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The domination of a few business groups—conglomerates—is a defining feature of the country’s economy. This has been enabled by policy, leading to stifled innovation and hindered progress. All of this, in turn, exacerbates inequalities.

The JSW Steel founder is embarking on an unprecedented expansion, betting on Japan’s JFE and Korea’s POSCO to share the load. But rivalries, debt and market risks could complicate the plan.
FY26 numbers show that Airtel is stealing a march on its larger rival on most counts and is unrelenting in its ambition, casting a cloud on Jio’s valuation.
A proposed SEC settlement lifts the biggest overhang on the Adani Group—its access to US capital markets.