by Rakesh Mohan
Constitution of India, 40, 204, 206, 207, 210, 214, 216, 219, 221, 240, 345, 425
consumer behaviour, counter-intuitive, 545–47
consumer goods, 13, 53, 137, 147, 475, 525
Consumer India’s journey, 541–53, 574
key characteristics, 547–52
consumer price index (CPI) inflation, 413
contingency trade protection measures, 135–41
Contract Labour Act, 1970, 480
contract labor system, 480–81
Controller of Capital Issues (CCI), 12, 75, 419, 420, 582, 613–14
convertible debentures, 438
cooperative federalism, 250–51
coordination across regulators, 438–39
corporate bond market, 425–27, 429
corporate concentration, profits, cost structures and leveraging, 465–72
corporate debt and leverage, 467
corporate-debt markets, 441
corporate governance, 433, 436, 582, 615–16
corporate sector in India
since 1991, changes and challenges, 459–84
1991 versus 2016, 460–65
economic reforms and changes to, 556–57
corruption scandals, 204, 218, 219
Corus, 95, 588
‘cost plus’ administrative pricing system, 315
cotton revolution, 295
Council of Scientific and Industrial Research (CSIR), 514, 533–34, 605
counterproductive controls, 86
countervailing duties (CVD) on imports, 122–23, 128, 135, 152, 161, 177, 182
creative destruction, 486–90
Credit Default Swaps (CDSs), 431
credit derivatives, 431
Credit Guarantee Fund Scheme for Education Loans, 373
Credit Information Bureau (India) Limited (CIBIL), 455
Credit Rating Information Services of India Limited (CRISIL), 425, 442, 455
crime rate in India, 213
criminalization of politics, 206, 207–08
crony capitalism, 58, 87, 204, 207, 219, 340, 360, 467, 473, 568, 587, 589
Cummins, 532
currency derivatives, 442
currency-swap transactions, 438
current-account convertibility, 413, 415, 611
current-account deficit (CAD), 59, 114, 275, 437, 468
current-account surpluses, 107
current per capita revenue productivity, 617
custom duty, reduction, 240
customer orientation, 580
customer service, 314, 334, 448–49, 450, 453, 455, 545, 571
customs tariffs, 148
Daewoo Commercial Vehicles, 588
Dagli, V. Committee report, 16
Daiichi Sankyo, Japan, 593
Dandavate, Madhu, 21
data connectivity, 564
Datta, Susim, 576, 577, 578
David, Paul, 513
de Long, J. Bradford, 57
Deakin University, Australia, 308
Debroy, Bibek, 332
debt markets, 424–33
Debt Recovery Tribunals, 426
debt service burden, 116
decentralization, 250–51, 271
Dedicated Freight Corridor project, 359
Deendayal Upadhyaya Gram Jyoti Yojana, 248
defence
modernization, 190
spending and the 1991 crisis, 189–91
Defence Institute of Advanced Technology, Pune, 308
Defence of India Act (1939), 12, 70
deficit financing, 472
delicensing, 276
Deloitte LLP, 437
demand compression, 472
democratic politics, 38, 54, 205, 208
demographic dividend, 79, 482, 560
demurrage, costs, 316
Deng Xiaoping, 192
denominator effect, 471
Deo, Pramod, 335
Depositories Act (1996), 421
depositories and clearing corporations, 421–22
deregulation, 16–17, 21, 203, 227, 235, 239, 250
political economy of petroleum sector, 312–21
derivatives, 429–31
Desai, Morarji, 7, 13, 16
Desai, Nitin, 9, 20, 21
Desai, Padma, 16, 92
development finance institutions (DFIs), 75
Devi Lal, 22
Dhar, Diva, 38
Diagnosis-Related Group (DRG), 397
digitization, digital revolution, 78, 563–64
digital platform combined with mobility, 146
of land records, 88
and mobile-banking transactions, 456
how it will transform India, 564–65
direct benefit (cash) transfer (DBT), 294–95
