Jun 14, 2013|
Evolution of Indian Business - Introduction
The Indian economy is going through challenging times. There are clouds of doubt on India's much-celebrated growth story. Growth rates have plunged to decade-low levels. The business environment appears to have deteriorated. Corruption scams have become a regular news feature. The crisis in the global economy is further exacerbating the pressure on several fronts.
We thought this would be an ideal time to understand the business dynamics of our country. But as it is said, the roots of the present lie deep in the past. As such, any understanding of the present Indian business scenario would be incomplete without understanding the historical developments that have led us to the current state.
Recently, we laid our hands on a very insightful book called The Oxford History of Contemporary Indian Business co-authored by Dwijendra Tripathi and Jyoti Jumani. The book presents a comprehensive account of the evolution of modern Indian business and the business class from the post-Independence period to date.
What was the business climate in the aftermath of Independence? Was the Nehru government opposed to the free enterprise system? How did entrepreneurs respond to the changing business environment? What were the consequences of bank nationalization in 1969? What were the implications of industrial licensing? How did the opening up of the economy and liberalization change the business landscape? How did it create a crisis in business families? Which were the new industries that flourished with the gush of reforms? What led to the rise of business education and the managerial class? The book presents an interesting interaction of business and politics in India over the last six decades with accounts and anecdotes about several business houses and politicians including the Tatas, Birlas, Ambanis, the Nehrus, etc.
We think that the insights from the book are very compelling and worthy of being shared with our readers. As a result, we plan to present a series of articles that will cover the lessons from this book. We believe these lessons will go a long way in enhancing one's knowledge and understanding of the Indian economy. Moreover, it will provide the necessary foundation to evaluate the existing business environment.
In the next couple of articles of the series, we will broadly discuss the impact of the British rule on Indian business. This will enable us to understand the economic dynamics at the time of Independence and the subsequent period, which will be the main focus of the series.
||Ankit Shah (Research Analyst) is the editor for Equitymaster Insider and Vivek Kaul's Inner Circle. A journalism graduate turned Research Analyst, Ankit joined Equitymaster when he was just 23 years old, right after getting his MBA from NMIMS, Mumbai. Having been an avid reader of Equitymaster's research through his college years, Ankit knew he would fit right in!
In his seven years with Equitymsater, Ankit rose quickly, leaving his mark on almost everything from: Travelling thousands of miles to find the next small cap stock, as part of the Hidden Treasure team... Designing Equitymaster's Secrets, an online value investing course based on the company's 20-year journey... Bringing global investing ideas to Indian readers through Vivek Kaul's Inner Circle... Right to launching his brand-new service, Equitymaster Insider.
Ankit is a firm believer in Charlie Munger's multidisciplinary approach on juggling between various disciplines...He is not just a research analyst, but also a voracious reader and an avid traveler...Born and brought up in Mumbai, he now prefers to keep away from the noisy megapolis as much as possible. In any given month, you could find him exploring the ancient ruins of South America, the beaches of South East Asia, or the organic cafes of Pondicherry.
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