There’s a strong possibility that India, still a lower-middle-income economy, will have not one but two centi-billionaires in 2024.

The current consensus among political analysts is for Prime Minister Narendra Modi to retain power in this year’s general elections. In that case, expect a further consolidation of wealth in the hands of Mukesh Ambani, Asia’s richest businessman, and Gautam Adani, his closest rival — a validation of what Arvind Subramanian, a former economic adviser to the Modi administration, has described as India’s “2A variant of stigmatized capitalism,” in which the private sector as a whole can’t be trusted.