Directorate General of Foreign Trade (DGFT), 29
Directorate General of Technical Development (DGTD), 12, 29, 301, 302, 594
DISCOMs, 248
disparities, social and economic, 40, 617
Distance Education Council, 380
divestment, disinvestment or privatization, 48, 52, 75, 203, 317–18, 460, 476, 560, 581, 583, 585, 600
Divi’s Laboratories, 606
Dixit, J.N., 166
dollar per Erlang model, 572–73
domestic institutional investors, 439
Doom Doom Assam, 584
Dr Reddy’s Laboratories, 531, 532, 534, 537, 604, 606
Drug Price Control Order (DPCO), 601
drug-price controls, 593
Dubey, Muchkund, 228
Dulles, John Foster, xv
duty-free imports, 593
earnings before interest, taxes, depreciation and amortization (EBITDA), 466–68, 473
ease of doing business, 63, 310
East Asian crisis (1997), 286, 415
East India Company, 48, 95
e-commerce, 146, 543–55, 561, 574
economic growth and transformation, 37–38, 40, 88–89, 92, 173, 194, 219, 229, 235, 254, 266, 301, 371–72, 385, 530
digitization and, 560–62, 563, 564
entrepreneurship, role of, 567, 574
export promotion and, 605
infrastructure, role of, 246, 323
manufacturing industry, role of, 306
post-Cold War, 175–76
technical capability and, 509, 514
economic interdependence, 193, 198
economic policy, xviii, 4, 6–7, 9, 14, 20, 23, 56, 91, 191, 193, 225, 312, 350, 415, 615
Economic Survey (2016), 335
edible oils, trade policy, 285–87
education sector, 38–39. See also higher education
public expenditure, 64
and technical training in India, 482
Education Tribunals Bill, 380
e-governance, 204
Election Commission of India, 206, 207, 216, 218, 239
elections costs, 85
Electricity Act (2003), 247, 367, 334, 335, 356
Electricity Regulatory Commission Act, 1998, 247, 268, 334
Electricity Supply Act (1948), 268
Electronics Corporation of India Ltd (ECIL), 610
Eli Lilly, 603
Emergency (1975–77), 475, 205
Emerson, 532, 537
Employee Stock Option Plans (ESOPs), 613
Employee’s State Insurance Scheme (ESIS), 388, 390
Employees’ Provident Fund Organization (EPFO), 419
employment
decline, 481
elasticity, 481, 482
generation, 343–44, 482, 530, 561
guarantee programme, 89
intensive industries, 84
opportunities, 60, 62–63, 311, 562
employment-less growth, 460
Empowered Group of State Finance Ministers, 245–46
Emtel, 570
energy sector, political pricing, 83
engineering, procurement, construction (EPC), 354, 364, 365
Enron’s Dabhol plant, 330
e
ntrepreneurship, 73, 74, 300, 510, 536–37, 556, 573, 574
freedom, 460
in India’s business families after liberalization, 485–507
environmental issues, 26, 65–66, 219, 293
enzyme technologies, 599–601
equity capital, 106, 582
equity markets, 419, 422–24
ERGO International AG, 453
Ericsson, 571, 572
Essar, 315, 317, 318
Essential Commodities Act (ECA, 1955), 270, 289, 293
European Union (EU), 93–94, 98, 99, 124, 141
India, relations, 171, 176, 182
Eurozone crisis, 59, 107, 182
exchange rate, 75, 101, 130, 146, 148, 155, 408, 413, 421–22, 430, 468, 556, 593
adjustments, 117, 129, 292
and lowering industrial tariffs on agriculture, 277–78, 289
depreciation, 50
devaluation and, 80
dual, 50, 129, 412
management, 409, 412
market-determined, 50, 51, 52, 129, 278 policies, 34
real, 36
reforms, 52, 59, 97, 116, 117, 203, 276, 289, 292, 415
exchange-traded derivatives, 429–31
excise duty structure, 240
Expert Committee on Small-Scale Enterprises, 32
Expert Group on Commercialization of Infrastructure Projects, 328, 350
export, exports, 37, 111
ratio to GDP, 147
