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The Billionaire Raj: A Journey Through India's New Gilded Age Hardcover – July 3, 2018
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India is the world’s largest democracy, with more than one billion people and an economy expanding faster than China’s. But the rewards of this growth have been far from evenly shared, and the country’s top 1% now own nearly 60% of its wealth. In megacities like Mumbai, where half the population live in slums, the extraordinary riches of India’s new dynasties echo the Vanderbilts and Rockefellers of America's Gilded Age, funneling profits from huge conglomerates into lifestyles of conspicuous consumption.
James Crabtree’s The Billionaire Raj takes readers on a personal journey to meet these reclusive billionaires, fugitive tycoons, and shadowy political power brokers. From the sky terrace of the world’s most expensive home to impoverished villages and mass political rallies, Crabtree dramatizes the battle between crony capitalists and economic reformers, revealing a tense struggle between equality and privilege playing out against a combustible backdrop of aspiration, class, and caste.
The Billionaire Raj is a vivid account of a divided society on the cusp of transformation—and a struggle that will shape not just India’s future, but the world’s.
- Print length416 pages
- LanguageEnglish
- PublisherTim Duggan Books
- Publication dateJuly 3, 2018
- Dimensions6.49 x 1.31 x 9.53 inches
- ISBN-101524760064
- ISBN-13978-1524760069
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Editorial Reviews
Amazon.com Review
Review
“A lively and valuable blend of the empirical and the anecdotal. . . .The best parts of Mr. Crabtree’s book, however, aren’t his observations on the civic state of India (although these are certainly valuable and wise). They are his reportage, in which he relates his encounters with several of the men who are emblematic of the billionaire raj.” —Tunku Varadarajan, Wall Street Journal
“Thrilling. . . . The Billionaire Raj does the great service of . . . showing how India’s political system and its firms are symbiotically connected, in an entertaining—and sometimes disturbing—fashion.” —The Economist
“A nuanced portrait. . . . chock-full of profoundly revealing vignettes from various corners of India’s endlessly diverse society and economy.” —Jonathan A. Knee, The New York Times
“An excellent survey of India’s economic and political transformation. . . .Crabtree’s Indian story is a cautionary tale of globalization’s excesses and the consequences for one of the world’s most unequal societies.” —The Washington Post
“Crabtree’s vivid portrayal of the corruption of politics is very informative, and thought-provoking. . . .The most comprehensive and eminently readable tour of economic India.” —Meghnad Desai, Financial Times
“A stylish, sweeping survey of modern day India. . . . Crabtree is diligent in his research and brutally fair to his interviewees.” —Ann Pettifor, The Times Literary Supplement
“An enlightening and engaging story of wealth and poverty in India, but also a sad indictment of the power of inequity in subduing and overwhelming its areas of success." —Amartya Sen, winner of the Nobel Prize in Economics
“James Crabtree has written a lucid, detailed, and at times epic account of the new India, opening our eyes to the economic and social transformation that has quietly occurred there in recent years, behind the facade of the headlines. A must read for all those interested in the political and economic destiny of the subcontinent.” —Robert D. Kaplan, author of The Return of Marco Polo’s World
“James Crabtree, once a hugely-admired star foreign correspondent, has transformed himself into a brilliant writer and analyst of the Indian super rich. This timely, fascinating and eye-opening book is also—a rarity for a book about money—wonderfully witty and beautifully written.” —William Dalrymple, author of The Last Mughal
“James Crabtree distinguished himself as the most insightful journalist writing for the Financial Times from India. It is not surprising therefore that he has now written a book that offers a splendid overview of the issues that have been raised concerning India’s spectacular growth since the reforms began in 1991. It is bound to become a classic.” —Jagdish Bhagwati, co-author of Why Growth Matters
"Billionaire-watching may seem like voyeuristic fun, but it also provides serious insights about where a nation is headed. James Crabtree does just that in The Billionaire Raj, as he traces the incredible rise of India’s new super-rich and everything they reveal about the state of India’s political economy. Mixing colorful anecdotes with serious analysis, Crabtree's urgent book gives us far more than just vicarious thrills about India’s new Gilded Age." —Ruchir Sharma, author of The Rise And Fall Of Nations
