India Transformed

In this commemorative volume, India's top business leaders and economic luminaries come together to provide a balanced picture of the consequences of the country's economic reforms, which were initiated in 1991. What were the reforms? What were they intended for? How have they affected the overall functioning of the economy? With contributions from Mukesh Ambani, Narayana Murthy, Sunil Mittal, Kiran Mazumdar-Shaw, Shivshankar Menon, Montek Singh Ahluwalia, T.N. Ninan, Sanjaya Baru, Naushad Forbes, Omkar Goswami and R. Gopalakrishnan, India Transformed delves deep into the life of an economically liberalized India through the eyes of the people who helped transform it.

Rakesh Mohan is a former deputy governor of the Reserve Bank of India who was most recently an executive director at the International Monetary Fund in Washington, D.C. He is also a nonresident Senior Research Fellow of the Stanford Center for International Development, Stanford University, and a Distinguished Fellow at Brookings India.

Contents Preface Foreword by Strobe Talbott I. Introduction 1. The Road to the 1991 Industrial Policy Reforms and Beyond: A Personalized Narrative from the Trenches Rakesh Mohan II. The Big Picture: Past, Present and Future 2. India's 1991 Reforms: A Retrospective Overview Montek Singh Ahluwalia 3. Remembering 1991 . . . and Before Omkar Goswami 4. The Political Economy of Reforms: The Art of the Possible T.N. Ninan 5. India's Entry into the Global Economy Martin Wolf 6. Trade-policy Reform in India Since 1991 Harsha Vardhana Singh III. Foreign and Security Policy for a Resurgent India 7. Foreign Policy in the Wake of Economic Reforms: New Options and Friends Shivshankar Menon 8. Navigating the Post-Cold War Landscape: India's Rise in a Contested Geopolitical Space Shyam Saran 9. Security and Sovereignty in an Open Economy: New Thinking after 1991 Sanjaya Baru IV. Changing Contours of Indian Governance 10. India's Governance Challenges: Why Institutions Matter Sarwar Lateef 11. Changing Colours of Government-Business Relations Tarun Das 12. Union-State Relations and Reforms Y. Venugopal Reddy 13. Energizing the States Laveesh Bhandari V. The Parts of the Whole: Sectoral Developments 14. 25 Years of Policy Tinkering in Agriculture Ashok Gulati, Shweta Saini 15. Indian Manufacturing Industry: On the Path to Global Leadership Baba Kalyani 16. Political Economy of Petroleum Sector Deregulation Vikram Singh Mehta 17. India Evolving: Infrastructure since 1991 Jessica Seddon, N.K. Singh 18. Infrastructure: Hopefully a Renewed Opportunity for the Private Sector Vinayak Chatterjee VI. Human Development: Miles to Go 19. Liberalization sans Liberalism: The Control Raj and the Perils of Ideology and Rents in Higher Education Devesh Kapur 20. Healthcare in India: A Fork in the Road Nachiket Mor, Diva Dhar, Sandhya Venkateswaran VII. The Financial Sector: An Opportunity for Innovation and Growth 21. Reforms and the Transformation of the Monetary and Banking Sectors C. Rangarajan 22. Liberalizing Indian Capital Markets: Highly Successful Reforms and an Unfinished Agenda Jaimini Bhagwati 23. Institution-building in the Financial Sector: The HDFC Experience Deepak Parekh VIII. Indian Business: Launched on a New Trajectory 24. Changes and Challenges: Corporate India since 1991 Omkar Goswami 25. Animal Spirits : Stray Thoughts on the Nature of Entrepreneurship in India's Business Families after Liberalization Gita Piramal 26. India's National Innovation System: Transformed or Half-formed? Naushad Forbes 27. Consumer India's Journey from Zero to Hero Rama Bijapurkar 28. Building a Global-scale Corporate in India Mukesh D. Ambani 29. Rise of the New Entrepreneurial Classes and the Emergence of a High-growth Economy Sunil Bharti Mittal 30. Liberalization and a Tale of Two Companies: Open the Cage and Let the Birds Fly R. Gopalakrishnan 31. 25 Years of Reforms that Led India's Pharmaceutical and Biotech Industry towards Global Leadership Kiran Mazumdar-Shaw 32. The Impact of the 1991 Economic Reforms on Indian Businesses Narayana Murthy Notes Contributors Index 659