India Arriving: How This Economic Powerhouse is Redefining Global Business - By Rafiq Dossani
Once the jewel in the crown of the formidable British Empire, India has been surrounded by myth for years. After gaining independence in 1948 this often misunderstood country found itself faced with a new sense of freedom—and along with it, enormous burdens and challenges. While exotic, mysterious and seductive, it has also become an economic force to be reckoned with. With the fourth largest economy in the world, the largest youth population on Earth and a thriving middle class, India is the second-most-preferred destination for foreign investment. But very few Americans truly understand what a rich and powerful country it has become—or its role as a global power, center of outsourcing and potential partner with the United States.
From the country’s thriving film industry to its burgeoning high-tech industry as well as its attempts to stabilize its economy, India Arriving offers a fascinating glimpse into the real India with all of its assets and all of its faults. In “India Arriving: How This Economic Powerhouse is Redefining Global Business” published by Amacom/American management Association, author Rafiq Dossani of Stanford University goes beneath the veil surrounding India and explores the many ways it has begun to emerge onto the world stage. He explores its birth as an independent nation and forces like political shifts, social reform and education that have helped to shape a new India. Honest and revelatory, India Arriving provides a deeper understanding of a country that promises to be the next major player in the world economy.
Dossani traces the political and economic development of India since independence and draws a portrait of its present institutional, economic, and social realities. He argues that the South Asian country is becoming like developed countries in its institutions and like East Asia in economic growth, while still maintaining a unique role for services in economic growth and maintaining its pluralism. His treatment examines India’s federalism, the structure of its economy, the emergence of the Indian information technology industry, religious diversity, Indians living in the United States, rural India, the Indian stock exchanges, and the media.
However, as an anonymous writer online while reviewing the book wrote, Rafiq intermingles anecdotes, opinions and facts, sometimes confusing the readers. This can especially risky because the book is written by an academician, courses are likely to be taught and research papers are likely to be written based on this book and not too far in the future opinions and anecdotes may be quoted as truth. The title is catchy and timely as India is indeed arriving. Some, however, point out that the book does not contain logical ‘let alone scientific’ progression on why and how this is happening. A set of chronologically ordered chapters would have helped. The author is also criticized for political bashing - Nehru, Indira Gandhi, Rajiv Gandhi, and so on for their poor policies or lack of them but not much credit given to the Vajpayee or the Manmohan Singh governments for their positive moves. Alas, there is no mention of Narasimha Rao under whom the new changes actually started.
Extensive coverage of Hindu/Muslim difference in chapter 10 is not backed up, controversial and appears to have been written with a strong bias. Sadly enough, for the most part this chapter, the way it is written is irrelevant to the theme of the book. The generalization of prevailing caste system in India is appalling. A casual reader would assume that in the 21st century the upper castes are calling the shots everywhere, which is not known to be true. The exception quoted of Jayalalitha ‘a brahmin’ in Tamil Nadu as the mistress of a former backward caste CM ‘MGR’ is false. MGR was a Menon and Menons by caste/profession were ministers in the royal court and commanders in the royal armies. Coming from an academician, especially representing a prestigious educational institution, more was expected from the author and some readers have been disappointed. Readers would assume that by default, these books are well researched. When they are not they can do more damage than good.
Rafiq Dossani is a senior research scholar at Shorenstein APARC, responsible for developing and directing the South Asia Initiative. His research interests include South Asian security and financial, technology, and energy-sector reform in India. He is currently undertaking projects on political reform, business process outsourcing, innovation and entrepreneurship in information technology in India and security in the Indian subcontinent. Dossani earlier worked for the Robert Fleming Investment Banking group, first as CEO of its India operations and later as head of its San Francisco operations. He has also been the chairman and CEO of a stockbroking firm on the OTCEI exchange in India, the deputy editor of Business India Weekly and a professor of finance at Pennsylvania State University. He holds a BA in economics from St. Stephen’s College, New Delhi, India; an MBA from the Indian Institute of Management, Calcutta, India; and a PhD in finance from Northwestern University.
BY YOGESH KARIKURVE