“Who are the Indian nouveau riche and what do they want? James Crabtree’s The Billionaire Raj will prove the defining work on these questions. It is a must-read for anyone interested in wealth, inequality, India, or the evolution of capitalism.” —Tyler Cowen, author of The Complacent Class
“A fascinating look into the world of the Indian business elite—the ‘Bollygarchs’—and their political entanglements. James Crabtree deftly explores the changing balance between big money and democratic accountability, shedding considerable light on whether the country will sustain the miracle that is the Indian democracy or go the way of populism and authoritarianism, as so many others have.” —Dani Rodrik, author of Straight Talk on Trade
"Crabtree's stylish writing and sharp insights bring to life the extremes of a country changing with bewildering rapidity, and one the world will find increasingly hard to ignore. The Billionaire Raj is an essential guide if you want to understand modern India, as you must." —Edward Luce, author of In Spite of the Gods
“A wonderful book! It artfully weaves together lively stories of India’s billionaires while retaining a balanced perspective on the the big picture of the rise of India. It is not easy to write contemporary history but Crabtree manages to get to the heart of the matter—the problem of India’s state capacity and the need to reform the institutions of governance.”—Gurcharan Das, author of India Unbound
About the Author
Excerpt. © Reprinted by permission. All rights reserved.
It was a sunny December day when I found it, abandoned outside a Mumbai police station and draped in a dirty plastic sheet. The silhouette revealed the outline of a car, low to the ground and beaten out of shape. A chunky black tire was propped awkwardly against the chassis. Thin white string tethered the sheet to a telephone pole, although this did nothing to stop me lifting it up and taking a peek below.
The scene underneath was a mess. A tangle of metal erupted from the driver’s side. The bonnet was bent across the middle, pushed up by a violent impact. Broken tubes stuck out from the engine. Through a shattered windscreen I could see cramped rear seats, once plush red, now filthy and covered with dust. But the passenger’s side was in better shape, revealing the classic lines of an Aston Martin Rapide, one of the world’s most expensive supercars.
The vehicle had met its demise late at night a few weeks earlier, in an incident whose mysterious aftermath stuck long in my mind as an exemplar of the power of India’s new super-rich. It had been roaring north up Pedder Road, a dual carriageway that separates two wealthy sections of the country’s financial capital. To the left was Breach Candy, a plush enclave of residential towers offering pleasant views over the Arabian Sea. Narrow lanes to the right led up to Altamount Road, where colonial-era mansions hid behind high walls and iron gates.
It was roughly 1:30 a.m. when the Aston’s driver lost control, rear-ending another car. Jolted by the impact, the second vehicle, an Audi A4, spun onto the opposite lane and clipped an oncoming bus. A collision with a third car then crushed the Aston’s front end, sending it skidding across the road, where it crumpled to a halt in a whirl of smoke and glass. No one was killed, but as her Audi came to a stop, Foram Ruparel—a 25-year-old business school student, who had driven south earlier for dinner—realized she was in a fix. There were plenty of fancy cars in Mumbai, but Aston Martins remained rare. Anybody owning one had to be rich—really rich. And that meant trouble.
What happened next is fiercely disputed. Media reports said the Aston’s driver first tried to flee in his crippled vehicle. Realizing it was too smashed-up to drive, he jumped into one of two Honda sports utility vehicles that happened to have followed him down the road. “In seconds, there was a swarm of security men around the car and they bundled the driver into one of the SUVs and sped off,” Ruparel told a local paper a few days later. The security detail zoomed back down the road, heading towards the safety of a house just a few minutes’ drive away.
Although not visible from the crash scene, the building came quickly into view as they raced south. A giant residential skyscraper called Antilia, it loomed high above the street, an unavoidable symbol of the prominence of its owner: billionaire Mukesh Ambani, India’s richest man.
News of the hit-and-run filtered out quickly the next morning, Sunday, December 8, 2013. The ruined Aston turned out to be owned by Reliance Ports, a little-known subsidiary of Ambani’s main Reliance Industries business, a giant conglomerate with interests stretching from oil refining and gas exploration to telecoms and television. Later that afternoon, Bansilal Joshi, a portly 55-year-old driver employed by the Ambani family, presented himself at Gamdevi police station, about two kilometers from the crash site. He had taken the car out for a late-night test drive, he confessed, and had been behind the wheel when it crashed. Then he fled the scene.
