Vijay Govindrajan, Tuck School of Business, Dartmouth and Chief Innovation Consultant GE puts India’s economic history into three periods  — pre-1990, from 1990 to 2008 and post-2008. In pre-1990 India, Indian companies operated in protective licensing regime, and made profits in spite of being inefficient. Post-1990, Indian companies grew on account of their efficiency in competitive environment. Post-2008, the efficiency based period is over. Henceforth, innovation will be the key to unlocking growth in India.