RIDING THE INDIAN TIGER RIDING THE INDIAN TIGER UNDERSTANDING INDIA—THE WORLD’S FASTEST GROWING MARKET William Nobrega Ashish Sinha John Wiley & Sons, Inc Copyright © 2008 by William Nobrega and Ashish Sinha All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Limit of Liability/ Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages This publication is designed to provide accurate and authoritative information in regard to the subject matter covered It is sold with the understanding that the publisher is not engaged in rendering professional services If legal, accounting, medical, psychological or any other expert assistance is required, the services of a competent professional person should be sought Designations used by companies to distinguish their products are often claimed as trademarks In all instances where John Wiley & Sons, Inc is aware of a claim, the product names appear in initial capital or all capital letters Readers, however, should contact the appropriate companies for more complete information regarding trademarks and registration For general information on our other products and services please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002 Wiley also publishes its books in a variety of electronic formats Some content that appears in print may not be available in electronic books For more information about Wiley products, visit our Web site at www.wiley.com Library of Congress Cataloging-in-Publication Data Nobrega, William, 1961Riding the Indian tiger: understanding India—the world’s fastest growing market / William Nobrega, Ashish Sinha p cm ISBN 978-0-470-18327-4 (cloth) India—Economic policy—1991- Capital market—India Investments, Foreign— India I Sinha, Ashish, 1970- II Title HC435.3.N67 2008 330.954’053— dc22 2007033360 Printed in the United States of America 10 CONTENTS PREFACE vii INTRODUCTION: THE HISTORY OF INDIA IN CHAPTER THE LARGEST MARKET THE CHAPTER BULLS AND BEARS MARKETS IN EIGHT PAGES WORLD HAS EVER SEEN ix MUMBAI: INDIA’S FINANCIAL 29 CHAPTER WHY INDIA WILL OUTPERFORM CHINA 65 CHAPTER THE ROAD LESS TRAVELED: THE GOLD THAT LIES UNDER INDIA’S CRUMBLING INFRASTRUCTURE 93 CHAPTER THE NEXT WAVE: WHAT WILL DRIVE INDIA’S GROWTH AFTER INFORMATION TECHNOLOGY AND OUTSOURCING 117 CHAPTER LOOK 173 CHAPTER UNDERSTANDING BEFORE YOU LEAP THE INDIAN CONCLUSION: THE TIGER BEGINS TO BUSINESS CULTURE ROAR 197 231 ACKNOWLEDGMENTS 239 INDEX 241 v P R E FA C E This book is about the new India, not the old Economically, India has not mattered much for the past 40 years or so It has long been a travel destination, but from a business perspective, who cares if you have a billion customers with no money to spend! But now that the world has witnessed the economic rise of China and sees India on a similar path, and Indian entrepreneurs are making bold moves on the global stage, the “new India” is on everyone’s radar The international media and business community are beginning to take notice, but unfortunately, much that has been written recently has either focused on political issues, such as Hindu nationalism, or social issues, like rural poverty, or the sorry state of the Indian infrastructure What the media has overlooked is the important ways the infrastructure is improving and what that means for business What about India’s capital markets and a rising middle class? How will those factors impact business opportunities? And what about India’s democratic institutions, which we believe will give the country a long-term advantage over China’s authoritarian model? We wrote this book to give businesspeople and other interested readers an exciting look at “new India.” If you are a business executive, investment banker, investor, or entrepreneur, and you think that the third largest economy in the world might translate into opportunity, then you should read this book If you are a politician, student, or academic, and you think that the world’s largest democracy might be worth taking a closer look at, then you should read this book If you are a citizen of the planet Earth and you are curious to know how the world’s fastest-growing market and second most populous nation will impact your life—this book is for you vii INTRODUCTION THE HISTORY OF INDIA IN EIGHT PAGES FROM COLONIALISM TO SOCIALISM TO VIBRANT CAPITALISM Imagine living in a country in which it took 10 years to receive permission to buy a car, years to receive permission to buy a motorcycle, or 11 years to get a license for a phone line for your apartment A country where a license was required to purchase three bags of cement or two gallons of milk Now imagine that as a citizen of that country you wanted to travel abroad and the only restriction placed on your travel was the fact that you were only permitted to exchange $200 in foreign currency during any 24-month period (not exactly enough for an around-the-world cruise!) A country where licenses became more valuable than the underlying commodity or service that they were meant to authorize; a country whose government failed to provide clean drinking water or basic sanitation for more than half of the population! No, I’m not taking about the Soviet Union or some other eastern European communist dictatorship This was India in 1987, 20 short years ago It was a country in which the government had shackled the economy and ix x INTRODUCTION the creativity of the people To understand how and why this level of government interference and control emerged in the world’s most populous democracy—and to fully understand how far the country has come