India@2047 Demands Accountability: From Ambani to Startups, Governance Can’t Wait

India is experiencing a governance crisis, highlighted by the grilling of Anil Ambani by the Enforcement Directorate over a ₹17,000 crore loan fraud and the failures of high-profile startups like Byju’s, BluSmart, and GoMechanic

Anil Ambani, once a symbol of unchecked ambition, is now facing accountability after years of regulatory evasion, marking a turning point in corporate governance in India

The Reliance ADA Group, post-2005, expanded rapidly but faced scrutiny over opaque fundraising and financial irregularities, leading to a crackdown by the ED in 2025

The startup ecosystem in India is also under scrutiny, with companies like Byju’s and BluSmart facing allegations of financial misreporting and fund diversion, reflecting systemic governance issues

Common governance failures include unchecked founder control, lack of board oversight, delayed audits, and undisclosed related-party transactions, posing risks to investors and the economy

India’s regulatory framework is fragmented, with agencies like SEBI, MCA, RBI, and ED often acting without coordination, leading to reactive enforcement rather than proactive governance

For India to achieve its goal of becoming a global innovation hub by 2047, it needs a unified governance code, mandatory independent directors for large startups, and real-time compliance tools

Governance should be seen as the foundation of trust and resilience in India’s innovation economy, not merely a formality, to ensure sustainable growth and global credibility