ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

A+| A| A-

The Making of Modern Indian Business

The Oxford History of Contemporary Indian Business by Dwijendra Tripathi and Jyoti Jumani (New Delhi: Oxford University Press), 2013; pp xvi + 285; Rs 2,995.

In the 19th and early 20th century, India was one of the world’s rapidly industrialising economies. Between 1860 and 1940, employment in factories increased from less than a hundred thousand to two million. Real domestic product originating in factories rose at the robust rate of 4% per year between 1900 and 1947. By the time of independence, many Indian industrialists had acquired political voice along with great wealth, were close to the new leaders of India, and advised them on the future shape of economic policy.

The policy that did take shape was a compromise between different competing ideologies, but three of its major ingredients were agreed upon by almost all factions. These were an accent on rapid industrialisation, a large role for the public sector both as an investor and as a regulator, and restrictions upon foreign capital and foreign trade. Indian industrialists by and large welcomed the policy, for they saw therein a room for growth and diversification.

Dear Reader,

To continue reading, become a subscriber.

Explore our attractive subscription offers.

Click here

Back to Top