When a corporate house suddenly begins to exhibit servility to a party or leader, does it mean degeneration of that one house or distortion of capitalist logic?

Small and medium industry often remained obligated to regional political heavyweights. But even after three decades of so called liberalization what does servility of big corporates tell us?

In this context this piece by James Manor should be of interest-- https://www.epw.in/journal/2020/44/commentary/indias-far-neo-liberal-economic-order-modi-era.html

So three processes taking place simultaneously in India's political economy. The first and obviously most apparent is firm rise and increasing control of crony capitalism with competition among corporates to become preferred cronies.

Second is fraudulent and direct plundering---more than routine and robust capitalism--by corporates. Because in a dilapidated economy they can sustain only on that.

Third is more than ever state control facilitating rejuvenation of rent seeking both in the political class and the bureaucracy.

The third process and overall, all three require protection. That is provided by the ruling party through culture of pseudo nationalism and by the state through weakening of institutions and democracy.