since—requires a short journey through India’s history On a hot day in July, 1497, the Portuguese explorer Vasco da Gama, a ruthless profiteer by almost any standard, left Lisbon with four ships on a quest to find a sea route to India At the time, India was one of the wealthiest countries in the world, the source of valuable commodities, including spices, semiprecious stones, silks, and other exotic goods that could be sold at great profit in Europe With a crew of 170 men, ten of whom were convicted killers whose death sentences had been commuted for what was a suicidally dangerous mission, da Gama sailed around the Cape of Good Hope and arrived in India on May 20th, 1498, 11 months later He was hardly prepared for his first encounter with India, failing to understand that he would be dealing with a sophisticated culture that controlled considerable wealth As a result, he had failed to bring the gold, silver and other valued material that successful trade would require Departing India with a limited cargo of spices, his business venture was not looking good By the time he returned to Lisbon in 1499 he had lost 116 members of his original crew from disease, malnutrition, and murder The small quantity of spices that he returned with was sold for a profit of 3000 percent—however, by all accounts the trip was still considered to be a disaster Despite this, the king of Portugal organized a second expedition, with thirteen ships under the command of Pedro Alvarez Cabral After veering off course and accidentally discovering Brazil, Cabral continued on to India Although he carried gold and other valuable trade goods, Cabral was unable to business with the local Calicut merchants; He and his men were finally driven out of the city after local Muslims rioted and killed many of his men Cabral had greater success at another Indian city, Cochin, and returned to Portugal with a very valuable cargo of spices The Portuguese INTRODUCTION xi had successfully opened up a new trade route to India, and the implications of their actions would carry well into the twentieth century The enclave of Goa, on the west coast of India, was annexed by Portugal in 1510, and remained in Portuguese control until it was retaken by force by the Indian government in 1961 Even today, the Indian government still honors the soldiers that fought in that short battle with Western colonizers Not to be outdone by the Portuguese, England’s Queen Elizabeth, under pressure from the powerful British mercantile establishment, created the East India Trading Company on December 31, 1600 Twelve years later, four British galleons defeated the Portuguese at the naval battle of Swally, gaining the good graces of the Indian Mughal Emperor Jahangir in the process Jahangir was a flamboyant ruler who was quite popular with his subjects Fortunately for the British, he was also an alcoholic, and the story is that he signed over trading concessions to the British during one of his many drinking binges By the mid-1600s, the East India Company had established trading posts and factories in major Indian cities, including Bombay, Calcutta, and Madras In 1670, King Charles II granted the company incredibly broad powers to acquire territory, raise an army, mint its own money, and exercise legal jurisdiction over areas under its control By the end of the seventeenth century the foundation for the British colonization of India had been laid (Recently, in a final symbol of the end of British colonialism, a wealthy Indian businessman bought the name, title, and crest of the East India Company so that he could create a distinctly Indian line of high-end clothing, furnishings, and accessories!) While the British wanted to expand mercantile trade with their colonies they also had a desire to impart the British way of life, believing that they were following in the tradition of the Roman empire Some of the loftier concepts they wanted to integrate into the social fabric of the country included private property, the xii INTRODUCTION rule of law, Western education, and the liberty of the individual Unfortunately for India, the British gave very little attention to these nobler aspects of colonization during the first 150 years of rule Instead, they focused on profits and power This they did with great success Many historical economists believe that India accounted for 25 percent of the world’s GDP in 1800 At the turn of the nineteenth century, Governor General Lord Wellesley took the “profits and power” mantra to a new level and began expanding British dominence in India on a large scale He defeated Tipu Sultan, annexed Mysore in southern India, and removed all French influence from the subcontinent In the mid-nineteenth century, Governor-General Lord Dalhousie continued this expansion of British power, defeating the Sikhs in the Anglo-Sikh wars and annexing Punjab He also justified the takeover of small princely states such as Satara, Sambalpur, Jhansi, and Nagpur under the guise of the doctrine of “lapse,” which permitted the British to annex any princely state whose ruler had died without a male heir For the Indian people this was the last straw Having tasted enough of the British “civilizing influence,” soldiers of the British Indian Army, known as Sepoys, mutinied in Meerut, a fort 80 kilometers northeast of Delhi, on May 10, 1857 The war raged for over a year, with numerous instances of heroism and compassion on the part of the Indian soldiers In fact, on several occasions Indian soldiers escorted British noncombatants to safety The British