However after freedom of India , the trusteeship model of business which was so appreciated by Gandhi was given away to an Industrial model . Nehru , was very fond of the Soviet model of state controlled Industrialization. The decisions which are taken by Nehru on the context of Indian Business History was followed by more or less all the Goverments,from the period of 1947 to 1991 .
Obviously these state controlled model has given a lot more security to some of the failing sectors of India . The period known as ‘Licese Raj’ was a tough period for entrepreneurs as they has to struggle a lot, to get the regulation in there favour. Dhirubhai Ambani formed Reliance group at this point, which later became one of the largest private company in India.
Inspite of regulatory difficulties entrepreneurs from Marwari and Parsee community showed steady growth at these time . At the same time , icons are also created . At 1976 , Hindustan Computer Limited (HCL) came into existence . It made pioneering efforts which reshaped IT industry in India long back.
In 1991 , only this state controlled industrial model came into monetary trouble. This is the time , when India ,look loans from IMF and the structural adjustment model was applied .