Many believe constant claims by Opposition parties and leftist journals that our economy is dominated by two-Modi-friendly conglomerates. Rubbish. A research paper by Neelkanth Mishra of Credit Suisse reveals India has spawned 100 “unicorns”—unlisted new companies worth over a billion dollars each.
Never before has India witnessed such a broad-based upsurge of massive new businesses unconnected with old wealth, political contacts or dirty deals with public sector banks. The unicorns have raised billions of dollars from global investors keen to invest not in venerable names but newcomers with ideas capable of dominating the 21st century. The investors know that many unicorns will fail, but enough will succeed to make their investment profitable.
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