by Rakesh Mohan
massification, 370–72
misgovernance in medical education, 376
political economy of, 370, 377–78
publications, 376–77
reforms, 378–81
technical education, 515–16
Himachal Futuristic Communications Ltd, 332
Himalaya, 589
Hindustan Cables, 475
Hindustan Construction Company, 351
Hindustan Fertilizers Corporation Limited, 475
Hindustan Lever Limited (HLL), 575, 576–77
before liberalization, 590
the early years of liberalization, 577–79
the later years of liberalization, 583–84, 589
Hindustan Petroleum Corporation Limited (HPCL), 316, 317, 318, 319, 474
Hindustan Photo Films, 475
Hizb-e-Islami, 170
Honda, 586
Hong Kong, 192
household consumption expenditure, 561
household investments in stocks and debentures compared to other investments, 439
housing and urban development, 7–9
housing finance in India, 447, 454
Hugo, Victor, 5, 76, 312
human development, 38, 39, 89, 205, 563
Hussain, Abid, 9, 10, 16, 32–33
Hyderabad Bio-cluster, 603–04
IBM, 572, 612, 613
ICI (Imperial Chemical Industries), 600
ICICI (Industrial Credit and Investment Corporation of India), 447, 596, 603
ICICI Bank, 465
ICICI Ventures, 596
ICL, 612
IDBI (Industrial Development Bank of India), 421
identity politics, 87
IFCI, 420
import, 111
controls and restrictions, 21, 49, 50
duties, 76, 120
ratio to GDP, 147
liberalization, 53, 59, 155
licensing, 11, 50, 111, 117, 129, 136–37, 227, 285
substitution, 4, 15, 38, 137, 192, 307, 594, 604
Imports and Exports (Controls) Act, 12, 70
inclusive growth, 617–18
incrementalism, logic of, 78–79
Index of Government Economic Power (IGEP), 196
India Development Bonds, 75
India Infrastructure Finance Company Limited, 337
India Infrastructure Project Development Fund (IIPDF), 337
India Patents Act, 1970, 496
India Policy Forum, xix
Indian Accounting Standards, 471
Indian Airlines, 71, 81–82, 331, 342, 508
Indian Council of Agricultural Research (ICAR), 295
Indian Institute of Science (IISc), 598, 604
Indian Institutes of Technology (IITs), 373
Bombay, 308
Indian Institutes of Information Technology (IIITs), 373, 532, 533
Indian Institutes of Management (IIMs), 373
Indian Institutes of Science Education and Research (IISERs), 373
Indian Oil Corporation, 313, 315, 316, 318, 319, 474
Indian Railways, 327, 331, 358–59
Indian School of Business, 604
India–Singapore Comprehensive Economic Partnership Agreement, 177–78
indirect tax system, 50, 55, 87, 145, 158, 160, 240, 250, 304, 465
Indo-Burmah Petroleum (IBP), 316, 317, 318
Indulekha, 583
industrial development, xiii, 27, 39, 40, 116, 317, 526
and GDP growth, China versus India, 482–83
Industrial Disputes Act, 266
Industrial Exports, High-Level Committee (HLC) on, 10
industrial licensing, 15, 18, 26–27, 73, 74, 502, 568
abolished/deregulation of, 49, 302, 568, 575, 576, 579, 593
Industrial Licensing Policy Inquiry Committee (1969), 15
industrial modernization, 328
industrial policy reforms, 3–43, 87, 592
Industrial Policy Resolution
1945, 13
1948, 13, 40
1956, 13, 40, 42, 299, 313
1973, 40
1977, 40
1980, 40–41
1990, 21, 22
1991, 22, 26, 74, 76, 476, 592
follow-up, 28–29
what was not done, 29–33
industrial restructuring, 30–31, 33, 37, 575
industrial revolution, 14, 310, 499
industrial tariffs, reduction, 276, 277
Industrial Training Institutes (ITIs), 308, 381
industrialization, 14, 40, 42, 31, 93, 192, 526, 560
Industries (Development and Regulation) Act (IDR Act, 1951), 12, 22; (1956) 224, 576
industry–research linkage, 533
Indyk, Martin, xix
