Markets in India are increasingly being dominated by a handful of firms. But, contrary to the widely-held belief, it is not just a few large domestic players who hold considerable sway. Across vast tracts of the Indian economy, foreign firms exercise significant control. This concentration of ownership in the hands of a few is not just limited to sectors more tightly regulated by the government. It is more widespread, even in the seemingly more competitive areas. Take for instance manufactured products. The automobile sector in India is dominated by Maruti Suzuki and Hyundai. Both are foreign-owned. Together, the two account…