Businessweek reports:
As India's economy grows faster than ever, its newly confident companies are showing their global ambition. And India's moment is evident in the latest BusinessWeek ranking of Asia's top 50 companies. Indian outfits dominate this year's list: There are a dozen in all, ranging from automakers to a mortgage lender to pharmaceutical producers. This diversity is a surprising reversal from just a few years ago, when all the world knew about corporate India was its software shops...Look around Asia and you'll find plenty of chaebol and keiretsu that failed to make the transition from coddled, national champions to agile, profit-driven players on the global stage. In contrast, most of the Indian companies on our list endured decades of socialist rule, which starved them of capital and technology but guaranteed them a captive market. In the early 1990s, they were subjected to the shock of economic liberalization, which opened the door to foreign competition and left much of corporate India in deep trouble. Those companies that hunkered down and restructured became lean and competitive.
India's path to growth despite rickety infrastructure,turbulent politics and a burgeoning youthful population offers lessons for most of the continent. What should not be overlooked is the effect of an unfettered entrepreneurial,educated elite that by default subsumed itself in unabated wealth creation.
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