Abstract
The paper discusses the challenges of transfonnation in India. The first restructuring required in India is building a world scale domestic market by opening its economy to new products and services. The second task is to build world class competitors by enabling the economy to upgrade itself. For this India should be able to develop, overtime, MNCs of Indian origin. India has to transform itself from a controlled planned economy to a market economy. The country must also allow mergers and acquisitions since none of the Indian firms have world scale operations. For competitiveness, there is an imperative need for improving total factor productivity in India.
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