ABSTRACT
India has been riding a wave of economic growth for more than two decades now. Even when the rest of the world, especially the developed part, has faced recession and depression, growth in India has persisted. The excitement about India’s economic growth is now for real and is evident all over the world. A country that was written off for much of the twentieth century came into its own in the final decade of the last millennium. Growth rates went up, with gross domestic product (GDP) doubling over a six-year period. Incomes and salaries rose too and suddenly a poor nation was home to more than three hundred million middle-class consumers, becoming one of the most inviting markets for the world’s manufacturers and service providers. Some sectors took off almost immediately as economic reforms began in the mid-1980s.