did not share the same sense of chivalry, often bayoneting the inhabitants of entire villages on vague accusations of collaboration Indian prisoners were strapped to British cannons and blown to bits during countless summary executions Even veterans of the British military were shocked by the level of ruthlessness displayed by British troops On July 8th, 1858, after a year of vicious combat, the Indian forces were finally defeated and a peace treaty was signed, ending the war British rule would last for another ninety years but the die was cast What the British sought to deride as a mere “Sepoy mutiny” is INTRODUCTION xiii now viewed by India as its First War of Independence, when people from all walks of life, irrespective of their caste, creed, religion, or language, rose against British rule The 150th anniversary of the war was recently celebrated throughout India with elaborate commemorations The British were shaken by the war and the tenacity of their Indian opponents, and immediately began introducing reforms they hoped would reduce resentment to their rule The new British viceroy to India stopped land grabs, decreed religious tolerance, and admitted Indians into civil service British reforms now began in earnest, with the establishment of a judicial system that transformed Hindu law into a form of English case law and that ensured property rights for the individual and provided protection of the individual Western-style education was aggressively developed, with the belief that it would help enable the efficient administration of India by a local educated elite, loyal to the dictates of the British Crown The British pushed the development of a laissez-faire economy that was based on the free circulation of capital, productive enterprise, and large-scale production They made large-scale investments in infrastructure, leading to the development of what would become the second largest rail system in the world The rail lines stimulated the growth of local industrial development, which laid the foundation for capitalist enterprise and the growth of an Indian business class By the end of the First World War the British had moved toward the development of self-governing institutions with freely elected individuals in all departments of the Indian government Significantly, there was also a free press — a cornerstone of any modern democracy Evidence of British rule is everywhere in India, with parts of Mumbai reminiscent of an English town — replete with a university, government buildings, and a library Even the old-style British club remains — but it’s now home to India’s entrepreneurs The aggressive pace of reforms and the development of modern democratic institutions only fueled the Indian public’s desire for Riding the Indian Tiger: Understanding India—The World’s Fastest Growing Market By William Nobrega and Ashish Sinha Copyright © 2008 by William Nobrega and Ashish Sinha ACKNOWLEDGMENTS Writing a book about the New India is a difficult task at best India is an incredibly complex country, and the changes taking place at all levels of the society and economy are so dynamic that it is impossible to capture all of it in a single book We were fortunate to have the support and guidance of many individuals who are at the forefront of the New India, and perhaps more importantly, are at the forefront of a more equitable global society A few individuals must be singled out for special thanks; among them is our good friend and mentor Dr Marvin Zonis, without whose help and guidance this book would have never been written There are thousands, if not millions, of leaders in the New India, among them Luis Miranda, the president and founder of the IDFC Private Equity He was gracious enough to give us unparalleled access to his organization, and in doing so we were able to develop a clearer understanding of the radical transformation that is occurring within India’s infrastructure, which impelled us to write a whole chapter —“The Road Less Traveled.” Our conversations with Jerry Rao, the president and founder of Mphasis, were equally enlightening; with his passion for history and the Indian people, Jerry is far more than just a successful Indian entrepreneur On a similar note, G M Rao, the chairman and founder of the GMR Group, gave us insights into the subtleties of Indian humor and the team-oriented nature of successful Indian corporations Many others, such as K K Agarwal of Delhi Assam Roadways, were gracious enough to invite us to meet their families, and in doing so we gained an understanding of the strengths of the Indian family-owned business Time and time again we were able to witness the unique nature of the Indian entrepreneur, which exists at 239 240 ACKNOWLEDGMENTS all levels of the Indian economy Raghav Bahl, the founder of TV18, helped us capture the full magnitude of that entrepreneurial spirit and what it will mean for the Indian economy going forward So many other people shared with us their valuable time and commented on different parts of the book We want to thank in particular Haresh Chawla, Sucheta Dalal, Nandan Nilekani, C K Prahalad, PhD, Gurcharan Das, Suresh Prabhu, Ashutosh Varshney, PhD, Susan Rudolph, PhD, Lloyd I Rudolph, PhD, Mathew Rudolph, PhD, Ashu Varshney, PhD, Abhirup Sarkar, PhD, Saurabh Gupta, Ankit Sarwahi, Zhang Xiaobo, Che Jia Hua, Yingyi Qian, Kaavya Kasturirangan, Ratul Puri, Vijay Anand, A Ramakrishna, Puneet Agarwal, Dipesh Garg, Vijay Vancheswar, S K Kulkarni, Ravi Shankar, Vinod Giri, Haresh Chawla, Maj Gen Anil Sawhny, Manu