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The former RBI deputy governor said that the growth of the Big-5, supported by a 'new India' policy of creating 'national champions', appears to be keeping prices at a high level. However, some experts disagree.
On January 24, Hindenburg Research of the US came out with a 106-page report, which accused the Adani group of ‘brazen stock manipulation and accounting fraud’, leading to a market capitalization loss of over $100 billion.
Viral Acharya, former deputy governor of the Reserve Bank of India (RBI), has opined that India’s biggest conglomerates, which hold immense power in pricing the retail market, resources, and telecommunication sectors, have grown at the expense of smaller local firms, reported Bloomberg. He also added that the government s “sky-high tariffs
India’s biggest conglomerates, which wield immense pricing power in the retail, resources and telecommunication sectors, are contributing to elevated inflation and should be broken up, a former central banker said.