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The Concise Oxford History of Indian Business
The Concise Oxford History of Indian Business is an adapted edition of The Oxford History of Business . The author traces the transformation of the Indian business class from merchants to industrialists and, more recently, service providers. The focus of this volume is on the modern or that phase of Indian business in free India and response of Indian business to the call of globalization.
280 pages, Paperback
First published December 7, 2006
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Displaying 1 - 6 of 6 reviews
April 21, 2019
This is a gem of a book by an author (now deceased) who during his lifetime was the numero uno authority on the history of Indian business. While this book represents an abridged version of "The Oxford History of Indian Business" at two-thirds the length (and one-tenth the price), the content is nonetheless pretty extensive to digest. One learns of how Indians transitioned from commerce (i.e. pure trading and moneylending) to industry and services.
The book covers the period from the beginning of the 18th century in the sunset period of Aurangzeb era to about 2005-06. In that sense one may find it a bit outdated, what with Sahara boss behind bars, Vijay Mallya absconding, rise of Gautam Adani, the e-commerce boom taking off, the telecom space consolidating and what not since that time. However, for somebody with deeper interest in how most of the storied and dominant Indian business groups and communities of today came to be, there cannot be a better source to learn from.
One might recoil at how some of the big businessmen and traders actively colluded with the British and caused the downfall of their fellow countrymen but it has to be understood that it was purely a matter of commercial interests. There was no idea of India at the time and the region had a continuous history of foreigners conquering parts of what is today India. The Tatas made their initial money trading in opium among other things which was exported in shiploads to China from India by the British. They cannot have been unaware of the addictive effects of the drug on the Chinese population and yet nobody speaks about it today. There was no stigma attached to opium back then and for businessmen it was just another profitable commodity to trade in. Some of the biggest groups of today, especially the Birlas, actively got issued and hoarded licenses during the license-permit era with the intention of denying competitors the opportunity of breaking into their market. DCM and Escorts got the government to force Swaraj Paul to back off from hostile acquisition attempts. All such practices would be decried as blatant crony capitalism today but were treated as par for the course back then.
Other authors such as Gita Piramal and Harish Damodaran and publishers such as Penguin India have added to the scholarship of Indian business history but the Concise Oxford History remains the text one should begin with for the others don't sweep as wide a canvas.
The book covers the period from the beginning of the 18th century in the sunset period of Aurangzeb era to about 2005-06. In that sense one may find it a bit outdated, what with Sahara boss behind bars, Vijay Mallya absconding, rise of Gautam Adani, the e-commerce boom taking off, the telecom space consolidating and what not since that time. However, for somebody with deeper interest in how most of the storied and dominant Indian business groups and communities of today came to be, there cannot be a better source to learn from.
One might recoil at how some of the big businessmen and traders actively colluded with the British and caused the downfall of their fellow countrymen but it has to be understood that it was purely a matter of commercial interests. There was no idea of India at the time and the region had a continuous history of foreigners conquering parts of what is today India. The Tatas made their initial money trading in opium among other things which was exported in shiploads to China from India by the British. They cannot have been unaware of the addictive effects of the drug on the Chinese population and yet nobody speaks about it today. There was no stigma attached to opium back then and for businessmen it was just another profitable commodity to trade in. Some of the biggest groups of today, especially the Birlas, actively got issued and hoarded licenses during the license-permit era with the intention of denying competitors the opportunity of breaking into their market. DCM and Escorts got the government to force Swaraj Paul to back off from hostile acquisition attempts. All such practices would be decried as blatant crony capitalism today but were treated as par for the course back then.
Other authors such as Gita Piramal and Harish Damodaran and publishers such as Penguin India have added to the scholarship of Indian business history but the Concise Oxford History remains the text one should begin with for the others don't sweep as wide a canvas.
June 13, 2021
It is a definitive read of some of the historical events and policies that shaped the history between 1700s to early 2000s . The 1700s part and the early 2000s part is sketchy but has a good grip on the part between 1800s to 1980s . Overall gives a lot of pointers for future research .
December 5, 2018
Interesting nuggets from this slim, informative, and highly readable volume:
The Gujarati and Maharashtrian mercantile community’s financial dealings with British trading interests in India in the early Eighteenth century, like making them guarantors for credit extended to ill managed regional kingdoms, played an instrumental role in creating the conditions for a political takeover.
During Nehru’s avowed socialist tenure more companies were floated in the chemicals, textiles, and steel industries than in his daughter Indira’s. The infamous ‘license permit raj,’ notable for placing onerous restrictions on product category, capacity expansion and contraction decisions, and price setting by firms and the market mechanism, actually came to be during the reign of Indira Gandhi. Fewer firms were floated during her regime, and the worst bureaucratic excesses carried on under the banner of the planned economy attributed to Nehru are actually his daughter’s policies in action.
The Gujarati and Maharashtrian mercantile community’s financial dealings with British trading interests in India in the early Eighteenth century, like making them guarantors for credit extended to ill managed regional kingdoms, played an instrumental role in creating the conditions for a political takeover.
During Nehru’s avowed socialist tenure more companies were floated in the chemicals, textiles, and steel industries than in his daughter Indira’s. The infamous ‘license permit raj,’ notable for placing onerous restrictions on product category, capacity expansion and contraction decisions, and price setting by firms and the market mechanism, actually came to be during the reign of Indira Gandhi. Fewer firms were floated during her regime, and the worst bureaucratic excesses carried on under the banner of the planned economy attributed to Nehru are actually his daughter’s policies in action.
March 5, 2021
Amazing book for people who want to know the business progression of medieval India. You will see how East India as a company built empires and kept hopes high on their huge initiatives with a high-risk budget and capital. The book shows you why Mumbai Kolkata Surat were major trading hubs. Leveraging your knowledge of the politics of modern history in the Youtube channel Pathfinder will give you a good grasp of the subject. Also in this book, you will see why when, and which industries prospered, and the journey of entrepreneurs in building these industries along with regular negotiations with the government.
One takeaway from this book: Business cycles are a function of poor planning and foresight. If governments have good foresight, a healthy growth rate will be ever maintained.
One takeaway from this book: Business cycles are a function of poor planning and foresight. If governments have good foresight, a healthy growth rate will be ever maintained.
July 10, 2021
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September 9, 2023
The book has a flow which is required to get get bored generally most of the history books are boring but when i read it it was engaging.
Displaying 1 - 6 of 6 reviews