This episode brings co-hosts Arvind Panagariya and Pravin Krishna in a fascinating conversation with Naushad Forbes. Forbes is Co-Chairman of Forbes Marshall, a leading multinational engineering company headquartered in Pune. He is also a former President of the Confederation of Indian Industry (CII). The conversation revolves around the evolution of the policy regime around manufacturing in India since independence with special reference to the contrast between pre- and post-reform eras. It offers the listener an unusual window into the pains and pleasures of running a successful corporation, as experienced by Naushad Forbes. Forbes Marshall made its way through the thicket of the license-permit raj during Indira Gandhi years to the era of fierce competition unleashed by the 1990s reforms of Dr. Manmohan Singh. The episode concludes with suggestions for the future direction of economic policy.