Inequality, 60, 219, 377
infant mortality rate (IMR), 386, 391, 393, 395
inflation, 275, 448, 543
in healthcare expenditure, 396
customer-price, 73
producer price, 73
targeting, 415–16
information and communications networks, 322
information asymmetry, 387, 397
information revolution, 218
Information Technology (IT) sector, 93, 159, 250, 306, 369, 460, 470, 473, 480, 482, 493, 543, 559, 560, 588, 596, 614
and IT-enabled industry, 306, 473, 531, 574
industry, 181, 306, 473, 531
infrastructure, 559, 569
revolution, 560
services, 58, 182, 527, 534, 572, 597
services exports, 182
Infosys, 12, 311, 465, 527, 569, 582, 610–15
initial public offering (IPO), 597
infrastructure, 270
development, 34, 143, 327–28, 344, 350
failure, 460
investment, 34, 42, 321, 363, 366
new opportunities, 363–65
policy in India, 333
policy reforms, 328
PPP Adjudication Tribunal, 343
projects, 326, 334, 340, 360–64, 472
since 1991, 322–45
way forward, 365–66
Infrastructure Debt Funds, 341
Infrastructure Development Finance Corporation (IDFC), 350, 351
initial public offer (IPO), 419, 439, 487, 582, 587, 597, 613–14
Insolvency and Bankruptcy Act, 427
Institute of Chartered Accountants of India (ICAI), 443
Institute of Microbial Technology (IMTECH), 598
institution building in financial sector, 203, 363, 370, 373
deficiencies within SEBI, 441
HDFC experience, 446–56
institutional
bottlenecks, 333
changes, 116, 328
reforms, economic liberalization and, 203–04, 220
insurance, 460
joint ventures, 451–53
private participants, 53–54
regulatory authority, 54
Insurance Act, 53–54
Insurance Regulatory and Development Authority (IRDA), 429, 438, 441, 451, 452
Integrated Power Development Scheme (2013), 248, 334
intellectual property (IP), 596, 605
intellectual property rights (IPRs), 111–12, 145–46, 296
interest rates, 75, 246, 409–11, 413, 416, 419, 425, 433, 442, 446, 448, 455
international
arbitration, 89
competitiveness, 12
consumer markets, 36
debt market, 558
financial institutions, 51
liquidity, 107
market, 110, 139–40, 290, 304, 310–11, 357, 408, 537, 557, 577, 586
obligations, 137
relations, xiii, 172
supply chains, 142
trade classification, harmonized system (ITC-HS), 22, 26
International Corps Research Institute for the Semi-Arid Tropics (ICRISAT), 604
International Crops Research Institute for the
International Fina
nce Corporation, 448
International Monetary Fund (IMF), x, xix, 5–9, 29, 49, 51–52, 56, 58–60, 107–8, 276, 348, 542
International Swaps and Derivatives Association, 431
International Telecommunication Unit (ITU), 259
Internet banking transactions, 69
Internet connectivity, 217, 257, 488, 547, 563
inter-regulatory coordination, 443
investments and managerial practices, 483
Iran and India, diplomatic relations, 169, 170, 183
Irani, Jamshed, 226
Iron Curtain, xvii
ISIS, 184
Itolizumab, 601
Jack Welch Research Centre, Bengaluru, 532
Jadhav, Kulbhushan, 181
Jaguar Land Rover, 95, 588
Jaitley, Arun, 230, 363, 365
Jalan, Bimal, 21
Committee report, 422
Jammu and Kashmir, internationalization of, 170–71
Janani Suraksha Yojana (JSY), 386, 393
Janata Party, 13, 612
Jan-Dhan initiative, 78
Japan, 89, 100, 124
economic growth, 89
India, relations, 168, 172, 177, 179, 180
rise as geoeconomic power, 192
Jaswant Singh, xvii–xviii, 166
Jet Airways, 569
Jha, L.K., 16
Jiang Zemin, 169
Jihadi terrorism, 180
Jio mission: global digital leadership and empowerment of aspirational India, 562–64
Johnson, Lyndon B., xviii
