Three of India's six biggest companies, by stockmarket valuation at the end of March, were in an industry that scarcely existed in the country in 1991: information technology. Youth helps explain their astonishing success. They never benefited or suffered from the protections and distorted incentives of the "licence raj". They have always competed in a global market, thriving not thanks to any favours from the government but under its benign neglect.
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