What's "make-believe" is the idea that a nation which was brutalized by 300 years of unfettered crony capitalism would choose to align itself after Independence with the very forces that destroyed it and set 1/5th of humanity back by 200 years.
You are right that the East India company was crony captilast* But it is no small thing that you changed the goalposts to go from the parent's "Unbridled capitalism" to "unfettered crony captialism". It was precisely the fetters that made it cronyist, since it was a state granted, privately owned monopoly.
After independence, India's did not break from those forces, embraced them (in less bad form) by granting new monopolies. They were only (partially) rolled back when the '90s reforms came (partially) embraced free market principles.
Capitalism as we use the term was defined/coined in the age of the East India Company and general European Colonialism. The European decimation of India/Asia, Africa, The Americas: these are the true realizations of capitalism.
While neither defending or attacking capitalism... Corporation is a polite term for sovereign granted monopolies like East India. Less polite are privateers, aka pirates.