Indian capitalism's stress test

The Adani crisis is the greatest stress test for Indian capitalism yet. So far, India has passed it, with almost 10/10

This week’s National Interest isn’t about Gautam Adani. This is, instead, about Indian capitalism. This is the toughest stress test for Indian capitalism in our independent history. Or, more precisely, post-1991 history. Since the expansion, opening up, and modernisation of Indian markets began in the summer of 1991, many crises have struck it periodically.

Among these were Harshad Mehta, Ketan Parekh, Fairgrowth and others. Each one held out a crippling threat to Indian markets and to the new equity culture among common Indians, which is so crucial to a new capitalism.

Each rocked Parliament, pauperised many well-meaning investors and sent