Technological disruptions reshaped industries from "summary" of A Business History of India by Tirthankar Roy
The history of business in India has been marked by the transformative impact of technological disruptions on various industries. These disruptions have fundamentally altered the way businesses operate, leading to significant changes in production processes, market dynamics, and consumer behavior. One key example of technological disruption reshaping an industry is the advent of the Green Revolution in the 1960s. The introduction of high-yielding varieties of seeds, along with modern irrigation techniques and fertilizers, revolutionized agricultural practices in India. This technological innovation not only boosted agricultural productivity and output but also transformed the country from a food-deficit nation to a food-surplus one. Another significant technological disruption that reshaped industries in India was the liberalization of the economy in the early 1990s. The dismantling of the License Raj and the opening up of the Indian market to foreign competition led to a wave of technological advancements in various sectors. Industries such as telecommunications, information technology, and biotechnology witnessed rapid growth and development, with new players entering the market and existing firms adapting to the changing business landscape. The impact of technological disruptions on industries in India has not been uniform, with some sectors benefiting more than others. For instance, traditional industries such as textiles and handlooms have struggled to compete with modern, technology-driven enterprises in the global market. On the other hand, industries that have embraced technological innovation, such as pharmaceuticals and automotive manufacturing, have seen exponential growth and success.- Technological disruptions have been a driving force behind the evolution of industries in India, shaping the competitive landscape and determining the winners and losers in the market. As new technologies continue to emerge and disrupt existing business models, companies will need to adapt and innovate to stay ahead of the curve and remain relevant in an ever-changing business environment.
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