India Transformed
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T.N. NINAN is the chairman of Business Standard Pvt Ltd and an accomplished economic editor of long standing. During a quarter century at the helm of different publications, he has been the editor of Business Standard (where he was also the publisher for over a decade), the Economic Times and Business World, bringing about radical change and delivering rapid growth in all of them during his stewardship. Earlier, in the 1980s, he was the executive editor at India Today. Ninan is a recipient of several awards, including three for lifetime achievement. He chairs the Independent and Public-Spirited Media Foundation, a non-profit organization that supports independent digital media, and is the author of The Turn of the Tortoise: The Challenge and Promise of India’s Future (2015). His long-running column in Business Standard, Weekend Ruminations, has a dedicated following.
TARUN DAS served as the director general and chief executive of the Confederation of Indian Industry from 1974 to 2004, and later as its chief mentor. Throughout the economic reforms process, he served as a key interlocutor between the government and the Indian private sector, which was effective in forging a largely harmonious relationship between the two over the period. He has chaired the US–India Strategic Dialogue and the US–India–Japan Strategic Dialogue. He is a trustee of the Aspen Institute, USA and India, the author of Crossing Frontiers: The Journey of Building CII (2015), which is an account of the CII story. He has been awarded honorary doctorates by the University of Warwick and the Tel Aviv University. In recognition of his contributions to Indian trade and industry, the Government of India awarded him the Padma Bhushan, the British Government an Honorary CBE and the Singapore Government its Public Service Medal.
VIKRAM SINGH MEHTA is the executive chairman of Brookings India in New Delhi and a senior fellow at the Brookings Institution. Mehta started his career with the Indian Administrative Service in 1978. He resigned in 1980 to join Phillips Petroleum in London as their senior economist. In 1984, he returned to India to join the government company Oil India Ltd as an adviser for strategic planning. He joined Shell International in London in 1988. He was appointed managing director of Shell Markets and Shell Chemical Companies in Egypt in 1991, and chairman of the Shell Group of Companies in India in 1994. He also serves as a member of the boards of a number of large Indian corporations.
VINAYAK CHATTERJEE is the chairman of Feedback Infra Private Ltd, which he co-founded in 1990. This is India’s leading infrastructure-service company, which operates projects, manages their design and construction, and provides consulting services for new schemes. Through his daily tweets and monthly column on infrastructure, he is one of India’s leading commentators on this subject. He has often been called upon to play a strategic advisory role to leading domestic and international corporates, and various Indian ministries dealing with infrastructure, as well as to multilateral and bilateral institutions. He is currently the chairman of the Confederation of Indian Industry’s Economic Affairs Council; and has chaired various national committees related to infrastructure. He is a member of the boards of various leading companies, including SRF Ltd and Apollo Hospitals Enterprise Ltd. The World Economic Forum at Davos selected him as one of the 100 Global Leaders of Tomorrow in 1998; and the Indian Institute of Management Ahmedabad has honoured him with the Distinguished Alumnus Award.
Y. VENUGOPAL REDDY was the chairman of the fourteenth Finance Commission (2013–14). He served as the twenty-first governor of the Reserve Bank of India from 2003 to 2008. Earlier, he was executive director, IMF; deputy governor, RBI; secretary, banking, Government of India; and secretary, planning and finance, Government of Andhra Pradesh. Reddy has been associated with the Indian economic reforms process since the early 1990s. He played a crucial role in the framing of macroeconomic policies and in guiding the successful interaction between fiscal-, monetary- and external-sector policies throughout the period. Reddy is known for his calibrated approach to financial-sector reforms. A prolific author, his most recent books are Global Crisis, Recession and Uneven Recovery (2011) and Advice and Dissent: My Life in Public Service (2017). In recognition of his service to the country, the Government of India awarded him the Padma Vibhushan, India’s second-highest civilian award, in 2002. Currently, he is honorary professor at the Centre for Economic and Social Studies in Hyderabad.
