Crony Capitalism in India – Issues and Way Ahead

The Economic Survey of 2019-20 argued for the need to eliminate crony capitalism in order to ensure public welfare. It suggested the promotion of pro-business policies that does not let companies and businesses form monopolies and survive even in the absence of efficiency and growth. The elimination of cronyism with strong political will is vital now more than ever as there is a high possibility of large businesses making use of their economic muscles to influence political decisions amid the coronavirus-led economic crisis.

What is crony capitalism?

• Crony capitalism is the term used to refer to a capitalist s