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This paper traces the evolution of Indian industrial policy and compared it with the picking up the winners (PUW)industrial policy adopted by many industrialized andindustrializing countries. The study found that Indian industrial policy still lack the sectoral and firm-level targeting which was crucial in the emergence of third country enterprises as leading global players. India must rethink its industrial strategy if it wants to build its own multinationals.

Building Indian Multinationals: Can India ‘Pick Up the Winners’?