The Story of Indian Business: The Great Transition into the New Millennium

Abstract

Indian entrepreneurship, innovation, and business firms have gone through a plethora of changes, particularly in the last three decades. The most significant change is the result of national government policies that had the effect of moving away from postcolonial Nehruvian socialism and creating a climate for more economic freedom for entrepreneurs and private businesses. The 1990s was the watershed decade for these revolutionary changes. Indian business suddenly took off with a new outburst of energy and enthusiasm in the 1990s that was unprecedented in the post-Independence era. This essay is a brief historical introduction to the Indian economy during British colonialism, India’s economic policies over three decades after Independence, and the events that changed the lives of entrepreneurs and many ordinary people after the 1990s. Challenges and opportunities for businesses and India’s economy are briefly discussed at the end of the essay.