of goods and services, 93–95
licensing, 142
promotion, 525
related non-tariff measures, 135
related policies, 141–42
subsidies, abolition, 446
export–import (Exim) policy (1992), 19, 118, 136, 593, 595
exim scrip arrangement, 50
Export Oriented Units (EOUs), advent of, 605, 606
Export Promotion Capital Goods (EPCG), 593
external borrowings by states, 240
external sector reforms, 114, 160, 412–13
external shocks, 415
external vulnerability, impact of reforms, 59–60
Exxon, 313, 316
Factories Act, 595
family business groups, 487–507
third generation syndrome, 499–500, 503
fast moving consumer goods (FMCG), 494, 577, 589
Feedback Infra, 352
Fernandes, George, 13, 612
fertilizer subsidy reforms, 283–85
Fertilizers and Chemicals (Travancore) Limited, 475
Finance Commissions
Eleventh, 243, 256
Twelfth, 238, 242, 244, 246, 256
Thirteenth, 238, 242, 244, 256
Fourteenth, 238, 240, 242, 244, 246, 248, 249, 256
Financial Sector Legislative Reforms Commission, 416
financial services expenses, 471
Financial Stability Board, 431
Financial Stability Development Council (FSDC) and regulatory gaps, 438–39, 443
Financial Stability Oversight Council (FSOC), 439
Financial Stability Reports, 414
fiscal adjustments, 75, 240–41
fiscal consolidation, 243–44
fiscal control, rule-based, 241–42
fiscal deficit management challenges, 237
fiscal deficit, 51, 57, 73, 116, 190, 241, 275, 281–82, 283
fiscal federalism, 35, 239–40
Fiscal Responsibility and Budget Management Act (FRBM), 2003, 241–42, 244–45, 248, 249, 410
fiscal responsibility legislation (FRL), 244
Five Year Plans
Third, xviii
Tenth, 204, 366
Eleventh, 248, 366, 373, 514
Twelfth, 55, 60, 366, 381, 514
Flextronics, 531
Flipkart, 487
Food Corporation of India (FCI), 289
food inflation, 280
food prices, 278, 280, 281
food security, 277, 285, 607
Forbes Campbell and Co., 585
Forbes Marshall, 537
Forbes, Naushad, 37
Ford, Gerald, xiv
foreign-currency markets, 107
foreign direct investment (FDI), 13, 19, 21, 25, 27, 39, 42, 48, 49, 52, 103, 106, 111–12, 118, 139, 142, 144, 145, 177, 203, 331, 415, 437, 452, 453, 556, 560–61, 570, 592
in drugs and pharmaceuticals, 592, 600, 602–03
India versus China, 95–97, 98
in labor intensive industries, 102
policy regime, 100–01
foreign drug companies, dominance, 601
foreign-equity holdings in the pharmaceutical sector, 593
foreign exchange
crisis, 292
controls, 580
market, 415
regulations and controls, 302
remittances, 75
reserves, 51, 114, 116, 275, 299, 555
rules, relaxation, 586
scarcity, 285
Foreign Exchange Regulation Act (FERA, 1999), 12, 27, 70, 415, 576, 577
Foreign Institutional Investors (FIIs), 52, 420, 423, 425, 433, 439
foreign-investment policy, 309
Foreign Investment Promotion Board (FIPB), 28–29, 49, 330
foreign policy, xv, xvii, 3, 35, 54, 88, 175, 186, 193, 224, 232, 318, 592, 593
in the wake of economic reforms: new options and friends, 165–74
foreign technology, 19, 27, 28, 37, 302
access to, 593
Foreign Trade Policy (FTP), 1991, 142, 302, 606
foreign trade, liberalization, 49, 198, 593
forest cover, erosion, 65, 66
Forward Markets Commission (FMC), 430–31
Fotedar, M.L., 25
Founders’ Circle, xix
Foxconn, 531
free market, 176, 313, 321, 391, 541, 568
Free Trade Agreements (FTAs), 115, 140, 170, 177, 535
lower tariffs due to, 133–34
frugal engineering, 307–8
Gadgil–Mukherjee formula, 243
Gadkari, Nitin, 363
Gagalbhai, Mafatlal, 493
Galbraith, John Kenneth, xviii
Gammon, 351
