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