They call it hagwalah, and this is why it's the most reckless thing on the roads today — for spectators. Sheer chance stood between this guy and him being plowed into the dirt by a drifting Accord. Though, calling it drifting may be overstating the act by far wider a margin.
Hagwalah differs from organized drifting in the rest of the world because its whole point appears to be wildly exceeding the limits of the car, and swinging around randomly. One might say it lacks the elegance of controlled professional drifting, if one were an aficionado.
(Hat tip to Baber K. Khan!)