Oligarchy is a political system in which power lies in the hands of a few individuals or a single class. The source can be wealth, connections, political influence... Joe Biden referred to it in his farewell speech as President, warning of its consequences.

After Russia, India has the most billionaires in the world per trillion dollars of GDP – which indicates that income and capital are accumulating in the hands of a few. This economic power translates into massive political power, so politicians find it convenient to ally with the very wealthy. This ensures that power remains with those few and grows with time. Such a system – oligarchy – erodes democracy, where power should be distributed broadly.

All Indians Matter kicks off a two-part special series on India’s march towards oligarchy, where it could lead us and what the possible answers could be.

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