BOOK REVIEW  INDIAUNBOUND    BYGURCHARAN   DAS               Pankaj Muthe Mail me on                 muthep@gmail.com
• “A ringside view of theWHAT OTHERS SAY                    economic and social                    transformation of a    ...
Part One:CONTENTS IN THE BOOK   Our Spring of Hope ( 1942-                          1965)                       Part Two: ...
THE PRE-INDEPENDENCE     STORY                Pankaj Muthe Mail me on                  muthep@gmail.com
• RICH INDIAINDIAN GLORY   • Columbus went in quest of                 riches in India and                 discovered Amer...
• India was well developed in                 comparison with WesternINDIAN GLORY                 economies               ...
• India produced world’s best                 cotton yarn and textilesINDIAN GLORY   • Exports were half of the output    ...
SO WHAT WENT WRONG ?Pankaj Muthe Mail me on  muthep@gmail.com
• Britain taxed the Indian                          farmer heavilyBRITISH RULE IN INDIA                        • Transferr...
• Industrial revolutionWAS BRITISH RULE THEONLY PROBLEM?            destroyed Indian textile                         indus...
THE GREAT PARADOXBy 1914,• India had the largestjute manufacturingfactory•Fourth largest cottontextile industry•Largest ca...
TEAMWORKDIVIDED WE FALL                  Pankaj Muthe Mail me on                    muthep@gmail.com
• CASTECASTE AWAY   • Four main layers in Indian               system             • Traditionally not accorded            ...
STORY POST 1947 TO 1991INDIA BECOMES FREE                     Pankaj Muthe Mail me on                       muthep@gmail.com
• Inspired by communistFREE INDIA     Russia than capitalist               America             • Influence of socialism   ...
• The six wrongsChoosing the wrong path   1. Adopted an Import                             substituting path              ...
• In 1960, our per capita income                  was more than China, now it isTHE EFFECTS                  half         ...
SECOND LIFE…. POST 1991                          Pankaj Muthe Mail me on                            muthep@gmail.com
• THE GOLDEN SUMMER OF                      1991MEN BEHIND WHEELS                    • Economic revolution                ...
NEW MONEY            Pankaj Muthe Mail me on              muthep@gmail.com
• INFOSYSNEW MONEY   • Started by 6 engineers with              Rs.10,000            • More than $ 15 billion today       ...
• ARMEDIANEW MONEY   • Started by engineer              working with Intel            • Started own firm in              B...
OLD MONEY            Pankaj Muthe Mail me on              muthep@gmail.com
• Owned and managed by aOLD MONEY     family as a joint family            • “Haveli ki umar saath saal”            • The s...
• Our great strength is our                  people, weakness isA NEW COUNTRY                  government and hope is     ...
• Unleash human capital through                  educationA NEW COUNTRY                • Creation of middle class means   ...
• “India is an elephant and has                   begun to lumber and moveA NEW COUNTRY                   ahead. It will n...
THANK YOU!Book review Based on “India Unbound” by    Gurcharan Das                       Pankaj Muthe Mail me on          ...
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Indiaunbound summary

  1. 1. BOOK REVIEW INDIAUNBOUND BYGURCHARAN DAS Pankaj Muthe Mail me on muthep@gmail.com
  2. 2. • “A ringside view of theWHAT OTHERS SAY economic and social transformation of a nation…..” • “One of the most readable and insightful books to appear on India’s torturous economic path” • “Describes India’s economic policies analytically, logically and vividly.” Pankaj Muthe Mail me on muthep@gmail.com
  3. 3. Part One:CONTENTS IN THE BOOK Our Spring of Hope ( 1942- 1965) Part Two: The Lost Generations ( 1966- 1991) Part Three: The Rebirth of Dreams ( 1991-1999) Pankaj Muthe Mail me on muthep@gmail.com
  4. 4. THE PRE-INDEPENDENCE STORY Pankaj Muthe Mail me on muthep@gmail.com
  5. 5. • RICH INDIAINDIAN GLORY • Columbus went in quest of riches in India and discovered America • India’s wealth lured all • Golconda was famous for its diamonds • Vasco Da Gama was sent to find India • English came much later Pankaj Muthe Mail me on muthep@gmail.com
  6. 6. • India was well developed in comparison with WesternINDIAN GLORY economies • Annual revenues of Aurangzeb were ten times that of his contemporary Louis XIV • Accumulated a wealth of more than a one and half billion dollars • Spent this money on development of monuments like Taj Mahal Pankaj Muthe Mail me on muthep@gmail.com
  7. 7. • India produced world’s best cotton yarn and textilesINDIAN GLORY • Exports were half of the output • Controlled a quarter of the world’s textile trade • Changed dressing habits of Europeans and replaced woolen clothes • More than a fifth of the world’s wealth • Well developed banking systems • Bills of exchange were honoured throughout Asia Pankaj Muthe Mail me on muthep@gmail.com
