Chronological Evolution and Contemporary Development of Indian Business

Evolutionary process gives raise to phenomenal developments in any country across the world. The trends and patterns of business through the ages bring the story down to modern times when it fuses with nationalism. India's entrepreneur are drawing attention today across the world so it is very much essential to understand the entrepreneurial energy, The known economic history of India begins with Indus valley civilizations economy appears to have depended significantly on trade, which was facilitated by advance in transport. The history of Indian economy can be broadly divided into three phases pre-colonial, colonial and post colonial. Archaeological evidences suggest that towns and metallic currencies existed in India even during the first century AD. The British rule was firmly established in India y the middle 19^th century. They modernized the transport and communication in the country. After India got independence from colonial rule in 1947, the process of rebuilding the economy started. For this various policies and schemes were formulated. After economic crisis in 1991, the central government launched economic liberalization adding value to the development by removing the strength trade barriers. Growth of public and private enterprise after independence, the nature and the scope of business changed in many ways. Large scale industries were started in public and private sector. Foreign investment in industries in various sectors has increased in recent times. Liberalization paved the way for large scale investment in automobile, information technology, consumer electronics and fast food business. India is attractive to foreign investors due to our excellent track record of rule of law, democracy and respect for human rights.