Tycoons | Licence Raj moguls
How a new generation of mega-rich tycoons cashed in despite the country's lagging growth, a rigid economy and public disapproval of private ostentation
MAN WITH THE MIDAS TOUCH Dhirubhai Ambani with guests at the wedding of his son Mukesh in Mumbai, 1985. (Getty Images)
ISSUE DATE: Jan 12, 2026 | UPDATED: Jan 5, 2026 14:11 IST
Between 1975 and 1985, India began to see a complex and contradictory economic milieu. Socialist ideas proliferated under Indira Gandhi’s leadership, and were reinforced by the political establishment through slogans (garibi hatao!) and expanded state control. But while licences, quotas and nationalised banks ran the show, and public rhetoric frowned on private wealth, a new class of ultra-wealthy magnates sprouted from surprising corners.
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