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Lost GloryIndia's Capitalism Story$
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Sumit K. Majumdar

Print publication date: 2018

Print ISBN-13: 9780199641994

Published to Oxford Scholarship Online: August 2018

DOI: 10.1093/oso/9780199641994.001.0001

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Final Thoughts

Final Thoughts

(p.237) 9 Final Thoughts
Lost Glory

Sumit K. Majumdar

Oxford University Press

The chapter sums up the evidence and concludes that India’s industrial performance has been sub-par. Given India’s uninspiring industrial performance, three ameliorative reforms, an administrative reform, a structural reform, and a behavioral reform, are put forward. Since talent management is a critical administrative functionality of capitalism, an Indian Management Service would fill key strategic management positions in State firms to deepen the human capital pool for strategic management in the State sector. State sector firms’ ownership could be restructured. An autonomous India Public Investment Authority would be the agency for share-vesting and portfolio management. The India Public Investment Authority would own controlling stakes, while granting strategic and operational autonomy to the firms. A message of economic nationalism, on the theme that a productive industrial India will be a prosperous India, has to stir a consciousness for Indians to change behavior to achieve the efficiency needed for India’s economy to prosper.

Keywords:   Indian industrial performance, Indian capitalism, State role, administrative reform, talent management, structural reform, State ownership, public investment management, economic nationalism

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