Anand, Ajit Kapadia, Pramit Jhaeri, Ravi Narain, G V Prasad, Nasra Roy, Shivani Bhasin, Ved Mani Tiwari, Shravan Tripathi, and Gaurav Gupta No project can be completed without a good team, and we were fortunate enough to have the best team of researchers in the business They have treaded through long nights, conducting rigorous data analysis, and have provided a solid platform for us to build our story on Thanks go out to Ruminder Dhillon, project manager; Harminder Singh, for his thoughtful leadership; Ankit Sarwahi, chief research analyst; Bhanu Pratap Sharma and Tanushree Chatterjee, for their editorial support; and Anubha Suri, for identifying the fine examples of India’s next wave A personal note of love goes to my wife Carla (Rio), who is my true partner in life: She is my constant source of inspiration, perseverance, and happiness And to my son Devon, who always spent time with me in my office, cheering me on and reminding me what is truly important in life I consider myself blessed to have such a wonderful family WILLIAM NOBREGA To my wife, Shubhra, for her immeasurable patience, and my sons, Kayvan and Kyran, for giving me a purpose in life ASHISH SINHA Riding the Indian Tiger: Understanding India—The World’s Fastest Growing Market By William Nobrega and Ashish Sinha Copyright © 2008 by William Nobrega and Ashish Sinha INDEX 11, 157 2010 Commonwealth Games, 110 3M, 124 Abbreviated new drug applications (ANDAs), 128 Abercrombie & Fitch, 151 Accor, 10 –11 Actis and Standard Chartered Private Equity, 63 Active pharmaceutical ingredients (APIs), 127 Adani Enterprises Ltd (AEL), 56– 47 Adani Exports, in Gujarat, 16 Adani Petronet Port Pvt Ltd (APPPL), 56 Adani Retail Ltd., 57 Adani Willmar Limited (AWL), 56–57 Aditya Birla Group, 52, 143 Adlabs, 154 in Ahmedabad, 27 Agarwal, Anil, 91 Agarwal, Krishan, 96 Agarwal, Prashant, 152 Agarwal, Shri Tekchand, 96 Agribusiness, 141–147 Agriculture, in Maharashtra, 17 Agriculture Produce Market Committee (APMC), 146 Ahmedabad, multiplexes in, 27 AIDS relief, 128 AIG, 135 Air India Express, 101 Airports, 6, 7, 158 Akula, Vikram, 214 Alcatel, 12 All India Congress, xiv Allen S.p.A., 129 Alstom, 109 Aluminum, in Orissa, 22 Alvarez, Paul, 184 Ambani, Mukesh, 143 Ambuja Reality Development, 159 American Depository Receipts (ADRs), 52 Ameritrade, 31–32 Andhra Pradesh, 17, 19–20 Anglo-Dutch Corus Group, 55–56 Anglo-Sikh wars, xii Anil Dhirubhai Ambani Enterprise (ADAE), 151 Animal husbandry, in Jammu and Kashmir, Anthropologie, 150 Antiretroviral (ARV) drugs, 128 Apollo Group, 137–138 Apollo Hospitals, 170, 172 Applied Materials, 58 Apply Daily, 82 Arcelor: in Orissa, 22 in West Bengal, 21 Arora, Manish, 149, 150 Artemis Health Sciences, 132 Arunachal Pradesh, 22 Arvind Brands, 151 Arvind Mills, 16 Ashoka Buildcon, 106 Asian Hotels, 162 Assam, xiv, 22 Assocham, 150 Association of Medical Devices and Diagnostics Suppliers of India (AMDDSI), 132 Atelier National d’Art Textile (ANAT), 149 Atithi Devo Bhavah, 159, 168 ATM transactions, 134 –135 Australian Council on Healthcare Standards International (ACHSI), 171 Authoritarian model, China’s, vii Auto India, 183 241 242 INDEX Automatic train supervision system (ATS), 110 Avendus Advisors, 52 Avon Bicycles, 11 Babu, Sarath, 213 B Gas International (BGI), 116 Bahl, Raghav, 31–36 Bahujan Samaj Party (BSP), 69–70 Bakery specialties, 15 Bakshi, Vikram, 191 Bal, Rohit, 152 Bali, Vishal, 132–133 Bamboo, 23 Bandhavgarh Tiger Reserve and Pench National Park, 167 Bangalore, 18–19 Bank Brussels Lambert of Belgium, 104 Bauxite, in Jharkhand, 22 BAX Global, 126 Bayerische Motoren-Werke (BMW), 224 –226 in Chennai, 18 BBL, 104 Bengal, xiv Best Western, 159 Betapharm Arzneimittel, 205 Bhandar, Sahakar, 146 Bharat Hotels, 162 Bharati, Prasar, 186 Bharti Airtel Limited, 53 Bharti Enterprises, 53 Bharti Telecom, 12 Bharti Tele-Ventures, 50, 53 Bharti Tele-Ventures: rule of law and, 77 Bharti, Prasar, 187 Bhatia, Sabeer, 211 Bickson, Raymond N., 167 Bihar, 21 Biocon, 59– 60 Biodiesel fuel: in Andhra Pradesh, 20 in Tamil Nadu, 20 Biodiesel, 138, 139 Biotechnology, 19 Bird Group, 165 Bloomingdales, 150 Blue Bunny, 222, 223 Blue chip companies See specific companies Blue Membranes, 131–132 BNSF Logistics, 126 Bolero, 140 Bombay Dyeing, 151 Bombay Rayon (BR) 152 Bombay Stock Exchange (BSE), 36 reform, 37, 42 Bon Marche, 150 Bosch, 22 Bose, Anjan, 132 Bose, Chandra, xiv Boston Scientific, 133 BPO Minacs, 52 Brand appeal, local, 179 Brand-Veratide, 128–129 Brijhmohan Lall Munjal, 226 Bristol-Myers Squibb (BMS), 129 British Broadcasting Company (BBC), 86 TV 18 and, 32–33 British colonialism See Colonialism, British British Indian Army, xii British Land Act of 1896, 74 Broadband, 12–13 Brokerage firms, 17 Brooks Entwistle, 49–50 BTech, 212 Buddhism, 10 “Building Political Democracy in China,” 70 –71 Built-operate-transfer (BOT) model, 98 Burma, xiv Burman, S K., 63 Business process outsourcing (BPO), 52, 119 Cable operators, 154 Cabral, Pedro Alvarez, x–xi Cadila Healthcare, 16 Café Coffee Day, 166 CAGR, 137 Calcutta: Cabral and, x East India Company and, xi Calvet, Jacques, 184 Campton Place, 166 INDEX Cancer diagnostic equipment, 130 Canon, 124 Cantarella, Paolo, 184 Career aspirations, changing, 210 –212 Career Education Services, 137–138 Carrefour, 144 Caste, dalit, 69–70 Catheters, 131 CDs, 5, 121–123 Center for Science and Environment (CSE), 190 Central Drugs Authority (CDA), 130 Central Food Technology Research Institute, 219 Centre for Monitoring Indian Economy (CMIE), 219 Cephalosporins, 127 Cereals, 19 