January 21, 2012

Arundhati Roy: Capitalism’s Real Gravediggers - Beware the ‘Gush-Up Gospel’ Behind India’s Billionaires

"In India, the 300m of us who belong to the new, post-“reforms” middle class – the market – live side by side with the ghosts of 250,000 debt-ridden farmers who have killed themselves, and of the 800m who have been impoverished and dispossessed to make way for us. And who survive on less than 50 cents a day."

"Is it a house or a home? A temple to the new India, or a warehouse for its ghosts? Ever since Antilla arrived on Altamount Road in Mumbai, exuding mystery and quiet menace, things have not been the same. “Here we are,” the friend who took me there said, “pay your respects to our new ruler.”


Antilla Mansion on Altamount Road in Mumbai

Antilla belongs to India’s richest man, Mukesh Ambani. I’d read about this, the most expensive dwelling ever built, the 27 floors, three helipads, nine lifts, hanging gardens, ballrooms, weather rooms, gymnasiums, six floors of parking, and the 600 servants. Nothing had prepared me for the vertical lawn – a soaring wall of grass attached to a vast metal grid. The grass was dry in patches, bits had fallen off in neat rectangles. Clearly, “trickle down” had not worked.

But “gush-up” has. That’s why in a nation of 1.2bn, India’s 100 richest people own assets equivalent to a quarter of gross domestic product.

The word on the street (and in The New York Times) is, or at least was, that the Ambanis were not living in Antilla. Perhaps they are there now, but people still whisper about ghosts and bad luck, vastu and feng shui. I think it’s all Marx’s fault. Capitalism, he said, “ ... has conjured up such gigantic means of production and of exchange, it is like the sorcerer who is no longer able to control the powers of the nether world whom he has called up by his spells”.

In India, the 300m of us who belong to the new, post-“reforms” middle class – the market – live side by side with the ghosts of 250,000 debt-ridden farmers who have killed themselves, and of the 800m who have been impoverished and dispossessed to make way for us. And who survive on less than 50 cents a day.

Mr Ambani is personally worth more than $20bn. He has a controlling majority stake in Reliance Industries Limited (RIL), a company with a market capitalisation of Rs2.41tn ($47bn) and an array of global business interests. RIL has a 95 per cent stake in Infotel, which a few weeks ago bought a major share in a media group that runs television news and entertainment channels. Infotel owns the only national 4G broadband licence. He also has a cricket team.

RIL is one of a handful of corporations, some family-owned, some not, that run India. Some of the others are Tata, Jindal, Vedanta, Mittal, Infosys, Essar and the other Reliance (ADAG), owned by Mukesh’s brother Anil. Their race for growth has spilt across Europe, central Asia, Africa and Latin America. The Tatas, for example, run more than 100 companies in 80 countries. They are one of India’s largest private-sector power companies."...

Read complete article here, Common Dreams, 19 January 2012

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