India: Her Tryst with Globalization

Abstract

1991 was the beginning of a new phase for India, a profound one from the standpoint of changing prevalent attitudes towards, and in the realm of, the commercial establishment. In no uncertain terms, economic imperatives could not be shackled by the confines of a mildly socialist framework and regimented government control. India’s partially closed markets had to be opened to the external economy. This meant that competitiveness would be at the centre-stage of business and economic priorities and it was the ability, or the lack of it, that would determine the survival of most enterprises in the ambit of manufacturing and services.

On the eve of India’s independence in August 1947, Jawaharlal Nehru, post-independence India’s first prime minister, spoke of the country’s tryst with destiny… Over five decades later, India has a tryst with globalization. This country is a superpower waiting to happen. The odds are stacked in her favour, the challenge is to ensure that this is the case for a long time to come.