sectors took off in the decade after 1991, including generic pharmaceuticals and software outsourcing. Over that ten-year period India’s economy also barely grew faster than it had in the previous one. But in the early years of the new millennium the twin impact of liberalisation and hyper-globalisation became impossible to ignore. Pumped up by foreign money, domestic bank loans and a surging sense of self-belief, industrialists like Ambani dumped billions into projects from oil refineries to steel mills. Others rushed to build toll roads and power stations, or spent heavily on Airbuses and
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