  8. 8. SO WHAT WENT WRONG ?Pankaj Muthe Mail me on muthep@gmail.com
  9. 9. • Britain taxed the Indian farmer heavilyBRITISH RULE IN INDIA • Transferred surplus back home to finance its own deficit • 8% of GNP was transferred to Britain every year • Financed Industrial revolution back home • In 1830, share of Industrial production was 17.6 % which declined to 1.7% by 1900 Pankaj Muthe Mail me on muthep@gmail.com
  10. 10. • Industrial revolutionWAS BRITISH RULE THEONLY PROBLEM? destroyed Indian textile industry • Indian industrialists were not allowed to set up modern mills • Indian social system also contributed to its problems • Indian superstitions, beliefs, indiscipline contributed equally Pankaj Muthe Mail me on muthep@gmail.com
  11. 11. THE GREAT PARADOXBy 1914,• India had the largestjute manufacturingfactory•Fourth largest cottontextile industry•Largest canalnetwork•Third largest railwaynetwork•2.5% of the worldtrade Pankaj Muthe Mail me on muthep@gmail.com
  12. 12. TEAMWORKDIVIDED WE FALL Pankaj Muthe Mail me on muthep@gmail.com
  13. 13. • CASTECASTE AWAY • Four main layers in Indian system • Traditionally not accorded a high place to the making of money • System created inability to non cooperate • The “Brahmanical” advantage Pankaj Muthe Mail me on muthep@gmail.com
  14. 14. STORY POST 1947 TO 1991INDIA BECOMES FREE Pankaj Muthe Mail me on muthep@gmail.com
  15. 15. • Inspired by communistFREE INDIA Russia than capitalist America • Influence of socialism • Did not trust private entrepreneurs • Decided to create the state as a business house • Experienced an agricultural revolution Pankaj Muthe Mail me on muthep@gmail.com
  16. 16. • The six wrongsChoosing the wrong path 1. Adopted an Import substituting path 2. Set up inefficient PSUs 3. Overregulated the private enterprise 4. Discouraged foreign capital 5. Pampered organized labour 6. Ignored education Pankaj Muthe Mail me on muthep@gmail.com
  17. 17. • In 1960, our per capita income was more than China, now it isTHE EFFECTS half • Half Indians are poor by international standards • Four out of Ten Indians are illiterate • India is ranked 134th out of 174 on the UN Development Program’s Human Development Index • Our failure came less from ideology and more from poor management Pankaj Muthe Mail me on muthep@gmail.com
  18. 18. SECOND LIFE…. POST 1991 Pankaj Muthe Mail me on muthep@gmail.com
  19. 19. • THE GOLDEN SUMMER OF 1991MEN BEHIND WHEELS • Economic revolution • Dismantled license raj • Free import controls • Opened country to foreign investment • Privatised banking, airlines, power, petroleum, telecom, postal sectors • Tax rates came down • Set up Foreign Investment Proposal Board Pankaj Muthe Mail me on muthep@gmail.com
  20. 20. NEW MONEY Pankaj Muthe Mail me on muthep@gmail.com
  21. 21. • INFOSYSNEW MONEY • Started by 6 engineers with Rs.10,000 • More than $ 15 billion today • ZEE GROUP • Started by Subhash Chandra, a grain Trader from Haryana • Pioneered laminated tubes • Entertainment business with Esselworld • Entered Cable business first Pankaj Muthe Mail me on muthep@gmail.com
  22. 22. • ARMEDIANEW MONEY • Started by engineer working with Intel • Started own firm in Bangalore • In two years, sold to Broadcom for more than Rs.300 cr • RAMESH CHAUHAN • Sold Thums Up to Coke for more than 180 cr Pankaj Muthe Mail me on muthep@gmail.com
  23. 23. OLD MONEY Pankaj Muthe Mail me on muthep@gmail.com
  24. 24. • Owned and managed by aOLD MONEY family as a joint family • “Haveli ki umar saath saal” • The story of Buddenbrooks • Professionally managed companies respond better to challenges and decision making Pankaj Muthe Mail me on muthep@gmail.com
  25. 25. • Our great strength is our people, weakness isA NEW COUNTRY government and hope is internet • Our rich country became poor and would become rich again • We are powered by an “ICE” age • We missed the industrial revolution but have caught the information revolution Pankaj Muthe Mail me on muthep@gmail.com
  26. 26. • Unleash human capital through educationA NEW COUNTRY • Creation of middle class means success for India • New India is on competition and decentralisation • Majority of Indians in the 21st century would be freer and prosperous than their parents and grandparents Pankaj Muthe Mail me on muthep@gmail.com
  27. 27. • “India is an elephant and has begun to lumber and moveA NEW COUNTRY ahead. It will never have speed but will always have stamina. The elephant is the wisest of animals/the only one who remembers his former lives and remains motionless of time meditating. India will have a more stable, peaceful and negotiated transition than, say, China” Pankaj Muthe Mail me on muthep@gmail.com
  28. 28. THANK YOU!Book review Based on “India Unbound” by Gurcharan Das Pankaj Muthe Mail me on muthep@gmail.com

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