Gandhi, Indira, xv, 9, 5, 16, 25, 26, 40–41, 47, 71, 174, 205
Gandhi, Rajiv, 9, 17, 18, 23, 26, 41, 47, 172, 225, 226, 276, 486, 568
Gas Authority of India Limited (GAIL), 474
Gati, 488
Gene Revolution (cotton), 295
General Agreement on Tariffs and Trade (GATT), 100, 113, 124, 158, 168
General Elections (2004), 318
General Motors (GM), 500
genetically modified (GM) crops, 598, 603, 607
Genome Valley, 603
Genotypic Technology, 604
geopolitical crisis, 184
geopolitical developments in the post-Cold War era, 197, 308
Germany, 171, 182, 192, 198, 305, 425, 600
Ghemawat, Pankaj, 587
Ghoshal, Sumantra, 491–92, 578
Ghosn, Carlos, 307
Gini coefficients, 467, 473
global capital flows, role of India, 105–07
global competition, 47, 278, 573
Global Depository Receipts (GDRs), 433
global economy, 174, 186, 307, 554
India’s entry into, 91–109
global financial and economic crisis (2007–08), 101–02, 281, 306, 449, 472, 561
global food crisis (2007–2008), 278, 280, 285
global monetary system, role of India, 107–8
global trade, 36, 100, 557
role of India, 104–05
global warming, 65, 317
globalization, xiii, xviii, 3, 95, 168, 176, 180, 196, 239, 312, 556, 559, 562, 568, 573, 582, 617
GMR, 351, 487
Godrej & Boyce, 487
Godrej, Jamshyd, 226, 487
Godrejs, 500
Goh Chok Tong, 226
Gokarn, Subir, x, xix
Goods
and Services Tax (GST), 55, 64, 80, 186, 209, 246, 248–50, 561, 570
Gopalakrishnan, R., 36
Gorbachev, Mikhail, xvii
Goswami, Omkar, 10
governance, 88–89, 139, 149, 349, 556, 565, 587
challenges, 203–21
corporate, 433, 436, 582–83, 615
deficits, 39
growth paradox, 218–20
misgovernance of medical education, 376–79
regulatory infrastructure, 342–43, 379
reforms, 383
government
business relations, changing colours, 224–35
and industry, trust deficit, 309
and private sector, interaction, 37
Government of India Act, 1935, 240
Gowda, H.D. Deve, 440, 459
Grant Thornton LLP, 437
Great Depression (1930s), 106
Green Revolution (wheat), 254, 277, 295, 375
greenhouse gases, emissions, 65
Gromyko, Andrei, xiv
gross domestic product (GDP)
growth, 469, 592
India versus China, 102–04
share of IT sector, 369
proportion of expenditure on healthcare, 385, 386–87, 389–90, 395, 396
stock market capitalization and, 421–26, 428–29, 432, 439, 440
GE, 499, 532, 534
gross fiscal deficit (GFD), 241
growth
inclusiveness, 60–65
performance, impact of reforms, 56–59
sustainability, 65–67
trajectory of India and prospects for businesses of the future, 560–62
Gujarat Maritime Board, 331
Gujral, I.K., 315, 320, 440, 459
Gulati, Ashok, 38
Gulf
and India, relations, 183–84
and West Asia, sectarian conflict, 186
War (1990), 166, 304, 448
Gupta, Ajay, 25
GVK, 351, 487
Hamied, Yusuf Khwaja, 495–96, 500
Harpal Singh, 71
Hazari, Rabindra Kishen, 502
HCL Technologies, 465
HDFC (Housing Development Finance Corporation), 446–56
beyond wealth creation, 454
market capitalization, 454
a people-driven business, 454–55
HDFC Asset Management Company Limited, 452
HDFC Bank, 449–50, 465
HDFC Group of Companies, 453–54
HDFC Life, 452
health insurance markets, growth, 388–91
healthcare in India, 384–99
development of integrated provider networks, 397–98
optimal use of human resources, 398–99
public expenditure, 64
technology and information, increased use, 398
Hekmatyar, Gulbuddin, 170, 171
Hellstrom, Kurt, 571
Herfindahl indices, 467, 473
higher education in India, 89, 369–70
characteristics of growth, 373–77
gross enrolment ratio (GER), 370–72, 373
a glimpse within India, 391–95
