A new, highly qualified and professional generation of leadership has replaced the older order in established industrial houses. At the same time, there has been an explosion of an entirely new set of industry leaders, particularly, in newer fields such as software, pharmaceuticals, biotech and financial services. The professionalisation is also accompanied by the globalisation of the operations of the Indian industrial houses.
Market participants and large financial institutions have little reason to doubt that they will be bailed out again. Let me offer just one staggering example. When Gramm-Leach-Bliley was passed in 1999, the five largest U.S. banking organizations controlled $ trillion in assets, or about 38 percent of all banking industry assets.