Index
Abbott, 593
Abraham, K.M., 436
Accelerated Power Development and Reform Programme (APDRP), 247–48
Restructured APDRP (R-APDRP), 334
Accenture, 612
accountability
guardians of, 216
of regulatory institutions, 221
triangle, 206–15
Aditya Birla Group, 315
administrative price structure, 319
Administrative Reforms Commission (ARC), Second, 204, 211, 221
Advani, L.K., 216, 229
Afghanistan, xvi, 170–71, 178, 179
Aggarwal, Anil, 489, 491
Aggarwal, Bansi Lal, 489
Aggarwal, Dwarka Prasad, 489
Aggarwal, Radhe Shyam, 489
Aggarwal, Vandana, 11
Agricultural Produce Market Committees (APMCs), 262–63, 293
Model Act, 2004, 262, 263, 270, 289, 294
agriculture
25 years of policy tinkering, 275–96 comparison with China, 291–92
decline, 481
direct reforms and their impact, 283–91 domestic marketing and production, policy reforms, 289–91
getting markets right, 293–94
GDP (AGDP), 84–85, 278, 282, 283, 369
and manufacturing sector, relative prices, 278, 280
performance of exports and imports, 278–80
precision agriculture, 295
productivity, 616
research and development (R & D), 294–95, 296
Ahluwalia, Montek Singh, xix, 6, 7, 20, 25, 226, 276, 333, 363
Ahmedabad Municipal Corporation, 427
AIG, 431
Air Corporations Act (1953), 331
Air India, 71, 82, 331, 475, 587. See also Indian Airlines
Air India Engineering Services, 475
Airports Authority of India (AAI), 357
Airports Economic Regulatory Authority, 358
Airtel. See Bharti Airtel
Alagh, Yoginder, 9, 17
Albright, Madeleine, xvii
All India Council for Technical Education (AICTE), 380
al-Qaeda, 180
Alternative Investment Market (AIM), London, 597
Ambani, Anil, 72
Ambani, Dhirubhai H., 555, 558, 562, 563
Ambani, Mukesh, 36, 72
Ambanis, 487, 493, 499
American Depository Receipts, 433
Anderson, Jack, xv
Andhra Pradesh
Arogyasri programme, 397
biotechnology hub, 604, 605
anti-dumping measures, 135, 136, 137–39, 155 higher education, 378
infrastructure, 350–51
formation on linguistic basis, 239
Make in India initiative, 307
power, 268
state–business partnership, 232
Arafat, Yasser, 168
Arbitration and Conciliation Act, 340, 343
Arrow, Kenneth, 513, 533
Ashok Leyland, 302
Asia Infrastructure Investment Bank (AIIB), 185
Asian financial crisis (1997–98), 101
Asian Tigers, 10, 301, 557
Asia-Pacific Economic Cooperation (APEC) economies, tariffs, 126–27, 148
asset-backed securities (ABSs), 427–28
asset-liability management, 435
assets under management (AUM), 432
Associated Cement Company (ACC), 585
Association for Democratic Reforms (ADR), 207
Association of Indian Engineering Industry (AIEI), 225, 228
Association of Southeast Asian Nations (ASEAN), 53, 58–59, 100, 120–21, 156, 160, 177, 302
; ASEAN Defence Ministers’ Meeting (ADMM), 177
Astra Research Centre, 604
Astra Zeneca, 532, 604
Atal Mission for Rejuvenation and Urban Transformation (AMRUT), 360
ATMs, 69
auditing and accounting oversight, 437
auxiliary duties, additional duties, special duties, and surcharges, 128
aviation sector in the post-reform era, 81–82
Axis Bank, 465
Badla transactions, 434–35, 440
Baijal, Pradeep, 339
Bajaj, Jagmohan, 31
Bajaj, Rahul, 226
balance of payment (BoP), 24, 53, 95–97, 108, 113, 116, 124–25, 129, 136, 160
crisis, 6, 48, 52, 57, 59, 73, 92, 175, 188, 190, 314, 407, 412, 446, 555, 568
High-Level Committee on, 412
Balassa Index of Revealed Comparative Advantage (RCA), 279
Ballarpur (now BILT), 463
Bangalore Bio-cluster, 604
Bangalore Metropolitan Transport Corporation, 331
Bangalore Municipal Corporation, 427
