The last week of July went virtually unnoticed by many. It marked 35 years of economic liberalisation. It was on July 24, 1991 that the P.V. Narasimha Rao government announced a new industrial policy which away with licensing for the majority of industries, which meant that no permission was needed to set up new enterprises, or for expanding and upgrading the existing ones, allowing for import of foreign technology, foreign collaboration and foreign funds. This is what is generally celebrated by the naïve enthusiasts of liberalisation, naïve because they do not see the gradual shift in the Industrial Policy Resolution…