Events do not take place in isolation. There are always circumstances preceding any event as well as consequences. Any understanding of a phenomenon or a situation will usually have to be based on a knowledge and appreciation of the trajectory of circumstances which have lead up to it (O'Brienm, Remenyi 2004). Thinking historically is not an easy process. It definitely requires an appreciation of the dynamic nature of change in human systems, which of course are highly complex. Business history can be turned into actionable knowledge for decision making.
Business history of a nation has its own role in shaping the way its policymakers think about future desired goals related to economic, human and entrepreneurship development. The decisions made in the past limit or expand the available solutions. The business history serves as a potential tool for decision making. Other uses of business history can be using relevant past to unite and inspire people, to plan forward and to leave a legacy. However, research in Indian business history and its usage is still in its infancy (Tripathi, 2014).
This paper attempts to look at several perspectives on business history and progress of the scholarship in Indian business history. The paper also tries to propagate the potent uses of business history as a decision making tool, and suggest decision makers to encourage development and usage of Indian business history to script India's future. For this conceptual paper, the research undertaken is exploratory in nature with relevant secondary data.