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Chapter 4: India – The Tide Rises Slowly
Corporate Governance in Development:
The Experiences of Brazil, Chile, India and South Africa
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© OECD/CIPE 2003
The past few years have seen an extraordinary movement by Indian enterprises to sign up for codes of corporate governance; first voluntary, later compulsory. This is not the consequence of any scandal but the direct result of the recognition by a new breed of managers and entrepreneurs that good corporate governance is intimately linked to sound business and opens the road to sources of finance. There is still some way to go; bankruptcy and accounting procedures need improvement, the stock and bond markets need to perform better and pension funds should play a fuller role. But there are real grounds for optimism. This is chapter 4 of the work that outlines India’ experience.
Omkar Goswami is the Chief Economist of the Confederation of Indian Industries. Holder of a Master's degree from the Delhi School of Economics and a Ph.D. in Economics from Oxford University, he currently serves on the boards of Infosys, Dr. Reddy's Laboratories (two of India's most prestigious knowledge-based companies), DSP-Merrill Lynch Fund Managers Ltd., and Infrastructure Development Finance Co. Ltd. Chairman of the Indian government's Committee on Industrial Sickness and Corporate Restructuring (1993), he served also on the Working Group on the Companies Act, the Kelkar Committee on Direct Tax Reforms, the Naresh Chandra Committee on Auditor-Company Relationships, the Commerce Ministry's Trade Advisory Council, the Railway Infrastructure Committee, and the CII's Committee on Corporate Governance. Author of publications on economic history, industrial economics, the public sector, economic policy, bankruptcy, corporate finance, tax enforcement and legal reforms, he has taught and researched economics at Oxford, the Delhi School of Economics, Harvard, Tufts, Jawaharlal Nehru University, Rutgers and the Indian Statistical Institute.