The Leader of the Opposition in the Lok Sabha, Rahul Gandhi, said a “new breed of monopolists” was taking control over the country’s governing institutions and regulatory bodies. The MP from Raebareli said these “oligarchic groups” destroyed many businesses, severely denting job creation.
He assailed these “match-fixing” monopolies for their huge wealth, gained at a time when economic inequalities were on the increase.
“The original East India Company dissolved over 150 years ago, yet the fear it instilled has resurfaced. A new breed of monopolists has emerged, amassing enormous wealth while India becomes increasingly unequal and unjust for the majority.”
The editorial thus reads in continuation of Gandhi’s sustained campaign against the “monopoly model” of the BJP, which, according to him, has devastated MSMEs and caused mass layoffs during Modi’s regime.
In the same article, Gandhi wrote that “many of our brilliant and dynamic business leaders” were “afraid to enter the arena” vis-à-vis the monopolistic forces.
“Bharat Mata is a mother to all her children. The monopolization of her resources and power—this blatant denial of opportunity for the many in favor of a select few—has caused her great harm.”
Gandhi said fighting such monopolists was like “fighting the machinery of the Indian state.” In his view, their strength is not from products or ideas but from “knowing how to use, mold, and manipulate India’s governing institutions and regulatory frameworks. “Unlike ordinary citizens, these groups dictate what Indians read and watch, shaping public opinion and discourse. Today, success is determined not by market forces but by power dynamics,” he said.
Notwithstanding the criticisms, Gandhi did acknowledge a “small sample” of homegrown companies that have done well by playing by fair rules, citing successful examples such as Mahindra, Titan, Lenskart, Manyavar, and Zomato. He said,
“The government should not take sides in favor of one business over another, nor should the government subvert hidden interests in the business ecosystem.”
He concluded that all these “big monopolists” are not necessarily “evil persons” but the consequence of a defect in the entire social and political system.
