However, having said that, I do feel that the author has mispresented or at least misunderstood some key issues. For instance, the author claims that the rupee is convertible. This is not the case. The rupee has been made partially convertible and it is expected that in another couple of years it will be made fully convertible.

Similarly, after the Pokhran nuclear tests, sanctions were imposed by developed countries. However, the sanctions did not have any major damaging repercussions either in the economic or social developments of India. Since the book has been published in 1999, the author could have mentioned the partial lifting of the sanctions.

In addition, certain other important details have also been missed out. For instance, on the taxation of income earned in India by foreign nationals. Any remuneration that the foreigners receive in India is taxable. A double taxation treaty has been signed by India with various countries. This could have been mentioned by the author.

The other issue pertains to infrastructure development. This is still the domain of the state, though the process of disinvestments in the government-held organisations has commenced. In this context, it becomes pertinent to mention that for any investment that is for more than any investment that is for more than Rs.50 crore requires an environmental impact assessment certification from the authorities.

This, too, is a serious lapse. In present times, with the 'green' movement becoming more politically acceptable, it is environmental governance that is taking precedence over economic development. Also, the importance of the Five Year Plan by the Planning commission has not been dealt at all by the author.

Though strong, the labour movement in many industries remains largely unorganised. The history of the National Textile Corporation (NTC) has been given a miss by the author. When dealing with the history of business, the author could have included a mention about the family-run business. Traditionally, India's industrial houses were, and still some are family run business. With economic liberalisation, there has been shift in selecting the hierarchy.

A full chapter has been devoted for joint ventures that have been successful. The author has failed to address the issue of the international partner changing his mind, disregarding the memorandum of understanding that he has signed with the Indian partner, and setting up an industry of his own. In my opinion, rather than only successful ventures, one should cover the failures too.

Climate affects our economy which in turn is governed by agriculture. Farmers enjoy subsidies and taxation benefits. Agricultural income is still not taxable and some states offer free or subsidised power. Yet, though India has had surplus food production, poverty and education have yet to be addressed. The author should have devoted a paragraph on this as well.

Overall, the book serves the purpose of informing the interested reader about the basics of India. While there are some obvious shortcomings, they do not take away much from the book's innate worth.