When an icon falls - Pratap Bhanu Mehta on the crisis in the Tata group
The crisis in the Tata group, now made public by the letter of ousted chairman, Cyrus Mistry, is yet another depressing moment in Indian capitalism’s struggle for social legitimacy. The Tatas have been, in many ways, an iconic group desperately clinging onto the few shards of legitimacy that Indian companies can muster these days. Cynics, particularly after the Radia tapes, have been calling into question the credibility the Tatas had built over the years. It was, they argued, in the final analysis, cut of the same cloth as much of Indian capitalism, a fact largely disguised by a combination of historical legacy, philanthropy, and that ultimate tool of modernity: Tremendous public relations. Whether or not this charge is true, some future historian of Indian capitalism can decide. But the cynics now have all the ammunition they need. Indian capitalism has always been short of icons. Another icon has decisively fallen, and with it the promise that a more enlightened and better capi...