There are several hugely successful Indian entrepreneurs: Lakshmi Mittal, Sunil Mittal (no relation), Dhirubhai Ambani. Even in IT, there is Azim Premji & Narayana Murthy. But the entrepreneurial culture is still not there - all of these people bucked significant cultural norms.
I had dinner with Sunil Mittal once last year, and he had a constant stream of stories about how the Indian government regulations are so restrictive for aspiring entrepreneurs. Apparently you couldn't import touchtone phones at one point, so he had to have them disassembled & shipped separately to different places just so he could sell them in India. Indian trade policy has gotten better, but there's still room to improve.
It seems as though if they could just mitigate government interference they could easily surpass China economically. Why don't the elected officials realize that?
I had dinner with Sunil Mittal once last year, and he had a constant stream of stories about how the Indian government regulations are so restrictive for aspiring entrepreneurs. Apparently you couldn't import touchtone phones at one point, so he had to have them disassembled & shipped separately to different places just so he could sell them in India. Indian trade policy has gotten better, but there's still room to improve.