Joint Parliamentary Committee on the Stock Market Scam (2002), 434
Jubilant Biosys, 604
Jubilant Life Sciences, 606
Judiciary, accountability, 214–15, 216, 218, 221; pendency of cases, 215
Kalyani Centre for Technology and Innovation, 308
Kalyani, Baba, 12, 36
Kalyani, Neelkanth, 303, 491
Kapur, Devesh, 39, 218
Kargil war, xvii–xviii, 169, 180
Karnataka State Financial Corporation (KSFC), 595–96
Karnataka State Industrial Investment and Development Corporation (KSIIDC), 596
Katragada, Gopichand, 536
Kautilya’s Arthashastra, 191
Kelkar, Vijay, 17, 145, 315, 360
Committee, 340, 343, 361, 363, 365–66
Kennedy, John F., xvi, xviii
Kerkar, Ajit, 579
Kesh King, 589
key economic parameters since 1991, evolution, 114–15
Keynes, John Maynard, 106
Khan, Amjad Ali, 227
Khan, Arif Mohammad, 19, 20
Khan, H.R., 427
Khrushchev, Nikita, xiv
Kirloskar, 537
Kissan, 583, 584
Kissinger, Henri, xiv, xv, xvi, 176
KKR, 351
Kline, Stephen, 513
Knowledge Park, Genome Valley, 603
Korea
National Innovative System, 529
research and development (R & D), 514, 515
Kores stencils, pink correcting fluids, duplicating ink and Gestetner Roneo, 69–70
Kotak Mahindra Bank, 465
Kremlin, Russia, xiv
Krishna–Godavari basin, 317
Krishnan, N.R., 25
Kurien, P.J., 26
Kurien, Verghese, 286
Kux, Dennis, xiv
labor
demand–supply mismatch, 375
export, 97–98
female-participation, 62
laws, 32, 37, 84, 85, 88, 249, 266, 310, 595
market policies, 64, 84–85, 616
reforms, 30–31, 460
using industry, 13, 32, 36, 38
Laden, Osama bin, 180
Lamy, Pascal, xix
Lanco, 351
Land Rover, 588
Larsen and Toubro, 351
Lashkar-e-Taiba, 180
Lateef, Sarwar, 39
‘Letter of Intent’ (LoI), 11, 486
Lever Brothers, 488
Lewis, John P., xviii
liberalization
of consumer goods, 53
first steps, 301–02
and Indian capital market crises, 440–41
Liberalized Exchange Rate Management System (LERMS), 129
Licence Permit Raj, 4, 11–16, 18, 300, 312, 338, 446, 567, 569, 577–78, 579–80, 582, 583
Life Insurance Corporation of India (LIC), 418, 422, 423, 427, 451
Line of Actual Control (LAC), 184–85
Line of Control (LoC), xvii, 169
liquefied petroleum gas (LPG) or canned cooking gas, before 1991, 69
Liquidity Adjustment Facility (LAF), 413
literacy, 252, 257–58. See also education, higher education
Local Area Banks, 414
logistics revolution, 488
Lokpal, 216
Look East policy, 168, 176, 227
Lovastatin, 600
Lovraj Kumar, 17
Lupin, 606
macroeconomic
consolidation package, 48
policy, xix, 9, 34, 191
reforms, 276–77, 312, 314, 317, 321
stability, 33, 237, 241, 251, 292
Madan, Tanvi, xix
Maddison, Angus, 554
Madhavpura Mercantile Cooperative Bank, 435
Madhur, Srinivas, 10
Mafatlal group, 463, 493
Mahalanobis, P.C., 239
Mahanagar Telephone Nigam Limited (MTNL), 326, 332, 475
Maharashtra State Electricity Board, 330
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGA), 414, 565
Mahindra and Mahindra, 531, 537
Major Port Trusts Act, 350, 354
Make in India: a transformational initiative, 148, 181, 234, 306–07, 308, 310, 477–80, 483
Malhotra, R.N. Committee, 54, 451
Mallya, Vijay, 583
Mandal Commission, 22, 377
Mangalore Refinery, 474
Manmohan Singh, xvii, 4–5, 7–9, 23–24, 26–28, 30, 33–34, 51, 78, 80, 91, 110, 166, 168, 174, 190, 204, 216, 226–27, 231, 232, 234–36, 276, 286, 312, 328, 440–41, 453, 459, 478, 502, 569, 578, 611, 614
manufacturing sector, 299–311
and agriculture, relative price index, 280 decline, 93, 481
employment growth, 13
