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Dr. Manmohan Singh in 1994, when finance minister. He subsequently became Prime Minister of India (Source: Wikimedia Commons)

Modernizing without Westernizing: Social Ties and Indian Business

Idea posted: March 2014
  • Strategy
  • Finance
  • Marketing
  • Operations

The modernization of India’s economy, begun in the early 1990s when Manmohan Singh, then finance minister, introduced a series of reforms, has not reversed centuries-old traditions. Personal affiliations and kinship ties, long the bedrock of Indian society, continue to exert a powerful influence in the financial sector. India’s economy has been liberalized — but not, necessarily, Westernized.

Idea #341
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