Chand, Atul, 150 Charles II, xi Chawla, Haresh, 31, 34 –36 Chelsea College of Art & Design, 149 Chevrolet 1600CC, 27 Chew, Ping, 48 Chicago O’Hare, 101 Chili, in South India, 17 China, xiv capital markets, 43 Cultural Revolution, xv–xvi economic rise of, vii vs India market, 23–25 See also Democracy; Demographics; Determination China Times, 82 China Youth Daily, 81 Chinese Communist Party, 70 Chinese People’s Political Consultative Conference (CPPCC), 73–74 Choice, 159 Chrome, 22 ChrysCapital, 52 Cigen Corporation, 167 Cinvention, 131 Cisco Systems, 82 Citigroup, 25 Citra, 188 CityCampuses, 137 243 Clinigene, 59 CNBC Universe, 168 CNN, 25 Coal, 5, 22 Coca-Cola, 188–191, 218 Cochin, x Coffee: in Karnataka, 19 in Western Ghats region, 17 Colonial approach, 185 Colonialism, British, xi–xiv Committee on Development of Bio-fuel, 138 Committee to Protect Journalists (CPJ), 78 Common Admission Test, 211 Communist Party of India (CPI), 21 Compartmentalization, home and work life, 217–218 Connaught Plaza Restaurants Pvt Ltd., 191 Conservation Corporation Africa (CC Africa), 167 Contact research and manufacturing services (CRAMS), 127 Containerized trucks, 102 Convergys, 13 Copper: in Jharkhand, 22 in Madhya Pradesh, 15 Corn, in Tamil Nadu, 20 Coronary stents, 131 Cotton, in Andhra Pradesh, 19 Credo Brands, 152 Critical care products, 131 CT scanners, 131, 132 Cultural Revolution, xv Cummins Engine Company USA, 114 Currency, Dabur Amla, 63 Dabur Chyawanprash, 63 Dabur India Limited (DIL), 63– 64 Daewoo, 181 Dagaonkar, Gaurav, 213 Dahe News, 80 Daimler AG, 140 Dairy farming, in Haryana, 12, 14 Dalal, Sucheta, 39, 78 244 INDEX Dalhousie, Governor-General Lord, xii Dallas-Ft Worth, 101 Damskey, Kerry, 214 Dannon, 12 Deccan Development Society, 214 Delhi Assam Roadway Corporation, 96, 106 distribution and logistics, 124 Delhi Assam, 102 Delhi Metro Rail Corporation (DMRC), 13, 108–109, 110, 111 Delhi Transport Corporation (DTC), 116 Dell, 13 Democracy, vs dictatorship, 67–74 judiciary, credible and independent, 83–86 press, free and dynamic, 78–83 property rights, 74 –76 rule of law, 76–78 Demographic dividend, 89 Demographics, 86–89 Determination, 89–92 Deutsche Bank, 50 DeVry, 24, 137–138 Dimaag Chalega Nahin Daudega, 222 Distribution, 179 DLF (DLF) Group, 13, 54 –55, 163 Domino’s, 156 Donna Karan (DKNY), 152 Doordarshan Metro, 186 Dopplers, 131 Dow Jones Industrial Average, 42– 43 Doxycyline, 127 Drug Development Promotion Board (DDPB), 128 DSP Financial Consultants Limited (DSP), 50 DSP Merrill Lynch, 50 Duke University, 213 Dusit Hotels & Resorts, 165 DVDs, 5, 154 high-tech manufacturing and, 122–123 Earnings before interest, tax depreciation, and amortization (EBITDA), 137 East India Hotels, 161–162 East India Trading Company, xi Eastman Industries, 11 E-corp, 186 Eden Reality Ventures, 107 Education, xiv, 23, 135–138 Western-style education, xiii E-learning programs, 136–137 Election Commission (EC), 70 Eli Lilly, 127, 133 Elizabeth, Queen, xi Emaar-MGF, 162 Emerging-market entrance strategy, 175–177 McDonald’s success, 191–194 typical mistakes Coca-Cola, 188–191 Frito-Lay, 177–181 Kerry Packer, 186–188 Peugeot, 181–185 Posco Steel, 195–196 Encryption codes, 40 Energy needs, 106 Enterprise services, 12–13 Entertainment See Media /entertainment Escorts, 12 E-Square multiplex, 27 Essar Global, 52 Ethanol, 138 Ethimed NV, 129 Ettoday, 82 European Optic Media Technology, 58 European Retail Parties Good Agricultural Practices (EurepGAP), 144 Exel Netcommerce, 187 Falcon 2000, 168 FAME, 28 Farming model, contract, 178–179 Farm-to-fork initiative, 144 Fashion apparel, 146–152 Fashion Design Council of India (FDCI), 149, 150 Federation of Indian Chambers of Commerce and Industry (FICCI), 142 Fiat, 17, 181, 184, 225 Fiber-reinforced metal (FRM), 56 Fidelity, 135 Financial markets, emerging: banks, funding from, 38–39 credit rating, 47– 48 INDEX derivatives and mutual funds, 47 exchanges, 36–37 NSE, formation of, 39– 42 vs other capital markets, 43– 46 reforms, 37–39 Financial services, 133–135 in Madhya Pradesh, 15 First War of Independence, xiii Fiserv, 135 Fishing, 19 Fitch agency, 48 Fitzgerald, Nicky, 167 Foreign currency convertible bonds (FCCBs), 51 Foreign direct investment (FDI): attitudes toward, 208–209 media /entertainment and, 153 Foreign Exchange Regulation Act (FERA), 188 Foreign Investment Promotion Board (FIPB), 225 Forestry products, 22 Fortis Healthcare Ltd (FHL), 170, 172 Fortune Global 500, 140 Four Seasons, 10 –11, 162 Fox News, 153 Foxconn, 18 Fraport AG, 104 Freight Operating Information System, 100 Frito-Lay: business model, 177–181 in Punjab and Uttar Pradesh, 10 Fruits, 5, 11 Fun Republic: in Ahmedabad, 27 in Lucknow, 28 Gandhi, Mahatma, xiv, xv GAP, 148, 151 GE Medical Systems, 130, 133, 137 General Agreement on Trade in Services (GATS), 169 General Atlantic, 45 Ginger Hotels, 166 Giorgio Armani, 147, 152 GlaxoSmithKline (GSK), 129 Global depository receipts (GDRs), 51 Global distribution centers (GDCs), 125 Global Vantedge, 52 GMAT applications, 212 GMR Corporation, 11, 103, 106 GNIIT, 136 Goa, xi Goel, Anil, 165 Gold Spot, 188 Golden Quadrangle, 97 Golden Quadrilateral, 162 Goldman Sachs (GS), 49–50 KMCC and, 51, 57 NSE and, 44 – 45 Google, 82 Grains: in Haryana, 14 in Kerala, 19 Granite, 22 Growth Shop, 55 Guangxi Business Daily, 80 Gucci, 147, 152 Gujarat Adani Energy Ltd (GAEL), 57 Gujarat Adani Port Ltd., 56–57 Gujarat Pipavav Port, 106 Gulf War, 37 Gupta, Anil, 228 Gupta, Ashish, 149 Gupta, Gaurav, 149, 150 –151 Gurjarat, 16 Gurkha, 10 H&B Stores Ltd (HBSL), 63 Handicrafts, 23 Hardcastle Restaurants Pvt Ltd., 191 Haryana, 12–14 Haseltine, William A., 132 HDFC Bank, 133 Health care, private, 168–172 Hero Honda, 185, 225 in Haryana, 12 in Punjab and Uttar Pradesh, 11 Hewitt Associates, 13 Hewlett Packard, 124 Hidesign, 150 High-tech manufacturing, 120 –124 Hillwood, 10 –11 Hilton, 10 –11, 161–162 245 246 INDEX Himachal Futuristic Communications Ltd (HFCL), 186 Nine Broadcasting India (HNBIL), 186 Hindalco Industries Limited, 54 rule of law and, 77 Hindalco-Novelis, 205 Hinduism: in Jammu and Kashmir, laws of, compared to English case law and, xiii nationalism, vii Hindustan Lever Ltd., 218–219 Hindustan Petroleum Corporation Limited, 20 Hiranandani Healthcare, 170 Holiday Inn Express, 159 Honda Motor Co., 15, 181, 185, 225 Hospitality/leisure, 158–160, 168 airlines and, 160 –161 domestic travelers, 160 MICE activities, 164 –167 realty and, 163–164 SEZs, 167 upgrading services, 161–162 wildlife tourism, 167 Hotel Leela, 162, 163, 164 –165 HotelBenchmark Global Ranking Index, 160 Hotline, 226–228 Hotline Haier Appliances Ltd (HHAL), 228 Hotmail, 211 Hub Group, 126 Human intelligence-gathering techniques (HUMIT), 195 Human rights, 82 HVS International, 162 Hyatt, 161–162 Hyundai Motor Company, 224 IBM: in Haryana, 13 in Orissa, 22 iCall India Ltd., 57 IMAX theatre, 27 IMG, 149 Incredible India, 158–159, 168 India Advantage Fund-I, 155 India Brand Equity Foundation (IBEF), 150 –151 India Business Report, 32–33 India Development Fund Corporation Private Equity (IDFCPE), 105 India Railroad Authority, 98–99 India Show, 32–33 “India Vision 2020,” 59 Indian Administrative Services, 211 Indian Airlines, 160 Indian Hotels Company Limited (IHCL), 164, 165, 166–167, 168 Indian Institute of Management, xv, 211, 213 Indian Institute of Technology, xv, 90 Indian Medical Devices Regulatory Authority, 131 Indian Ministry of Science and Technology, 133 Indian National Army (INA), xiv Indian National Congress, xiv Indian Oil Corporation, 140 Indian Petrochemicals Corporation, 16 Indian Railways, 164 agribusiness and, 141 in Andhra Pradesh, 20 Indian School of Business, 213 Indian Stretched Time (IST), 205 Indian Supreme Court, 83 Individual liberty, xiv Indus League, 151 Industrial Credit and Investment Corporation of India (ICICI Bank), 50, 60 – 61, 133 land value and, 25 Venture Funds Management Company Limited, 155 Industrial Finance Corporation of India Ltd (IFCI), 51–52 Information technology (IT), 119 in Andhra Pradesh, 19 outsourcing in Orissa, 22 See also specific companies Information Technology Enterprise Solutions (ITES), 52 Infosys Technologies Limited, 53–54, 211 in Bangalore, 18–19 education and, 24, 135 rule of law and, 77 INDEX Infrastructure: agribusiness and, 142–143 airports, 101 automobiles, 115–116 highways, 97–98 in Punjab and Uttar Pradesh, 12 irrigation, 112–113 mass transportation system, 108–112 oil and gas pipelines, 112 ports, 101–102 private sector and, 96–97 public-private partnerships (PPT), 97, 103–116 railroads, 98–101 supply chain issues, 113–115 tourism and, 158 ING, 104 Initial public offering (IPO), 155 Inox: in Ahmedabad, 27 in Surat, 28 Insurance companies, 17 Intellectual property rights (IPR), 122 Intercontinental Hotels Group, 159 International Finance Corp (IFC), 58 high-tech manufacturing and, 121–122 Internet protocol television (IPTV), 154 Internet users, 134 Investment Banks, 49–52 Ipods, 157 Iron, 22 Islam, ITC Lifestyle, 150 ITC Welcomgroup, 163 Jahangir, xi Jaipur, 28 Jammu, 8–10 Jatia, Amit, 191 Jatropha, 138–140 in Andhra Pradesh, 20 in Tamil Nadu, 20 Jawahar Rozgar Yojana, 214 Jawaharlal National Urban Renewal Mission ( JNURM), 107 JC Penney, 147 Jealous, 151 247 Jet Airways, 77 Jewelry designers, 19 Jhansi, xii Jharkhand, 21–22 Jiabao, Wen, 82 JM Financial India Fund, 51 JM Morgan Stanley, 202 Joint ventures, 200 –203 Junru, Li, 73–74 Jute, 21 Kainite, 22 Kampani, Vishal, 49 Kanpur, 27–28 Karma, 210 Karnataka, 17, 19 Kashmir, 8–10 Kellogg, 219–222 Kellogg School of Management, 213 Kerala, 17, 19 Key performance indicators (KPIs), 125 Khan, Aamir, 27, 156, 190 Khurana, M L., 108 Khushlani, Kamal, 152 Kodak, 121, 124 Konka Electronics India Co Ltd (KEIL), 226 Koshy, Darlie O., 149 Kotak Mahindra Bank, 50 –51 Kotak Mahindra Capital Company (KMCC), 50 –51, 57–58 Kraft Foods, 12 Kshatriyas, 14 Kyoto Protocol, 11 Lada, 181 Laissez-faire economy, xiii Lakme Fashion Week, 150 Land O’Lakes, 12 Language, 209–210 media and, 335 Larson & Toubro, 114 Law, rule of, xiv Leading Hotels of the World, Ltd., 166 Levis, 147 Li, Linda Chelan, 81 Liberalization, 215–216 Liberty Times, 82 248 INDEX License Raj, xv, ix high-tech manufacturing and, 121 Lifestyle diseases, 169 Limca, 188 The Limited, 151 Liquid crystal display (LCD), 62 Literacy, 19 Livestock, 14 Local distribution centers (LDCs), 125 Local People’s Congress (LPC), 71 Logistics service providers (LSPs), 124 –126 London Business School, 120, 213 Louis Vuitton, 150, 152 Luxembourg Stock Exchange, 127 Maaza, 188 Madhya Pradesh, 15–23 Madras, xi Madura Garments, 151 Maharashtra State Farming Corporation, 17, 20 Mahindra & Mahindra, 20, 140, 184 Malaria, Malaysia Airports Holding Berhard, 104 Malls, 27 Maloo, Vinay, 186 Mandal, R., 139–140 Manganese, 22 Manipal Education Systems, 136 Manipal Health Systems, 106 Manipur, 22 Maria Louisa, 150 Market approach strategy, 180 –181 Marks & Spencer, 147 Marriott, 10 –11, 159, 162 Maruti, 12 Masala Twist, 156 Mass Rapid Transit System (MRTS), 107 Max Mara, 151 MaxHealthcare, 169–170, 172 McDonald’s, 191–194, 