Accusing it of practising Cronyism, Congress asks govt to check oligopolies
Accusing the Modi government of practising "cronyism", the Congress on Monday said companies must expand but at the same time, the government has a responsibility to ensure oligopolies or monopolies do not emerge and that undue advantage arising out of access to political power is not exercised.
Congress general secretary, in-charge communications, Jairam Ramesh alleged that market concentration continues to grown under Prime Minister Modi's watch, and has reached a new high in key industries such as telecom, airlines, cement, steel, and tyres.
He also shared on X a media report which claimed market concentration continued to increase in India's key industries as top players grabbed a larger share of the business in 2023-24 either through organic growth or acquisition.
In his post on X, Ramesh said, "Cronyism is the non-biological Prime Minister's primary economic policy. Market concentration continues to grow under Mr. Modi's watch, and has reached a new high in key industries such