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Comment by pkphilip | Hacker News Reader

Well said. Reliance is the bane of India. It is going to drag India down to the pits and make India into a banana republic of sorts

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> Well said. Reliance is the bane of India.

On the contrary, recent events imply that it has been a boon for India. Jio is the single reason why mobile data rates came down in India and they are one of the few entities that have brought in billions of dollars in the country amidst a pandemic. Saying that many Indians from the lower end of the economic strata have access to Internet just because of Jio will not be an overstatement.[1]

And it's not just about Jio. Many middle class people who hold Reliance shares have benefited over the decades and it's one of the few companies that is known to protect the interest of retail investors.[1]

> It is going to drag India down to the pits and make India into a banana republic of sorts

I am not sure how Reliance is going to do that. Would you explain that a bit?

1. https://yourstory.com/2020/06/mukesh-ambani-bridged-india-di...

2. https://economictimes.indiatimes.com/markets/stocks/news/goo...

3. https://economictimes.indiatimes.com/master-move-how-dhirubh...

You are talking about a very minuscule population of the country benefiting from Reliance share prices. That is really the issue when monopolies such as Reliance arise. Reliance's monetary success and growth does not imply that India is doing well.

Case in point: Reliance is now completely debt free and has grown tremendously since 2014 - while the rest of India is now financially in much worse shape. India's debt has more than doubled in the meantime and the economy is in the pits..and that is before COVID even began.

> You are talking about a very minuscule population of the country benefiting from Reliance share prices.

I think you missed the part where I wrote about Jio's entry into the telecom market. Jio now has more than 385 million active subscribers and I am not sure that means a "minuscule population".

> Case in point: Reliance is now completely debt free and has grown tremendously since 2014 - while the rest of India is now financially in much worse shape. India's debt has more than doubled in the meantime and the economy is in the pits..and that is before COVID even began.

That's just a correlation. If you are implying that Reliance is somehow weakening the Indian economy, then kindly share references for the same.

And what’s India currently?

World's largest democracy,unlike China. Among the largest economies in the world, nowhere as large as China but it will get there. Overall Free press and judiciary, unlike China. A consititution that guarantees rights for all people, unlike China. Minorities are free to worship , unlike China which is mass raping Uighurs. India is a very imperfect work in progress.

Also the economy which is slowing down at the fastest. About the rights of minorities etc, less said the better.

Every single democratic institution has been compromised - including the parliament and the SC.

Have you seen the news from last couple of years? Under the current government, India has lost much of that.

At this rate, India will become worse version of China, without the economic development.

Sorry to say, it has become more democratic by going after paid actors who create riots, upending the Bollywood drug nexus, and much more. Not everyone is clean but the top brass of the government is doing everything to take out license Raj and remove drug sponsored terror money.

The fact that you are so willing to believe all the propaganda put out by the government without refusing to look at the facts is the issue. Even about the so called drug-nexus, you seem to have not noticed the following:

1. That we are soon going to be #1 when it comes to Covid cases worldwide.

2. That our economy has been in the worst shape since pretty much any time in the last 60+ years

3. That China holds well over 1000sq kms of land (the combined size of Mumbai and Chennai)

4. That the parliament has basically suspended any democratic functions and is passing bills willy nilly with no discussions

5. That unemployment is the highest it has been in decades

But lets keep focusing on Bollywood - just as this govt intends for you to.

These have nothing to do with free press, judiciary and places where minorities can worship.

In the world's second most populated country...incidents have been happening all the time. Except now its the media reporting and amplifying and sensationalizing the issues to get TRP and clicks.

Could you properly list down what has India lost with references?

Can you not do your own research?

I did and my results don't match with the parent's comments. Hopefully, the parent will enlighten us with their thesis on the topic.

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