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Organizational Change and Development: A Case Study in the Indian Electricity Market

In: Ready for Change?

Author

Listed:
  • Pawan Budhwar
  • Jyotsna Bhatnagar
  • Debi Saini

Abstract

The present economic growth of India is largely an outcome of the liberalization of its economic policies in 1991. Since gaining independence in 1947, India adopted a “mixed economy” approach (emphasizing both private and public enterprise). This had the effect of reducing both entrepreneurship and global competitiveness. Despite the formalities of planning, the Indian economy reached its worst in 1990 and witnessed a double digit rate of inflation, decelerated industrial production, fiscal indiscipline, a very high ratio of borrowing to the GNP (both internal and external) and a dismally low level of foreign exchange reserves. The World Bank and the IMF agreed to bail out India at that time on the condition that it changed to a “free market economy” from what at the time was a regulated regime. To meet the challenges, the government announced a series of economic policies, followed by a new industrial policy supported by fiscal and trade policies. A number of reforms were made in the public sector that affected trade and exchange policy. At the same time, the banking sector together with activity in foreign investment was liberalized.

Suggested Citation

  • Pawan Budhwar & Jyotsna Bhatnagar & Debi Saini, 2012. "Organizational Change and Development: A Case Study in the Indian Electricity Market," Palgrave Macmillan Books, in: Cora Lynn Heimer Rathbone (ed.), Ready for Change?, chapter 8, pages 145-163, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-00840-4_9
    DOI: 10.1057/9781137008404_9
    as

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