Dissecting the above article:
Big business has not always been so infatuated with Mr Modi. When anti-Muslim riots in Gujarat in 2002 killed over 1,000 people, several prominent bosses criticised him for turning a blind eye to the violence, or worse (he says he has nothing to apologise for). Whereas Mr Modi’s Hindu-nationalist Bharatiya Janata Party (BJP) has always been popular with small entrepreneurs, big firms have historically cosied up to Congress, which has run two cranky coalition governments since 2004.
I can understand that Schumpeter does not have precise understanding of local politics to have to come up with the above mumbo-jumbo. However if the local journos believe the above, they got it absolutely wrong (and any journo covering the beat if they got it wrong, they are worthless - another reason why I do not have high opinion about journos - but I digress). There is a video recording of an event where Modi is in midst of several businessmen from Bombay and this topic is brought up (godhra, secularism, etc). Modi angrily retorts "from whose shoulders the gun is being fired
" (again quoting things from memory, so precision is lost). And the rest of the business people fall inline - very quitely I say.
Has anybody wondered what the implication of that statement was? How come BRF has not analysed it till today?
Okay here is the "theory" broken down in point items:
1. If you look at the families doing "big business" in mumbai, you have the parsis (eg. Tatas, Godrej, Wadias), the marwaris (Birlas, etc), the Gujjus - again divided into two vaishnavs and jains. The jains themselves are further divided based on their origins like the diamond trade is concentrated from Jains of Ahmedabad and up north mostly Palanpuri/Mehsana* and the textile etc is concentrated in Jains among the south of Ahmedabad. The later can be traced back to Sarabhai who was a Jain. Ambanis are vaishnavs. I am not sure about Mafatlal, but would place them as Hindu vaishnavs. I do not have details into marathi businessmen other than Kirloskar - I believe the fulcrum of Marathas was Pune/Sangli belt - Atriji can throw more light on that.
Again the above is not "black and white" - think grey but on certain fuzzy folds/axis. Note Mehsana* above. I will leave it to the NaMo fans to figure out the connection.
2. Gujjus are the latest entrants into "big business" in mumbai - particularly Ambani poached into what was considered holy territories of parsis - best epitomised (even though not correctly) in the movie Guru. And thanks to Datta Samant, the textile industry went lock stock and barrel to Ahmedabad and thence to Surat.
This left simmering discontent across business families on the parsi-vaishnav (hindu) axis. The jains mostly controlled the diamond and were in periphery in the rest. This changed when Adani entered into fray, Adani being a jain broke apart from the "tradition" of diamonds and went into plastics/ports etc - basically started inroads into Reliance. Was history repeating?
For the parsis, now this is a second threat with only Tatas standing tall. Reliance is threatened by the newcomer and the cozy lines are again delineating. Add in the political profiles of the families parsis/ambanis -> CongIs., Adani/Rest -> BJP., threat from Gujarat into Bombay - going from bombay to vapi/surat is easier than going to pune (until Gadkari came along)
Add into the mix that Tina Munim Ambani is a Jain., married into Vaishnav. So now you have a heady cocktail of interdependent and rival interests.
Now in the business meeting of mostly parsis - when Godhra comes up - can somebody guess the meaning of "whose shoulders are you using to fire the gun" made by Modi?
Also from the above article:
Mr Modi runs a summit every two years at which executives are roused into an evangelical fervour about Gujarat. It features creepy sycophancy towards Mr Modi and hyperbolic pledges of investment, all captured on camera to be webcast by the media-savvy chief minister.
Whatever be the colorful description, it brings businessmen to Gujarat and markets and showcases Gujarat well. Now while 2013 Vibrant Gujarat summit was held does anybody remember where MMS was?