Indian Industry through the ages through centuries of colonial rule and decades of its own under socialism thereafter, India may have lost its industrial momentum for a while, but the country is once again in ambitious revival mode, taking giant steps in this direction since 1991.
Though every now and then we may come across ghosts of the so-called “license raj” of strict economic controls inspired by the likes of economist Prasanta Chandra Mahalanobis and effectively administered by successive socialist governments, these ghosts are being swept away, as India embarks on the path of economic reform and liberalisation, in order to cement its place among the leading nations of the modern world.
India’s IT industry is a perfect example of what this nation can achieve. The industry’s pioneers did not wait for the government to come up with policies to support their initiatives. Rather, they took the plunge on their own, earning well for themselves and filling the national coffers with much needed foreign currency.