Frontline On Air | India’s lawless financial capitalism fosters a culture of scams

Cheered on by the state, it has infused an alarming disregard for ethical conduct and public accountability.

Starting in early 1989, the Indian stock market index, the Sensex, began scaling new heights. The spectacular rise through April 1992 was a puzzle: politics was in chaos, the economy was troubled, and yet the Sensex kept climbing, in a near-vertical ascent towards the end.

That episode, known since as the “Harshad Mehta scam”, is largely forgotten, and certainly dismissed for contemporary relevance because it was the creature of a unique moment. However, scams have recurred all too frequently and today are often a way of doing business. The costs to India’s economy and society have been large.

Read the full story here.