Ruparel told a different story, at least at first. “I could see in the rearview mirror the car was moving at a high speed, weaving left and right. And then, in a flash, it hit my car,” she told one local newspaper. “I had a decent look at the driver’s face. He was a young man.” In the days after the crash, rumors spread that the young man may have been a member of the Ambani family, the country’s preeminent business dynasty. Yet over the next few weeks Ruparel had a change of heart. Towards the end of December, she signed a statement in a magistrates’ court claiming Joshi had been the driver after all.
The Reliance Industries account of what happened that night may very well be true. No one has been able to find out for sure. The police said CCTV footage of the moments leading up to the crash was inconclusive. Pedder Road is one of Mumbai’s busiest thoroughfares, teeming even late at night with roadside hawkers, pedestrians, and pavement-dwellers trying to catch a few hours of sleep on cardboard mats. Yet none of those at the scene caught a glimpse of the fleeing driver. India’s usually tenacious media covered the story with caution too. “While the cops have maintained a stoic silence so have most of India’s leading television channels,” a report in Forbes went so far as to put it later. In spite of the denials, the article even named a member of the Ambani family on the basis of rife “speculation online” that he “was allegedly involved in the smash-up.”
Curious to find out more, I called a company spokesman in the days following the crash. He told me it was perfectly normal for Reliance Ports, ostensibly a logistics and transport business, to own a sports car with a price tag in the region of $700,000. There was also nothing unusual, he said, in an employee taking such a car for a test drive in the small hours of the morning, or for him to be trailed by security vehicles. The company firmly denied that anyone other than Joshi, its driver, had been involved. In private, many of those I met over the following days were skeptical of elements of this story, although almost no one said anything in public. Omar Abdullah, the outspoken chief minister of the state of Kashmir, was one exception, tweeting: “If friends in Mumbai are to be believed, it seems the only people who don’t know who was driving the fancy Aston Martin are the Mumbai police.”
Not long afterwards, I went to an evening reception in the seafront Taj Palace hotel, whose Gothic stone facade and pale red dome provide one of Mumbai’s most recognizable landmarks. Darkness was falling outside as corporate luminaries gathered beneath glistening chandeliers in the main ballroom. The lights of distant yachts glinted in the harbor. Talk turned quickly to the mysteries of the crash, although only after much conspiratorial glancing over shoulders. Reliance continued fiercely to deny any wrongdoing, but rightly or wrongly many of those I met seemed doubtful about the company’s version of events.
Whatever the truth of the matter, the incident cast a revealing light on how billionaires were viewed in India. That evening, I found myself playing devil’s advocate. Both theories about what happened seemed questionable, I argued: the Reliance account of the late-night test drive on the one hand and the vague conspiracy and cover-up theory on the other. At one point at the Taj I told the head of a local bank that the Reliance story seemed the more likely of the two. He shot me a look with which I would soon become familiar: a combination of amazement and pity at the foreigner’s naïveté. I realized then the mystery of who exactly had been driving was not the real issue. Such was the mystique surrounding the Ambanis, and so comprehensive was the belief in their power, what mattered was that everyone thought they could, if needed, make such a scandal disappear.
A few days later I went to Gamdevi police station to find out more. It was a dusty, chaotic old building, set back a few blocks from Chowpatty Beach and the Art Deco apartment blocks of Marine Drive, the city’s crescent-shaped promenade. Bored-looking officers napped on plastic chairs beneath slowly turning fans, guarding rooms filled with overflowing piles of paper. The inspector was out, one told me. He returned eventually and granted a cautious interview.
“Where is the car now?” I asked.
“It has been impounded. For tests,” he said.
“And when will those tests be finished?”
“It will take some time.”
