Look at the Forbes list of 50 richest Indians and ask yourself three questions:

1. Are they rich because of government connects, concessions in licenses, political/mafia connects?
2. What is the share of their wealth generated from regulated markets vs competitive markets
3. Are they rich because they were born rich?
4. Do they operate/do business from India?
5. What is their R&D spending, market research (not ad/promotion spending) as a % of revenue.

You will be surprised to find strong parallels between Indian rich & famous and Chaebol of South Korea of robber barons of America. Talk to any Indian businessman, bulk of his time would be in getting the approvals, compliance certificates/NOC, collecting receivables and resolving union, banks, transport & supplier problems. There is little time left for strategy, innovation, consumer research and all the 100 reasons that gets you excited in the first place.