India has a corporate, super rich, financial oligarchy that makes post Soviet Union Russian mobsters look like a egalitarian society.

So reports the Financial Times:

A study funded by the Asian Development Bank found that, by early last year, India had 50 billionaires who together controlled wealth equivalent to 20 per cent of gross domestic product and, reportedly, 80 per cent of stock market capitalisation.

“This concentration of wealth and influence could be a hidden time bomb under India’s social fabric,” warned the report. It was prepared by economists for the US-based Emerging Markets Forum.

TATA Group is mentioned specifically.