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This was originally presented as an introductory paper to the Seminar on ‘Business and Politics in India: A Historical Perspective’ organised by Professor Dwijendra Tripathi at the Indian Institute of Management, Ahmadabad in March 1989. In revising it, I have benefited much from the comments of the participants of the Seminar as well as from Professor S. Arasaratnam. But none of them can be held responsible for errors of fact or interpretation.
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