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Doing Business in India by Dean Nelson

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History and Business

The people of the Indian subcontinent have been trading with Arabia and Greece for several millennia. Commerce flourished under Mughal rule, and by the 16th century India controlled more trade than the whole of Europe. In the 18th century India and China were the world’s largest manufacturing economies, but by the time it gained its independence from the British Empire in 1947, India’s share of world income had been reduced to just 3.8 percent.

The socialist legacy

After Independence, India followed the socialist policies of its first prime minister, Jawaharlal Nehru. The main industries were state controlled, foreign investment was limited, and trading in shares heavily restricted. The results were mixed. India developed ...

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