I finished Billionaire Raj.
The author continues with his main theme that all of India’s challenges can be attributed to inequality. If only the government were bigger and less corrupt, India would turn into a larger scale version of Singapore. Also, since Hindus are violent and threatening while Muslims are peaceful and threatened, another way to improve India would be for the big government to require everyone to convert to Islam, thus eradicating the scourge of Hindu nationalism.
There is an important message for investors buried in here. The author points out that China is a unique story and investors shouldn’t count on that story being replicated in India. He notes that Brazil was growing wildly and apparently sustainably in the 1980s… and then it wasn’t. An Indian future of overpopulation, pollution, and poverty is at least as likely as a China-like middle class society developing.
When I mentioned this book to a global investor friend, he responded with “India is the most corrupt place that I’ve ever seen.”