labor-intensive, 63, 93, 103, 105, 481, 529–30 liberalization and, 84, 92–93, 302–3, 309, 311, 470, 473, 474, 488, 557, 560, 568, 578
Maran, Dayanidhi, 86
Marathe, S.S., 450
maritime trade, 327
market
capitalization, 422, 433, 454, 461–62, 473, 500, 502, 507, 584, 588, 601, 616
integrity, 420, 434, 436, 441
and market participants, interdependence, 417
Market Infrastructure Institutions (MIIs), 420–21, 422, 439–40
Maruti 800, 71
Maruti Suzuki Corporation, 465
Marwah, Ved, 212
Massive Open Online Courses (MOOCs), 383
maternal mortality rate (MMR), 386, 395
Mathur, Suresh, 22, 24
Mauritius, 228
double taxation avoidance agreements (DTAAs), 437–38
Mazumdar, Rasendra, 489
McKinsey, 315, 580, 582
Medical Council of India, 376
medical insurance, 89
Mehrotra, Santosh, 62
Mehta, Harshad, 434, 441
Mehta, Vikram Singh, xix, xx
Menon, Shivshankar, xiii, 35
mergers and acquisitions, 593
Merkel, Angela, 453
Metals and Minerals Trading Corporation (MMTC), 474
Mexico: services–manufacturing conundrum, 478
micro, small and medium enterprises (MSMEs), 598
Microsoft, 612
Midday Meal Scheme, 271
middle class, 561–62
Milkfoods, 584
minimum support prices (MSP), 280–81, 290
mining, 467, 473
Mittal, Sunil, 36
mobile telephony, growth, 562
Model Concession Agreements (MCA), 337, 357, 363
Modern Bakeries, 583
modernization, 30–32, 34
Modi, Narendra, 54, 78–79, 85, 183–84, 186–87, 199, 233–35, 295, 306, 320, 459, 478
Molecular Connections, 604
monetary and banking sectors
in 1980s, 408–09
transformation, reforms and, 407–17
between 1991–1997, 409–13
post-1997 developments, 413–14
monetary policy committee, 413–14
Monopolies and Restrictive Trade Practices (MRTP) Act, 13, 25, 27, 28, 43, 49, 74, 302, 488, 502, 576, 580, 585, 587
Monopolies and Trade Practices Commission, 224, 227
Moolgaokar, Sumant, 586
Mor, Nachiket, 38
Morgan Stanley, 597
most-favoured nation (MFN) tariffs, 121, 123, 126, 134
India’s average MFN tariffs and tariffs of APEC economies, comparison, 126–27, 148
Motorola, 612
Moynihan, Daniel Patrick, xiv
Mukand Iron and Steel, 463
Mukherjee, Pranab, 334, 436
multinational companies (MNCs), 320, 377, 545–46, 592, 594, 609, 612–15
Mumbai blasts (1993), 167
Mundra, 331
municipal bond markets, 442
municipal bonds, 427
Murthy, N.R. Narayana, 36
mutual funds, 419–20
domestic, 431–32
Nagarjuna Construction, 351
Naidu, Chandrababu, 227, 232
Nalanda University, 373
Nanda, H.P., 463
Narasimhan, M. Committee, 16, 50, 75, 411
Naresh Chandra, 23, 26, 226
Nasdaq, 597
NASSCOM, 613
National Academic Depository Bill (2011), 380–81
National Accreditation Regulatory Authority for Higher Educational Institutions Bill, 380
National Agriculture Market (NAM), 263
National Biotechnology Board, 598
National Commission for Higher Education and Research Bill, 380
National Council for Teacher Education, 380
National Council of Applied Economic Research (NCAER), 32
National Democratic Alliance (NDA), 52, 167, 204, 217, 229, 373, 380, 381, 476, 478
National Development Council, 380
National Electricity Policy, 2005, 247
National Food Security Act (NFSA), 295
National Food Security Mission (NFSM), 280, 290
National Highways Authority of India (NHAI), 85, 337, 350, 352, 354, 364
National Highways Development Programme (NHDP), 336, 350, 352, 354
National Horticulture Mission (NHM), 290
National Housing Bank (NHB), 8, 447
National Human Rights Council (NHRC), 216
National Hydro Power Corporation, 474
National Infrastructure Investment Fund (NIIF), 363
National Institutes of Technology (NITs), 373
