In this chapter, we study the Indian private sector, its phenomenal growth, the government's role in its growth and its importance. We scrutinize the consequences of liberalization on the private sector, its performance and sectoral growth, its relation to socio-economic development, the rise of private sector giants and the problems faced by the private sector and the lack of corporate governance.

Since the adoption of the country's planned economic development in 1951, especially after the Industrial Policy Resolutions of 1948 and 1956, the private sector has been assigned a complementary role to the public sector. As per the then government's policy, key and strategic industries were earmarked for the public sector ...

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