Nolan on the road: ICCO - the changing face of India

Three Indian corporate experts representing Tata Sons Ltd., The Confederation of Indian Industry, and The Indus Entrepreneurs held a panel discussion today to help explain...

Three Indian corporate experts representing Tata Sons Ltd., The Confederation of Indian Industry, and The Indus Entrepreneurs held a panel discussion today to help explain India's business culture to the assembled gringos.

R. Gopalakrishnan of Tata said Indian business history has unfolded in four key phases: the period from independence in 1947 until 1991, a closed economy with subpar products, high prices, and little competition; from 1991 to 1996, the beginning of liberalization and an increase in competition; from 1997 to 2002, the "years of pain," when the economy turned south during the Southeast Asian financial crisis, and "a lot of people in industry were complaining that they're going to die"; and from 2002 to the present, when the booming state of Indian industry has thrust the country onto the forefront of global growth.

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