As we spoke, my mind conjured up a scene from the television series CSI, in which the Aston’s ruined body had been carried to a spotless warehouse somewhere on the edge of town, where experts in overalls and white gloves were conducting a careful forensic examination. It was only when I emerged blinking back into the sunlight that a silhouette wrapped in a gray sheet caught my eye, parked a short distance down the street. No, I remember thinking. It can’t be. Over the next year, I would stop by from time to time to see if the car was still there. It always was. The sheet got progressively dirtier, its top more deeply encrusted with bird shit. But the car beneath never seemed to have been touched. Sometimes I would stop by the police station and ask the officers how the investigation was progressing. “Ongoing,” they told me, a code word we both understood to mean nothing whatsoever was happening.
Product details
- Publisher : Tim Duggan Books (July 3, 2018)
- Language : English
- Hardcover : 416 pages
- ISBN-10 : 1524760064
- ISBN-13 : 978-1524760069
- Item Weight : 1.58 pounds
- Dimensions : 6.49 x 1.31 x 9.53 inches
- Best Sellers Rank: #1,504,493 in Books (See Top 100 in Books)
- #1,294 in India History
- #1,323 in Globalization & Politics
- #2,375 in Economic Conditions (Books)
- Customer Reviews:
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Amazing knowledge of the Indian political system and its politicians by an outsider.
He shows that intermingling of corruption with fabulous riches, but the corruption is not all theft - many factories, airports and some vast industrial empires were built.
India now has at least one maybe two persons on the world’s twenty richest persons list.
I visited India twice - once in 1976 and then in 2002. I could never have imagined the fabulous transformation of parts of the country for some people to this type of wealth.
Having said that, what I read in the current financial press indicates that India is still a very poor country for many but very rapidly developing.
Mr Crabtree has done an eye opening job. Highly recommend to all.
Telling the near spy-novel like rise of remarkable, little known in the West figures who built empires especially in areas of land, natural resources and government contracts and licenses — it was clear why a symbiotic relationship with the myriad of national and local government and politics exists. He is even handed with a reporters eye on the rise of Modi and his efforts to tame corruption and shift India into a new era, and the forces and personal challenges that weigh heavily upon it. He provocatively suggests — as the likes of Samuel Huntington, Robert Kiltgaard and Gunnar Myrdal have — that some corruption is useful as it greases the skids to get things done where infrastructure is poor and access to capital low.
Crabtree breaks the book up into three parts, focusing on the players, the politics and the times (essentially 2005 to the present). He uses several examples of the leaders of industry to illustrate his thesis: including power, communications, liquor, electronics, to name a few. He delves into the complex question about the roles politics, regulation, capital, corruption, and individual grit played in the prosperity. I particularly like his explanation of the fixers, the people who who perform the litany of graft and favors that grease the wheels of the economy.
I feel like Crabtree takes a very healthy approach to his subject, one filled with optimism and objectivity. His research is thorough and well-quoted, and many times includes himself as a part of the writing process. One of the best allusions was to the TV show The Sopranos, which illustrated how ‘gifts’ and the use of fixers permeated most every deal. The familial, spiritual and financial backgrounds and the ascents of the key players was fascinating. Crabtree’s best writing is in his vast profile of controversial leader Narendra Modi which is woven throughout many of the sections.
I read this book over several days in twenty to thirty minute snatches of time; the depth and density of the writing necessitated many breaks. I felt like at times Crabtree had a hard time balancing between the narratives and the nuts and bolts of the economics. And it was hard to tell if it was best to organize the book thematically (as it is) or chronologically.
Overall, I came away from reading The Billionaire Raj with a firm grasp of the aspects of the causes and effects of the severe wealth gap that exists in India. His thoughtful conclusion looks at possible ways India and the world may react to these global inequalities. I would recommend this book to anyone who is interested contemporary Indian history and/ or global economics.
Thank you to NetGalley, Crown Publishing, Tim Duggan Books, and James Crabtree for the advanced copy for review.
Top reviews from other countries
This book goes into great detail examining how corruption is deeply embedded in Indian society - especially for the impoverished. When you live so far below the poverty line, you will do what needs to be done to get by.
The sections on the billionaires was fascinating to read about. It is surreal to think that these wealthy individuals live in such close proximity to people who live on less than $1/day. It truly emphasized the economic disparity between the rich and poor.
Very highly recommended read.
Bought a copy for my Dad for his birthday, too.
9.5/10.