215, 223 Meakin, Mohan, 220, 221–222 Media /entertainment, 153–158 Medical devices, 126, 129–133 Medical Technology Forum, 133 Meerut, xii Meeting, incentive, convention, and exhibition (MICE) activities, 164 –167 Meghalaya, 22 Mehta, Hashad, 37, 38–39 Memoranda of Understanding, 22 Mercantile trade, xi Mercedes Benz, 140, 225 Merkel, Angela, 82 Merrill Lynch See DSP Merrill Lynch Metavante, 135 MetLife, 135 MGM Entertainment, 159 Mica, 22 Microsoft, 82 Middle class, explosive growth in, 25–28 Milk See Dairy Millet, 17 MindTree Consulting, 22 Minerals, 22 See also specific type Ministry of Health and Family Welfare, 130 Ministry of Textiles, 148 Miranda, Luis, 105–107 Mitsubishi, 109 Mittal Steel, 21 Mittal, Sunil, 13, 53 Mizorum, 22 Mobile services, 12–13 Mohun, 220 Monasteries, 10 Monto Motors, 185 Moody’s, 48 Morgan Stanley, 49, 51, 135 Moser Baer, 58 high-tech manufacturing and, 120 –124 renewable energy and, 138 Moser Baer Photo Voltaic, 58 Moser Baer SEZ, 58 Motorcycles, 5, 11, 225 Movie production, 27 MRI systems, 132 MSNBC., 33–34 Mt Everest, Multiplexes, 27–28, 154 –156 Mumbai, 17 Mundra Port, 57 INDEX Murthy, N R Narayana, 90 –91, 211 Mysore, xii Nagaland, 22 Nagpur: doctrine of “lapse,” xii multiplexes in, 28 Nahata, Mahendra, 187 Narain, Ravi, 39 Narmada River, 15, 17 NASDAQ, 44 Nath, Kamal, 150 Nath, Narendra, 86 National Accreditation Board for Hospitals and Healthcare providers (NABH), 171 National Aluminum, 22 National capital region (NCR), 170 National Design Policy, 148 National Highway Development Program (NHDP), 97–98 National Institute of Design (NID), 148 National Institute of Fashion Technology (NIFT), 148–149 National Mission on Bio-Diesel, 139 National People’s Congress (NPC), 70, 84 National Stock Exchange (NSE): in Gujarat, 16 key principles, 39– 41 in Mumbai, 17 online trading, 32 trading volume, 44 – 45 TV18 and, 31 National Train Enquiry System, 100 Natural gas, 23 Nehru, Jawaharlal, xiv, xv Neusoft, 132 New Delhi Television Limited (NDTV), 35 The New Weekly, 80 New York Life Insurance, 170 New York Stock Exchange (NYSE): blue chip companies and, 52 ICICI Bank and, 60 NSE and, 44 – 45 Shanghai Stock Exchange and, 42 NFPA-130, 110 249 NIIT, 136 education and, 24 in Haryana, 13 Nirma, 16 Nirula’s, 156 Nokia, 18 Noorani, Salman, 152 Nutrela, 15 Oil, 23 Oil & Natural Gas Corporation of India (ONGC), 51, 57 Old Lane Partners, 51 Olympics, 82 Olympus Fashion Week, 149 OncQuest, 63 One child policy, China’s, 23 Online shopping, 134 Online trading, 32 Opel, 225 Oracle, 214 Orissa, 21, 22 Outsourcing, 18 Over-promise and under-deliver syndrome, 203–204 Pacer Logistics, 126 Pacific Consultants International, 109 Packer, Kerry, 186–188 Paddy, 17 Pakistan, 158 Pal Peugeot Ltd (PPL), 181 Parekh, Ketan, 186, 187 Paris Fashion Week, 150 Pension system, 23 People’s Daily, 78–79, 84 Pepper, 17, 19 PepsiCo: business model, 177–181 in Punjab and Uttar Pradesh, 10 Personal digital assistants (PDAs), 157 Pesticides, 190 –191 Petrochemicals: in Gujarat, 16 in Maharashtra, 17 in Orissa, 22 Peugeot, 181–185, 225 250 INDEX Pharmaceutical companies, 126–129 Pharmaceutical Research and Development Support Fund (PRDSF), 128 Philips Medical Systems, 132, 133 education and, 137 Phones, 157 The Pierre, 166 Piramals, 151 Pizza Hut, 215 Planet Sports, 151 Planning Commission of India, 59 Plastic surgery equipment, 130 Point-of-sales (POS) terminals, 134 Pongamia pinnata, 138 Port Community System (PCS), 101–102 Posco Steel, 195 in Orissa, 22 Potatoes, 10 Poverty, rural, vii Power plants, 22 Power Software Services, 52 Prabhu, Suresh, 68 Prahalad, C K., 166 Premier Automobiles Limited, 181, 184 Premji, Azim, 91 Press, xiii, 78–83 Press and Registration of Books Act, 83 Press Council Act, 83 Press Council of India, 83 Private equity (PE) fund, 51 Private-public partnerships (PPT) See Infrastructure, public-private partnerships (PPT) Priya Exhibitors Private Limited, 155, 156 Processed foods, 15 Procter & Gamble, 128–129, 224 Product /market approach, 194 Progeon Limited, 53 Program evaluation and review technique (PERT), 210 Property rights, xiii, xiv, 74 –76 See also Intellectual property rights (IPR) Prudential, 135 Public interest litigation (PIL), 86 Punjab, 10 –12 annexation of, xii property rights in, 75 Punjab National Bank, 25 Puri, Ratul, 120 –122 PVR Anupam, 155–156 PVR Food Union, 156 PVR Talkies, 155 QSC&V (Quality, Service, Cleanliness, and Value) philosophy, 194 Quality Council of India (QCI), 171 Quipo Infrastructure Equipment, 106 Quit India Resolution, xiv Radhakrishna Foodland Pvt Ltd., 193 Radio market, 156–157 Raheja’s, 151 Rail system, xiii Rail Yatri Niwas, 167 Rajiv Gandhi Quality Award, 115 Rajputs, 14 Ranbaxy Group, 127–129, 170 Global Depository Receipts (GDRs), 127 Rao, G M., 103–105 Rave 3, 28 Rawkins, Paul, 48 Raymond/Park Avenue, 151 Real estate development, 13 Regional distribution centers (RDCs), 125 Reliance Fresh, 28 agribusiness and, 143–147 in Jammu and Kashmir, Reliance Industries: agribusiness and, 143 in Andhra Pradesh, 20 in Gujarat, 16 in Jammu and Kashmir, Reliance Infocomm, 77 Reliance Petroleum Limited, 49 Reliancedigital, 146 Religion, 210 freedom of, xiv tourism and, 159 Relisys Medical Devices Limited, 131 Renewable energy, 138–141 See also Biodiesel; Ethanol; Solar energy Renji, Chen, 81 Research Design and Standards Organization (RDSO), 100 INDEX Retail sales volumes (RSVs), 134 Retirees, 23 Reuters, 48, 187 Rice: in Andhra Pradesh, 19 in Haryana, 12 in West Bengal, 21 Riots, 71–72 Ritz-Carlton Hotel, 166 RocSearch India, 