India Transformed

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India Transformed Page 81

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

 

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