gfiles magazine

May 9, 2019

Corruption : FROM RAJ TO RAFALE 9 Predators on the Prowl


It started with a seemingly inconsequential policy to woo NRIs. In the 1982 Budget, Finance Minister Pranab Mukherjee allowed Indians settled abroad to buy shares in Indian companies. The idea was to replicate the Chinese investment model, which hoped to attract huge inflows from the non-resident Chinese. What Mukherjee never anticipated, or may be the decision was designed to achieve this objective, it led to hostile takeovers and corporate wars that dragged in the government, including the prime minister, financial sector, including the Reserve Bank of India, and most of the business community.

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