Bangladesh, xv, 10, 64, 84, 154, 228, 284, 478, 479, 574
banking sector reforms, 449–51, 460, 488, 592
bank tokens, before 1991, 69
between 1991–97, 410–12
post-1997 developments, 414–15
bankruptcy laws, 31–32
bankruptcy process, 460, 484
banks and financial institutions, state control, 42
Baru, Sanjaya, xiii, 35
Basel norms I, II and III, 101, 106, 414
Basu, Kaushik, 196
Berlin Wall, collapse of, xvii, 169
Bery, Suman, xix
Bhagat, Manhar, 486
Bhagwati, Jagdish, 16, 92
Bhandari, Laveesh, 35
Bharat Biotech, 603–04
Bharat Forge, 12, 301, 303–6, 308, 609
Bharat Heavy Electricals Limited (BHEL), 474
Bharat Petroleum Corporation Limited (BPCL), 316, 317, 319
Bharat Sanchar Nigam Limited (BSNL), 336, 475
Bharatiya Janata Party (BJP), 54, 86, 87, 172
Bhargava, Subodh, 226
Bharti Airtel, 465, 567–70, 572–74
Bharti Telecom, 582
Bhatia, Kapil, 489
Bhatia, Rahul, 489
Bhutto, Zulfikar Ali, xvi
BigTec, 604
Bijapurkar, Rama, 36
bio-clusters, advent of, 603
Biocon Biochemicals, Ireland, 594
Biocon India, 582, 594–99, 603, 606, 607
acquired by Unilever, 599–600
transformational years, 599–601
bioinformatics, 603–04
Biological Diversity Act, 606
Biological E, 604
biometric identity system, 88, 204
biotech sector, 594–608
funding for, 604–05
innovation, 513
products, commercialization, 597
transformational power, 603
unfinished reforms plaguing, 606–07
Biotechnology Industry Partnership Programme (BIPP), 605
Biotechnology Industry Research Assistance Council (BIRAC), 605
Biozeen, 604
Birla, Aditya, 503
Birla, G.D., 224
Birla Institute of Technology and Science (BITS), Pilani, 308
Birlas, 487
black market, 314, 316, 550
Board for Industrial and Financial Reconstruction (BIFR), 30–31, 437
Bofors scandal, 17, 69
Bombay Club, 464
Bombay Dyeing, 463
Bombay Plan, 224
Bombay Stock Exchange (BSE), 76, 88, 419, 420, 421, 422, 454, 507, 556, 597
Bordia, Otima, 18
Bosch, 532, 537, 612
Bosworth, Barry, xix
brain drain, 503, 592
Brand Equity and Business Promotion Agreement, 587
Brazil, 146, 179, 213, 240, 389, 397, 478, 510, 563
Brexit (Britain’s exit from the European Union), 182
BRICS (Brazil, Russia, India, China and South Africa), 185
BRICS Development Bank, 185
Brooke Bond Lipton, 576, 583, 584
Brookfield, 351
Bureau of Industrial Costs and Prices (BICP), 17
bureaucracy, 10, 14–16, 17, 70, 191, 207, 239, 253, 263, 266, 610
Burmah Shell, 313, 315, 316, 317
Burmans, 500
Bush, George W., xvii, 167
business process outsourcing (BPO), 93, 468, 470, 473
Cabinet Committee on Economic Affairs (CCEA), 31, 50
Calcutta Stock Exchange, 434
Caltex, 313, 316, 317, 319
Canada Pension Plan Investment Board, 351
Canara Bank, 595
capital account
convertibility, 415, 612
liberalization, 101
management, 412
capital and the balance of payments, 95–97
policy towards, 100–01
Capital Issues (Continuance of Controls) Act, 12
capital markets, 460, 592, 597
automation, 556
development, 42
liberalization: highly successful reforms and an unfinished agenda, 204, 418–43
technicalities, 613
Carl Dan Peddinghaus, 305
Carter, Jimmy, xvi
cash reserve ratios of banks, 446
Cassandra Investments Ltd, 486
ceiling binding, 124
cellular infrastructure and usage, 252, 257
Central Depository Services Limited, 381, 421
Central Electricity Regulatory Commission, 247, 334, 335
Central Food Technological Research Institute (CFTRI), 596
central government debts, 423–24
central public sector enterprises (CPSE), 475, 476
Central Road Fund, 336
Central Vigilance Commission (CVC), 216