204 –205 Roots Corporation Limited (RCL), 167 Rotem, 109 Rover, 225 Royal Orchid Hotels, 162, 163 RPG Aventis, 128–129 Rubber, 17 Ruchi Gold, 15 Ruchi Soya Industries, 15, 56 Rupee, Rye, 20 Saatchi and Saatchi, 156 Saharaganj mall, 28 Salad Chef, 156 Salt mines, 15 Samant, Rajeev, 214 Sambalpur, xii Sandlewood, 19 Satara, xii Satellite providers, 154 Satyam Computer Services, 22 Scorpio, 20, 140 Scott Trade, 31–32 Seattle Times, 81 Securities Exchange Board of India (SEBI), 37, 39 Semiknocked-down (SKD) kits, 225 Sensitivity, 206 Sepoys, xii Service sector, 21 Seven Sisters States, 22–23 Shengyou village, riots in, 71–72 Sheraton, 10 –11 Shipyard, 16 Shop within a Shop approach, 179–180 Shoppers’ Stop, 151 Shringaar, 154 Siemens, 130 Sikhism, Silk: in Karnataka, 19 in the Seven Sisters, 23 Singapore Airlines, 168 Singapore Telecom, 50 Singh, Leena, 150 Singh, Manmohan, 110 Sino Group, 166 Skoda, 184 SKS Microfinance, 214 Sno Shack Frozen Foods, 222, 223 Soaps, 15 SoftBank, 44 – 45 Solar power, 123–124 Solar Photo Voltaic, 58 Soni, Ashish, 149 Sony, 12 Sorabjee, Hormazd, 183 Sorghum, 17 Southern Metropolitan News, 80 Southern Weekend, 80 Soy production, 15 Special Economic Zone Ltd., 57, 132, 167–168 Spices, 19 Sreedharan, Elattuvalapil, 109–110, 111 Stalin, Joseph, xv Standard & Poor, 48 Starwood, 10 –11 State Bank of India, 38–39 Steel: in Karnataka, 19 in Orissa, 22 in West Bengal, 21 Street Food of India, 156 Sugarcane, agribusiness and, 141 in Andhra Pradesh, 19 in Punjab and Uttar Pradesh, 11 in South India, 17 in Tamil Nadu, 20 Sula Vineyards, 214 Sunil Mittal, 26 Supermarkets, agribusiness and, 141 251 252 INDEX Supply chains, 142 Supreme People’s Court (SPC), 84 Surat, 28 Suzuki 800CC, 27 Swally, naval battle of, xi Syngene, 59 Taipei Times, 82 Taj Air, 168 Taj GVK Hotels & Resorts, 162, 163, 165 Taj Hotels Resorts and Palaces, 16, 165 Taj Mahal Palace Hotel, 165 Taj Wilderness Lodges (TWL), 167 Tamil Nadu, 17, 19–20 Tata, Jamsetji, 165 Tata Cummins Limited (TCL), 114 Tata Group, 151, 165 Tata Motors, 114 –115 in Maharashtra, 17 rule of law and, 77 Tata Sponge Iron, 22 Tata Steel Limited, 55–56 TCS, 133 in Orissa, 22 Tea, 17 Teenager Affect, 154 Telephone services, 12–13 Temples, 10 Terapia, 128–129 Tesco, 143 Texas Instruments, 133 Textile companies, 11, 16 Thar Desert, 16 The Times of India, 78 Thermal electricity generation, 16 Third-party logistics providers (3PLs), 124 –126 Thums Up, 188 Tiananmen Square, 78 Tibetan exiles, 10 Time, 205, 217 TIME magazine, 214 Times of India, 39 Timing devices, 120 TipuSultan, xii Tiwari, Ved Mani, 110 –111 TMP Worldwide, 186 Tobacco, 19 Tracking and transaction systems, computerized, 102 TransAsia Infrastructure Holding, 107 Transparency, 204 –205 Transportation: in Gujarat, 16 in Madhya Pradesh, 15 See also specific type TransWorks, 52 Travel costs, reduced, 158 Tripathi, Shravan, 139 Tripura, 22 Trivitron, 132 Truck driving, 95–96 training, 102–103 Truck manufacturing, Trump, 10 –11 Tse-Dong, Mao, xv TSYS, 135 Tufts, 214 Turmeric, 20 TV18, 31–36, 82–83, 153 U.S Food and Drug Administration, 77, 128, 130, 133 Ultrasonic scanning equipment, 130 Unilever, 218–219 Unit Trust of India, 38, 47 Unitech, 163 United Daily News, 82 University of Chicago, 214 University of Mysore, 90 Unza Holdings, 63 Urbanization, 20 Uttar Pradesh (UP), 10 –12, 14, 69 Uttarakhand, 14 –15 Value added tax (VAT), 126 Vanilla, 17 Vasco da Gama, x Vatika, 63 Vedanta Resources, 91 Vedanta University, 91 Vedic society, 14 Vegetable fats, 15 INDEX Velu, G S K., 132 Viceroy Hotels, 162 Videocon, 61– 63 Video-on-demand (VOD), 154 Village-centric model, xv Village Roadshow Limited, 155 Vincent Adenis-Lamarre, 183 Visa International, 134 Vishal Exports Overseas, 16 VSAT technology, 40 Vysya Bank, 103–104 Wachovia, 135 Walia, A K., 86 Wal-Mart, 34 agribusiness and, 143 demographics in China and, 89 fashion apparel and, 147 growing middle class and, 26–27 in Haryana, 13 in Punjab and Uttar Pradesh, 10 Warburg Pincus LLC, 26–27, 169 Warehouses, 124 –125 Wave, 28 Wellesley, Governor General Lord, xii Wells Dairy, 222, 223 West Bengal: property rights in, 75 violent protests in, 21 Western Ghats, 17 Wheat: in Haryana, 12 in Jammu and Kashmir, in Punjab and Uttar Pradesh, 11 253 Whirlpool India, 12 Wide Angle, 27 Willar Trading, 57 Wills Lifestyle India Fashion Week, 150 Wipro Technologies, 22, 52, 77, 130 Wittis, 226–228 Wockhardt Hospital, 132–133, 169 Working Journalists and Other Newspaper Employees Act, 83 World Association of Newspapers (WAN), 81 World Bank, 58 World Competitiveness Report, 2006–2007, 77–78 World Economic Forum (WEF), 77, 83 World Tourism Organization (WTO), 161 World Trade Organization (WTO), 169 World Travel and Tourism Council (WTTC), 161 World Values Survey, 199, 208 World War II, xiv W Sydney, 166 Xinhua News Agency, 79–80, 81 X-ray machines, 131 Yahoo, 82 Youping, Lin, 81 Yunlong, Ma, 80 Zamzara, 150 Zinc, 15 Zodiac group, 151 Zydex, 121 ... expansions that the world has ever seen RIDING THE INDIAN TIGER Map of India Riding the Indian Tiger: Understanding India The World’s Fastest Growing Market By William Nobrega and Ashish Sinha Copyright... 196 1Riding the Indian tiger: understanding India the world’s fastest growing market / William Nobrega, Ashish Sinha p cm ISBN 978-0-470-18327-4 (cloth) India Economic policy—1991- Capital market India. .. million Indians hold secondary degrees and India is home to the largest number of engineering graduates in the world 6 RIDING THE INDIAN TIGER Now for the context India is a complex and growing