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I'm skeptical of this whole premise. Jio revolutionized the telco market in India because of their capital. And Tata's products are generally beloved brands even if their apps need work. Execution is a different issue. At the end of the day, good capital allocation and strategy will always beat good execution without resources to back it up. But you make a fair point that overcapitalization can enable bad habits if leaders get complacent.
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