centrally sponsored schemes (CSS), 238, 243, 248
Centre for Cellular and Molecular Biology (CCMB), 598, 604
Centre for Monitoring the Indian Economy (CMIE), 461
Centre–state relations and reforms, 35, 237–51
CENVAT scheme, 128
cereals, trade policies, 288–89
Chakravarty Committee on Monetary Policy, 408
Chandler, Alfred D., 500
Chandra Shekhar, 22–25
Chandrika, 589
Charak, 589
Chatterjee, Vinayak, 36, 340, 346–366
Chaudhuri, Mrinal Datta, 482
Chelliah Committee. See Tax Reforms Committee
Chidambaram, P., 26, 29, 52, 229, 337, 578, 611
Chief Controller of Imports and Exports (CCI&E), 11–12
China
Academy of Social Sciences (CASS), 194
agriculture, 281, 291–92
anti-dumping actions, 139
defence spending, 191
economic growth, economy, 3, 58–59, 89, 93, 109, 348–49, 482–83, 561
economic reforms, 277, 291
exports of goods and services, 32, 93–95, 98
foreign direct investment, 95–97
GDP, 102–04
in global trade, 145
higher education, 369, 370, 371, 376–77
industrial restructuring, 575
industrialization, 527
infrastructure development, 346–47, 348–49
invasion and e-commerce revolution, 543–45
manufacturing sector, 301, 308, 527, 529
modernization and transformation, 192–93, 520–24
Pakistan complicity, 180–81
R & D expenditure, 510, 511–12, 522
rise, 174, 176, 186, 187, 189, 192
software industry, 527
technical capability, 523
China and India, relations, 169, 173, 175, 186, 198
Border Peace and Tranquillity Agreement, 1
69
India’s China strategy, 184–85
war (1962), 189, 190
China–Pakistan Economic Corridor (CPEC), 180–81, 185
Christopher, Warren, xvii
Chubb Global Financial Services Corporation, 452–53
Cipla, 495–96, 531, 537
citizen and the state, the direct link, 216–18
Civil Aviation Policy (2016), 323
civil aviation, public–private participation, 357–58
civil service, accountability, 210–12
civil society organizations/non-governmental organizations (NGOs), 87, 216–18
clearing and settlement corporations, 439
Clearing Corporation of India (CCIL), 421–22
climate change, 109, 564
Clinton, Bill, xvii, xviii, 167, 178
Clinton, Hillary, xvii
Coal India, 357, 474
Coca Cola, 612
Cohen, Stephen P., xviii
Cold War, xiv, xvi, xvii, 165, 166, 167, 171, 172, 182, 196, 197
India’s rise in a contested geopolitical space, 175–87
lessons from, 191–94
Collective Investment Schemes’ Regulations, 435
command-and-control economic system, 4, 11–16, 29, 70, 312, 313, 379, 585, 616. See also Licence Permit Raj
commission agent system, 263
commodity derivatives, 430
Common Minimum National Action Plan for Power (CMNAP), 334
communication networks, 326
communications technology, 112, 302–03
Companies Act, 582
Competition Commission of India, 88, 143
competition, 50, 73, 106, 143, 300, 309
competitive advantage, 306, 307, 310, 311
competitiveness, 42, 130, 160, 345, 478, 529, 531, 590
agriculture sector, 279
of domestic industry, 81–82, 117
international, 12, 36, 41, 43, 158, 278, 293
of rupee, 130
of small retailers, 106
trade policy reforms and, 148
Comprehensive Economic Cooperation Agreement (CECA), 133
Comprehensive Economic Partnership Agreement (CEPA), 133
‘comprehensive national power’, 194
Comprehensive Nuclear-Test-Ban Treaty (CTBT), 172
computer technology in India and the United States, 610–11
computerization of banking operations, 409
Confederation of Indian Industry (CII), 225–28, 230–31, 232–33
Congress Party, 4, 5, 18, 22, 23, 26, 50–52, 53, 80, 86, 87, 218, 230, 283, 319, 467. See also United Progressive Alliance (UPA)