of power, this is an invaluable commentary on Indian democracy and the forces that threaten it. Agent: Toby Mundy, Toby Mundy Assoc. (July)

From the Publisher

Short-listed for the Financial Times & McKinsey Business Book of the Year 2018

“A lively and valuable blend of the empirical and the anecdotal. . . .The best parts of Mr. Crabtree’s book, however, aren’t his observations on the civic state of India (although these are certainly valuable and wise). They are his reportage, in which he relates his encounters with several of the men who are emblematic of the billionaire raj.” —Tunku Varadarajan, Wall Street Journal

“Thrilling. . . . The Billionaire Raj does the great service of . . . showing how India’s political system and its firms are symbiotically connected, in an entertaining—and sometimes disturbing—fashion.” —The Economist

“A nuanced portrait. . . . chock-full of profoundly revealing vignettes from various corners of India’s endlessly diverse society and economy.” —Jonathan A. Knee, The New York Times

“An excellent survey of India’s economic and political transformation. . . .Crabtree’s Indian story is a cautionary tale of globalization’s excesses and the consequences for one of the world’s most unequal societies.” The Washington Post

“Crabtree’s vivid portrayal of the corruption of politics is very informative, and thought-provoking. . . .The most comprehensive and eminently readable tour of economic India.” —Meghnad Desai, Financial Times

“A stylish, sweeping survey of modern day India. . . . Crabtree is diligent in his research and brutally fair to his interviewees.” —Ann Pettifor, The Times Literary Supplement

“An enlightening and engaging story of wealth and poverty in India, but also a sad indictment of the power of inequity in subduing and overwhelming its areas of success." —Amartya Sen, winner of the Nobel Prize in Economics

“James Crabtree has written a lucid, detailed, and at times epic account of the new India, opening our eyes to the economic and social transformation that has quietly occurred there in recent years, behind the facade of the headlines. A must read for all those interested in the political and economic destiny of the subcontinent.” —Robert D. Kaplan, author of The Return of Marco Polo’s World

“James Crabtree, once a hugely-admired star foreign correspondent, has transformed himself into a brilliant writer and analyst of the Indian super rich. This timely, fascinating and eye-opening book is also—a rarity for a book about money—wonderfully witty and beautifully written.” —William Dalrymple, author of The Last Mughal

“James Crabtree distinguished himself as the most insightful journalist writing for the Financial Times from India. It is not surprising therefore that he has now written a book that offers a splendid overview of the issues that have been raised concerning India’s spectacular growth since the reforms began in 1991. It is bound to become a classic.” —Jagdish Bhagwati, co-author of Why Growth Matters

"Billionaire-watching may seem like voyeuristic fun, but it also provides serious insights about where a nation is headed. James Crabtree does just that in The Billionaire Raj, as he traces the incredible rise of India’s new super-rich and everything they reveal about the state of India’s political economy. Mixing colorful anecdotes with serious analysis, Crabtree's urgent book gives us far more than just vicarious thrills about India’s new Gilded Age." Ruchir Sharma, author of The Rise And Fall Of Nations

“Who are the Indian nouveau riche and what do they want? James Crabtree’s The Billionaire Raj will prove the defining work on these questions. It is a must-read for anyone interested in wealth, inequality, India, or the evolution of capitalism.” —Tyler Cowen, author of The Complacent Class

“A fascinating look into the world of the Indian business elite—the ‘Bollygarchs’—and their political entanglements. James Crabtree deftly explores the changing balance between big money and democratic accountability, shedding considerable light on whether the country will sustain the miracle that is the Indian democracy or go the way of populism and authoritarianism, as so many others have.” Dani Rodrik, author of Straight Talk on Trade

"Crabtree's stylish writing and sharp insights bring to life the extremes of a country changing with bewildering rapidity, and one the world will find increasingly hard to ignore. The Billionaire Raj is an essential guide if you want to understand modern India, as you must." —Edward Luce, author of In Spite of the Gods

“A wonderful book! It artfully weaves together lively stories of India’s billionaires while retaining a balanced perspective on the the big picture of the rise of India. It is not easy to write contemporary history but Crabtree manages to get to the heart of the matterthe problem of India’s state capacity and the need to reform the institutions of governance.” Gurcharan Das, author of India Unbound

AUGUST 2018 - AudioFile

The riches of India's prominent families are magnified because they exist alongside the abject poverty of the masses. Narrator Shridhar Solanki's tenor voice casts a questioning tone on their lifestyles and a system that allows so much wealth inequality. He presents to us the author’s anecdotes and analysis of India's billionaires in a storytelling style that makes us shake our heads at their excesses all the while learning about families that are not often in the international headlines. Solanki captures Crabtree’s incredulity at six-story garages and police cover-ups for the wealthy. Listeners are taken by their ears into a world of glittering privilege available only to the truly elite. M.R. © AudioFile 2018, Portland, Maine

