The Changing Corporate Landscape of 20th century India
The number of joint-stock companies in India rose from fewer than 5,000 in the early 20th century to nearly 200,000 in 1991, the key year that marked Indian economic liberalization. This paper presents a statistical analysis of directory-lists and other indicators to shed light on some key questions on the changing corporate landscape of India in the 20th century: What were the phases in which corporate growth took place and do they match the observed trends in economic growth? Which industries saw more corporate growth and why? How critical were legal institutions and ownership structures in shaping this evolution? Which locations and cities in particular did new companies emerge in? And finally, how did the social background of company founders change over time, in a society where traditional castes and communities played an important role in 19th century Indian business history?
