Indian entrepreneurs who were used to the art of manipulating, managing and circumventing the regime of controls and restrictions and the power centre of licensing, would be able to break away from the past and rise to the occasion of liberalization.The country stepped into liberalization. The government sold off shares in its companies and opens the door to foreign investment. Liberalization brought GDP growth to 7 percent, and pushed the inflation down. A new private sector emerged, especially in technology services, side by side with government-sponsored Research and Development efforts in Bangalore. India becomes a major exporter of software. The government favored foreign investment in infrastructure and high technology over consumer products. Deregulation and decentralization of the economy continued during this period. (Source: Bala M.Internal competition of more than 500 companies, entrepreneurs and producers has led India into a global innovation and quality club. The managerial culture within knowledge industry sector enshrines world class quality flat and empowered work teams with a strategic managerial mission and visions. An out of the box thinking emerged in the mind of Indian managers and entrepreneurs and some new trend emerged in service sector which include outsourcing of knowledge and business. Indian Managers started believing in joint ventures, merger and acquisitions. World’s biggest merger and acquisitions started and led by Tata, Reliance, Mahindra and Mahindra, Infosys and many more.After independence Indian political and economic system was influenced by the colonial experience which was seen by Indian leaders as exploitative in nature. All economic and political policy were tended towards protectionism, with a strong emphasis on import substitution, industrialization, state intervention in labor and financial markets, a large public sector, business regulation, and central planning. Jawaharlal Nehru, the first prime minister, along with the statistician Prasanta Chandra Mahalanobis, carried on by Indira Gandhi formulated and oversaw economic policy.Indian management style during this period had a high effect of family conglomeration. Bad infrastructure facilities and at the same time high level of corruption in the bureaucratic system ruined Indian managerial innovative thinking and hence halted the emergence of entrepreneurs.In the late 80s, the government led by Rajiv Gandhi eased restrictions
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