There is a paradox at the heart of the Indian economy. Indian businessmen and traders are highly industrious and ingenious people, yet for many years Indian industry was sluggish and slow to develop. One of the major factors in this sluggish development was the command and control regime known as the License Raj. This regime has gradually been removed and, after two decades of reform, India is now awakening from its slumber and is experiencing a late, late industrial revolution. This important new book catalogues and explains this revolution through a combination of rigorous analysis and entertaining anecdotes about India's entrepreneurs, Indian firms' strategies and the changing role of government in Indian industry. This analysis shows that there is a strong case for a manufacturing focus so that India can replicate the success stories of Asian countries such as Japan, South Korea and China.
Sumit K. Majumdar is Professor of Technology Strategy in the School of Management, University of Texas, Dallas, Richardson. Intimately familiar with Indian industry, he has observed India's industrial transformation, from a closed backward economy to one rapidly becoming one of the world's major powers, from an inimitable historical as well as a contemporary perspective. He maintains deep ties and regularly visits India to engage in interactions with entrepreneurs and policymakers from all of India's industrial sectors. His interest areas are competition policy, entrepreneurship, political economy, regulation and technology strategy. He has published extensively in the academic and popular presses and has edited the two-volume Handbook of Telecommunications Economics (2005).
List of figures; List of tables; Acknowledgements; Preface: The Maharaj and the Saffron; 1. Vent for growth; 2. Industrial revolutions; 3. Aspects of Indian enterprise history; 4. Emergence of modern industry; 5. Asian late industrialization; 6. Democratizing entrepreneurship; 7. Contemporary India; 8. The services sector debate; 9. A paean for manufacturing; 10. Reindustrializing India; Appendices; Notes; References; Index.