Kirkus Reviews

2018-05-01
A report from the front lines of inequality and corruption in India, one of the world's rising economies.It's not the Taj Mahal, but it's got two-thirds of the floor space of Versailles—and on a footprint of just an acre. Former Financial Times Mumbai bureau chief Crabtree considers the Mumbai apartment tower built by billionaire Mukesh Ambani to be the pre-eminent symbol of "the power of India's new elite," one that pointedly emphasizes the sharp divide between rich and poor in the country—and indeed, the divide between the merely rich and the superrich. The creation of a class of hyperwealthy commoners owes at least in some measure to domestic economic reforms meant to advance a free market but that, instead, in combination with modernization and globalization, ushered in an era of staggering corruption, with the government machinery simply unable to keep up with a wave of crony capitalism. "The 1991 reforms," writes the author, gave "Indians a taste of a new world of mobile phones, multi-channel television and foreign consumer goods." They also inaugurated an enthusiasm for globalization that is largely unmatched; most Indians, Crabtree asserts, are all for it. However, support for globalization does not necessarily mean support for the greatest beneficiaries of it; anti-corruption campaigns are increasingly commonplace. Yet state apparatus is too inefficient to do much about it. As Crabtree notes, there are so many layers of bureaucracy that a would-be entrepreneur has to negotiate that it's only natural for a businessperson to try "to strike a deal towards the top of the decision-making chain." Corruption has not moderated under the "big-government conservative" Narendra Modi, who, Crabtree foresees, will in his second term yield to the temptation to substitute nationalism for economic reform, following the path set by Putin in Russia and Erdogan in Turkey. Even so, writes the author, it is not inevitable that India become "a saffron-tinged version of Russia."Solid reading for students of economic development and global economics.

Product Details

BN ID: 2940172052552
Publisher: Penguin Random House
Publication date: 07/03/2018
Edition description: Unabridged

Read an Excerpt

***This excerpt is from an advance uncorrected copy proof***
            It was a sunny December day when I found it, abandoned outside a Mumbai police station and draped in a dirty plastic sheet. The silhouette revealed the outline of a car, low to the ground and beaten out of shape. A chunky black tire was propped awkwardly against the chassis. Thin white string tethered the sheet to a telephone pole, although this did nothing to stop me lifting it up and taking a peek below.

            The scene underneath was a mess. A tangle of metal erupted from the driver’s side. The bonnet was bent across the middle, pushed up by a violent impact. Broken tubes stuck out from the engine. Through a shattered windscreen I could see cramped rear seats, once plush red, now filthy and covered with dust. But the passenger’s side was in better shape, revealing the classic lines of an Aston Martin Rapide, one of the world’s most expensive supercars.

            The vehicle had met its demise late at night a few weeks earlier, in an incident whose mysterious aftermath stuck long in my mind as an exemplar of the power of India’s new super-rich. It had been roaring north up Pedder Road, a dual carriageway that separates two wealthy sections of the country’s financial capital. To the left was Breach Candy, a plush enclave of residential towers offering pleasant views over the Arabian Sea. Narrow lanes to the right led up to Altamount Road, where colonial-era mansions hid behind high walls and iron gates.

            It was roughly 1:30 a.m. when the Aston’s driver lost control, rear-ending another car. Jolted by the impact, the second vehicle, an Audi A4, spun onto the opposite lane and clipped an oncoming bus. A collision with a third car then crushed the Aston’s front end, sending it skidding across the road, where it crumpled to a halt in a whirl of smoke and glass. No one was killed, but as her Audi came to a stop, Foram Ruparel—a 25-year-old business school student, who had driven south earlier for dinner—realized she was in a fix. There were plenty of fancy cars in Mumbai, but Aston Martins remained rare. Anybody owning one had to be rich—really rich. And that meant trouble.
            Although not visible from the crash scene, the building came quickly into view as they raced south. A giant residential skyscraper called Antilia, it loomed high above the street, an unavoidable symbol of the prominence of its owner: billionaire Mukesh Ambani, India’s richest man.

            News of the hit-and-run filtered out quickly the next morning, Sunday, December 8, 2013. The ruined Aston turned out to be owned by Reliance Ports, a little-known subsidiary of Ambani’s main Reliance Industries business, a giant conglomerate with interests stretching from oil refining and gas exploration to telecoms and television. Later that afternoon, Bansilal Joshi, a portly 55-year-old driver employed by the Ambani family, presented himself at Gamdevi police station, about two kilometers from the crash site. He had taken the car out for a late-night test drive, he confessed, and had been behind the wheel when it crashed. Then he fled the scene.

            Ruparel told a different story, at least at first. “I could see in the rearview mirror the car was moving at a high speed, weaving left and right. And then, in a flash, it hit my car,” she told one local newspaper. “I had a decent look at the driver’s face. He was a young man.” In the days after the crash, rumors spread that the young man may have been a member of the Ambani family, the country’s preeminent business dynasty. Yet over the next few weeks Ruparel had a change of heart. Towards the end of December, she signed a statement in a magistrates’ court claiming Joshi had been the driver after all.

