INDUSTRIAL DESTABILISATION IN KARNATAKA AFTER 1991
Public-Sector Distress, Strategic Resilience and the Bangalore Cluster
After 1991, Karnataka’s industrial landscape split in two.
Some of the state’s best-known public-sector factories—ITI, HMT, Mysore Lamp Works, NGEF—slid into losses, soft-budget support and eventual closure or near-collapse. Others, notably HAL, stayed profitable. Private firms such as Kirloskar Electric, Vikrant Tyres and Trot Shoes followed still different paths: restructuring, takeover or quiet survival at reduced scale.
This book explains why. Using DuPont ratios, Beneish M-scores, Altman Z-scores and courtroom and parliamentary records, it shows how liberalisation, lost protection and strategic mandate produced sharply divergent outcomes—and how those firm-level failures reshaped Bangalore’s older industrial neighbourhoods.
A clear, data-driven account of industrial destabilisation in India’s most famous technology city.
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About the Book
Industrial Destabilisation in Karnataka after 1991
Public-Sector Distress, Strategic Resilience and the Bangalore Cluster
Why did some of Karnataka’s iconic public-sector factories collapse after liberalisation while others thrived? This book delivers a sharp, evidence-based answer.
Using DuPont analysis, Beneish M-scores, Altman Z-scores and dispersion statistics, it traces the post-1991 trajectories of ITI Limited, HMT, NGEF, Mysore Lamp Works, HAL, Kirloskar Electric, Vikrant Tyres, Shivmoni Steel Tubes, Trot Shoes and the wider airline failures linked to Bangalore. The result is a clear contrast: commercial public enterprises that lost protected markets slid into soft-budget dependence and equity erosion; defence-anchored HAL remained profitable; and private or acquired firms followed paths of contraction, takeover or survival at reduced scale.
The study links firm-level financial distress to neighbourhood change in Rajajinagar, Peenya and Whitefield, showing how industrial decline, land conversion and the rise of the IT cluster reshaped Bangalore. It draws on parliamentary data, BIFR and High Court records, company filings, newspaper archives and secondary Z-score evidence to separate genuine economic distress from working-capital effects and soft-budget politics.
Written for researchers, policy practitioners, finance professionals and readers interested in Indian industrial history, this is a rigorous yet readable account of what liberalisation actually did to Karnataka’s older manufacturing base—and why strategic mandate still matters.
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Karnataka industrial policy, Bangalore deindustrialisation, public sector undertakings India, PSU sickness BIFR, ITI Limited losses, HMT watches closure, HAL financial performance, Altman Z-score India, Beneish M-score case study, DuPont analysis Indian companies, post-1991 liberalisation effects, soft budget constraint Kornai, Peenya industrial area, Rajajinagar factories, Whitefield industrial history, Mysore Lamp Works, NGEF Bangalore, Kirloskar Electric restructuring, Vikrant Tyres JK Tyre, Indian airline collapses Kingfisher, industrial cluster decline, state-owned enterprise reform India, equity erosion PSUs, manufacturing to services transition Bangalore.
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About the Author
Rahul Basu is an academic, researcher, and author with extensive experience in engineering education and applied research. He has taught and conducted research at several universities and research institutions in India, including the Indian Institute of Science, where he served as a CSIR Research Officer, as well as PSG College of Technology, Visvesvaraya Technological University (VTU), Madanapalle Institute of Technology and Science, and Jawaharlal Nehru Technological University (JNTU).
His academic career has included work under DRDO-sponsored research programmes and the TEQIP programme, reflecting his longstanding involvement in advanced engineering education and research. He was also awarded a UGC Emeritus Professorship by the University Grants Commission, Government of India.
His interests span applied mathematics, mathematical modeling, engineering analysis, and computational methods. He has authored and contributed to works intended to make advanced technical subjects accessible to students, researchers, and practicing engineers.
Through his books, Rahul Basu seeks to connect mathematical theory with practical engineering applications and provide readers with clear, systematic approaches to solving complex technical problems.
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