It started with a seemingly inconsequential policy to woo
NRIs. In the 1982 Budget, Finance Minister Pranab Mukherjee allowed Indians
settled abroad to buy shares in Indian companies. The idea was to replicate the
Chinese investment model, which hoped to attract huge inflows from the
non-resident Chinese. What Mukherjee never anticipated, or may be the decision
was designed to achieve this objective, it led to hostile takeovers and
corporate wars that dragged in the government, including the prime minister,
financial sector, including the Reserve Bank of India, and most of the business
community.
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