Singapore, 26 Sep 2021, ZEXPRWIRE, The Liberalization of India in 1991 was a significant turning point in the expansion of the country and the general economy. Until then, the country’s economic scenarios were based on political circumstances. Consequently, there was no organic development and many artificial impediments.
A few businessmen have successfully adapted to the new situation and helped change the country’s business environment for the better.
They made sure their businesses flourished rapidly and looked beyond to conquer foreign markets. With the help of then-PM Shri Narasimha Rao and his successor, Shri Manmohan Singh, the competitive spirit was unleashed.
Mukesh Ambani, Reliance Industries – His Reliance Group made rapid strides in several areas after Liberalization. While focusing on Petrochem, Reliance’s corporate empire now includes Defense, Retail, Telecom, Infrastructure, High-End Fashion, etc.
Amit Barman, Dabur Group – Dabur is one of India’s oldest corporations, founded in 1884 by Daktar Barman and now led by Amit Barman. In many categories of consumer items, the ancient and staid corporation started making remarkable progress after 1991.
Harsh Mariwala, Marico – Marico is one of India’s oldest FMCG enterprises. It was founded in 1947 as Bombay Oil Industries and renamed Marico in 1991, which corresponded with deregulation, and has been rapidly expanding organically and inorganically since.
Starting with Oil (Parachute), the company today has Saffola (Cooking Oil), Mediker and others. Today, the company is a substantial FMCG corporation with a massive turnover of Rs.7300 Crores.
Shiv Nadar, HCL – Shiv Nadar started HCL in its current form in 1991. HCL is presently one of the top IT consulting firms in India and globally.
Currently, the corporation generates Rs.750 billion.
Birla A V Birla Group – The Group has developed exponentially since 1995 because of its intelligent approach. As a result, the Group’s yearly revenue has grown from US$3.33 billion in 1995 to US$48.3 billion in 2019.
Braj Binani – The Binani Group – The Group is active in cement, glass fibre, and downstream composites. Braj Binani was instrumental in the company’s extraordinary expansion worldwide during the 1990s liberalization.
Braj Binanis’ company and Group focused on a single area – cement and related items. He listed the company on the Indian stock exchanges in 2007, and it has overgrown since.
KM Shaw, Biocon – It is a global biopharmaceutical company. She decided to launch an enzyme production company after realizing that brewing was also at its core.
The company expanded significantly despite Indian rules restricting foreign involvement in the pharma or biopharma market. As a result, she was able to list her company after Liberalization. Its first day concluded with a market value of $1.1 billion, making it India’s second firm to do so.
Deep Kalra, Make My Trip – Deep Kalra built one of the most successful Internet firms and graduated from India’s famous IIM during the country’s Liberalization. He founded Make My Trip, which became the country’s most successful travel portal.
As internet usage increased and ISPs dissolved, Makemytrip grew to become India’s largest online travel agency.
The personalities mentioned above produces strong examples of great businessmen for the masses. The economic and fiscal Liberalization in 1991, with P V Narasimha Rao as the architect and Dr Manmohan Singh as the strategist, was clearly a huge driver of how India did business.
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