Insolvency
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Jet Airways’ Bumpy Flight Path Points to Serious Issues with India’s New Bankruptcy Code
On November 10, 2022, came startling news. As a part of an investigation into suspected fraud and money-laundering, prosecutors in Liechtenstein, Switzerland and Austria had raided multiple properties belonging to Florian Fritsch. The investigation was based, said the Liechtenstein prosecutor, on “several complaints by suspected victims”. The news created ripples in distant India. Fritsch is… Continue reading
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India’s curious inflexibility in trying to fix its bad loan crisis is leading to unforeseen problems
India’s crackdown on companies that have defaulted on loan repayments is reshaping the country’s economy in fundamental ways. As the first three articles in this series detailed, competitive advantage is being tilted towards larger firms because only a handful of buyers is picking up most of the insolvent firms on sale. Between the resulting consolidation… Continue reading
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India’s proceedings to recover bad debt are reshaping Chhattisgarh’s economy – and politics too
A baton is changing hands in Chhattisgarh. Big companies are entering the state’s steel and power sector, using India’s ongoing insolvency proceedings to buy distressed firms. At the same time, Chhattisgarh’s local steel makers, several of whom entered the power sector in the mid-2000s, are looking beyond these two sectors. Part Three of our series… Continue reading
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As India tackles its bad loans problem, large local groups and global funds are gaining advantage
By March, seven companies had evinced interest in buying Lanco Infratech. The company began life in 1986 as a construction contractor, but grew into a power and infrastructure behemoth after liberalisation. Much of this growth was funded by bank loans. In June 2017, after missing its loan repayments, the company found itself on the Reserve… Continue reading
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India’s bid to fix bad loan crisis is reshaping its corporate sector – and creating new challenges
After a long break, I finally — and rather sulkily — resumed work in the middle of August. Out today, the first of my trademark long-winded and tremendously depressing series: on how India’s business insolvency cases are coming along. The series — it is a four-parter — essentially argues that India needs to pay far… Continue reading
I am an Indian journalist with interests in energy, environment, climate and India’s ongoing slide into right-wing authoritarianism. My book, Despite the State, an examination of pervasive state failure and democratic decay in India, was published by Westland Publications, India, in January 2021. My work has won the Bala Kailasam Memorial Award; the Ramnath Goenka Excellence in Journalism Award; and five Shriram Awards for Excellence in Financial Journalism. Write to me at despitethestate@protonmail.com.
Reviews
“…une plongée dans les failles béantes de la démocratie indienne, un compte rendu implacable du dysfonctionnement des Etats fédérés, minés par la corruption, le clientélisme, le culte de la personnalité des élus et le capitalisme de connivence. (…a dive into the gaping holes in Indian democracy, a relentless account of the dysfunction of the federated states, undermined by corruption, clientelism, the cult of the personality of elected officials and crony capitalism).” Le Monde
“…a critical enquiry into why representative government in India is flagging.” Biblio
“…strives for an understanding of the factors that enable governments and political parties to function in a way that is seemingly hostile to the interests of the very public they have been elected to serve, a gross anomaly in an electoral democracy.” Scroll.in
“M. Rajshekhar’s deeply researched book… holds a mirror to Indian democracy, and finds several cracks.” The Hindu
“…excels at connecting the local to the national.” Open
“…refreshingly new writing on the play between India’s dysfunctional democracy and its development challenges…” Seminar
“A patient mapping and thorough analysis of the Indian system’s horrific flaws…” Business Standard (Image here)
“33 മാസം, 6 സംസ്ഥാനങ്ങൾ, 120 റിപ്പോർട്ടുകൾ: ജനാധിപത്യം തേടി മഹത്തായ ഇന്ത്യൻ യാത്ര… (33 months, 6 states, 120 reports: Great Indian journey in search of democracy…)” Malayala Manorama
“Hindustan ki maujooda siyasi wa maaashi soorat e hal.” QindeelOnline
“What emerges is the image of a state that is extractive, dominant, casteist and clientelist.” Tribune
“…reporting at its best. The picture that emerges is of a democracy that has been hijacked by vested interests, interested only in power and pelf.” Moneycontrol.com
Book lists
“Ten best non-fiction books of the year“, The Hindu.
“Twenty-One Notable Books From 2021“, The Wire.
“What has South Asia been reading: 2021 edition“, Himal Southasian
Interviews
“Journalism is a social enterprise…,” Booksfirst.in.
“Democratic decay at state level: Journalist M Rajshekhar on book ‘Despite the State’,” The News Minute.
“Covid-19 en Inde : “des décès de masse” dont un “État obscurantiste est responsable,” Asialyst.
Allusions/Mentions
“JP to BJP: The Unanswered Questions“.
Mahtab Alam’s review of “JP to BJP: Bihar After Lalu and Nitish”.
“Urban History of Atmospheric Modernity in Colonial India“. Mohammad Sajjad’s review of “Dust and Smoke: Air Pollution and Colonial Urbanism, India, c1860-c1940”.
“Westland closure: Titles that are selling fast and a few personal recommendations,” by Chetana Divya Vasudev, Moneycontrol. (Because this happened too. In February, a year after DtS was released, Amazon decided to shutter Westland, which published the book. The announcement saw folks rushing to buy copies of Westland books before stocks run out.)
“Time to change tack on counterinsurgency” by TK Arun, The Federal.
“All Things Policy: The Challenges of Governing States” by Suman Joshi and Sarthak Pradhan, Takshashila Institute (podcast).
“The Future of Entertainment“, Kaveree Bamzai in Open.
“On What India’s Watching“, Prathyush Parasuraman on Substack.
“The puppeteers around us“, Karthik Venkatesh in Deccan Herald.
“Will TN election manifestos continue ‘populist’ welfare schemes?“, Anna Isaac for The News Minute.
“Why wages-for-housework won’t help women“, V Geetha in Indian Express.
“The poor state of the Indian state“, Arun Maira in The Hindu.
Book discussions
26 December, 2021: Rangashankara, Bangalore, a discussion with Dhanya Rajendran.
16 November: Rachna Books, Gangtok, a discussion with Pema Wangchuk.
29 August: Books In The Time of Chaos, with Ujwal Kumar.
21 May: Hyderabad Lit Fest with Kaveree Bamzai and Aniruddha Bahal.
28 March: Paalam Books, Salem, Tamil Nadu.
19 March: The News Minute, “Citizens, the State, and the idea of India“
6 March: Pen@Prithvi, with Suhit Kelkar
20 February: A discussion between scholars Usha Ramanathan, Tridip Suhrud, MS Sriram and me to formally launch Despite the State.
6 February: DogEars Bookshop, Margoa.
5 February: The Polis Project, Dispatches with Suchitra Vijayan.
30 January: Founding Fuel, “Systems Thinking, State Capacity and Grassroots Development“.
25 January: Miranda House Literary Society
Fractured/Earth 
