Preface to the Second Edition

The business environment has undergone momentous changes in the last few years and the world economic scenario has altered significantly since the publication of our first edition in 2006.

The ongoing economic recession, which had its origin in the US, brought the entire world economy in turmoil, having both direct and indirect impact on the economic development. It has also compelled us to rethink capitalism and gratuitous privatisation without regulation even in those countries which are traditionally committed to free trade.

In India, besides economy, political developments, which have a direct bearing on the shaping of our economic policy, are also a matter of grave concern. The occurrence of such events in our ...

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