CHAPTER TWO
The Way to the India Way
Economic Reforms Drive Development of New Capabilities
TATA GROUP, the holding company of one of India’s largest conglomerates, had adapted to and actually prospered from the stifling regulatory environment that enveloped Indian business firms in the 1980s. The business context was a far cry from free-market philosophies taking hold in the United States under President Ronald Reagan and in the United Kingdom under Prime Minister Margaret Thatcher.1 Yet the firms of the Tata Group had learned to navigate, even master, a world of state constraint and sluggish growth.
Then came a set of watershed economic reforms in the summer of 1991, opening a new world of far less domestic regulation and far more international ...
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