            The Reliance Industries account of what happened that night may very well be true. No one has been able to find out for sure. The police said CCTV footage of the moments leading up to the crash was inconclusive. Pedder Road is one of Mumbai’s busiest thoroughfares, teeming even late at night with roadside hawkers, pedestrians, and pavement-dwellers trying to catch a few hours of sleep on cardboard mats. Yet none of those at the scene caught a glimpse of the fleeing driver. India’s usually tenacious media covered the story with caution too. “While the cops have maintained a stoic silence so have most of India’s leading television channels,” a report in Forbes went so far as to put it later. In spite of the denials, the article even named a member of the Ambani family on the basis of rife “speculation online” that he “was allegedly involved in the smash-up.”

            Curious to find out more, I called a company spokesman in the days following the crash. He told me it was perfectly normal for Reliance Ports, ostensibly a logistics and transport business, to own a sports car with a price tag in the region of $700,000. There was also nothing unusual, he said, in an employee taking such a car for a test drive in the small hours of the morning, or for him to be trailed by security vehicles. The company firmly denied that anyone other than Joshi, its driver, had been involved. In private, many of those I met over the following days were skeptical of elements of this story, although almost no one said anything in public. Omar Abdullah, the outspoken chief minister of the state of Kashmir, was one exception, tweeting: “If friends in Mumbai are to be believed, it seems the only people who don’t know who was driving the fancy Aston Martin are the Mumbai police.”

            Not long afterwards, I went to an evening reception in the seafront Taj Palace hotel, whose Gothic stone facade and pale red dome provide one of Mumbai’s most recognizable landmarks. Darkness was falling outside as corporate luminaries gathered beneath glistening chandeliers in the main ballroom. The lights of distant yachts glinted in the harbor. Talk turned quickly to the mysteries of the crash, although only after much conspiratorial glancing over shoulders. Reliance continued fiercely to deny any wrongdoing, but rightly or wrongly many of those I met seemed doubtful about the company’s version of events. 

            Whatever the truth of the matter, the incident cast a revealing light on how billionaires were viewed in India. That evening, I found myself playing devil’s advocate. Both theories about what happened seemed questionable, I argued: the Reliance account of the late-night test drive on the one hand and the vague conspiracy and cover-up theory on the other. At one point at the Taj I told the head of a local bank that the Reliance story seemed the more likely of the two. He shot me a look with which I would soon become familiar: a combination of amazement and pity at the foreigner’s naïveté. I realized then the mystery of who exactly had been driving was not the real issue. Such was the mystique surrounding the Ambanis, and so comprehensive was the belief in their power, what mattered was that everyone thought they could, if needed, make such a scandal disappear.

            A few days later I went to Gamdevi police station to find out more. It was a dusty, chaotic old building, set back a few blocks from Chowpatty Beach and the Art Deco apartment blocks of Marine Drive, the city’s crescent-shaped promenade. Bored-looking officers napped on plastic chairs beneath slowly turning fans, guarding rooms filled with overflowing piles of paper. The inspector was out, one told me. He returned eventually and granted a cautious interview.

            “Where is the car now?” I asked.

            “It has been impounded. For tests,” he said.

            “And when will those tests be finished?”

            “It will take some time.”

            As we spoke, my mind conjured up a scene from the television series CSI, in which the Aston’s ruined body had been carried to a spotless warehouse somewhere on the edge of town, where experts in overalls and white gloves were conducting a careful forensic examination. It was only when I emerged blinking back into the sunlight that a silhouette wrapped in a gray sheet caught my eye, parked a short distance down the street. No, I remember thinking. It can’t be. Over the next year, I would stop by from time to time to see if the car was still there. It always was. The sheet got progressively dirtier, its top more deeply encrusted with bird shit. But the car beneath never seemed to have been touched. Sometimes I would stop by the police station and ask the officers how the investigation was progressing. “Ongoing,” they told me, a code word we both understood to mean nothing whatsoever was happening.

            Here was one of the world’s most expensive cars, belonging to one of the world’s richest men: a feared tycoon whom no sensible person would want to cross; a man whose power and influence, while enigmatic, was considered an inescapable fact of modern India. And so the car itself—an awkward reminder of events that early December morning—just sat there, ruined, fully wrapped and half forgotten, as if all involved hoped they might wake one morning and find that a passing magician had whisked off the sheet, and made the wrecked vehicle conveniently disappear.

(Continues…)



Excerpted from "The Billionaire Raj"
by .
Copyright © 2018 James Crabtree.
Excerpted by permission of Crown/Archetype.
All rights reserved. No part of this excerpt may be reproduced or reprinted without permission in writing from the publisher.
Excerpts are provided by Dial-A-Book Inc. solely for the personal use of visitors to this web site.

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