A new study by The Economist shows that India is ranked at 9th position in crony capitalism, with crony sector wealth accounting for 8.3 percent of the gross domestic product (GDP) as per the latest crony-capitalism index.
Using data from a list of the world’s billionaires and their worth published in Forbes, each individual is labelled as crony or not, based on the source of their wealth.
Germany is the cleanest, where only a sliver of billionaires derive their wealth from crony sectors. Russia is the worst followed by Malaysia, the Philippines and Singapore.
The last 20 years have been a golden period for crony capitalists/tycoons active in industries where being chums with the government is part of the game.