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Answer:
Approach:
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Introduction:
The Indian economy has seen a trend towards the increased concentration of wealth and economic power in a handful of big businesses. This has sparked a wide-ranging debate on its impact on economic growth, competition, and democratic institutions.
Body:
On one hand, these large conglomerates contribute significantly to India’s GDP and employment.
Further, the concentration of economic power has led to substantial investment in R&D and innovation, providing a boost to the Indian economy.
However, on the other hand, such concentration can stifle competition, create barriers to entry for smaller firms, and potentially lead to monopolistic practices.
Further, this concentration of economic power can potentially impact democratic institutions. There could be a risk of these conglomerates exerting:
To strike a balance, the Indian state could:
Conclusion:
The Indian state, thus, has a pivotal role to play in maintaining a balance between promoting business growth and ensuring fair competition and inclusive development. A dynamic, robust regulatory framework coupled with inclusive growth policies would go a long way in ensuring this balance.
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