Gandhi-Washed “Vaisnava” Capitalism: The Piramal Paradox Or Hypocrisy?
The article critiques Ajay Piramal’s business practices, particularly his acquisition of Dewan Housing Finance Corporation Limited (DHFL), alleging the possible dramaturgy of Gauḍīya Vaiṣṇava Dharma to mask crony capitalism. It highlights allegations of financial misconduct, insider trading, environmental violations, and political shielding by the BJP, drawing parallels with broader systemic issues like the Adani-Hindenburg dispute. The piece contrasts Piramal’s actions with Mahatma Gandhi’s philosophy of trusteeship (with critical reservations) and austerity, arguing that his corporate social responsibility (CSR) and philanthropy are superficial, serving as “Gandhi-washing” to obscure profit-driven motives. It frames Piramal’s practices as emblematic of India’s crony-capitalist regime, questioning the integrity of regulatory bodies like SEBI and advocating for vigilance against corporate-political collusion, while noting that these claims remain under judicial scrutiny and are far from being conclusive/definitive. However, the same doesn’t stop one from analyzing the neoliberal face of capitalism in the contemporary India.
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