Before delving into this, it would be appropriate to touch upon the two stages of development that were passed by. The first phase relates to the pre-reform period - or a period of dependence - where the licence-permit raj ruled the roost with all its attendant requirements and the private sector was firmly held on a leash. During this phase, the performance of a company was directly related to the industry in which it was operating, and its proximity to the Mecca of decision making.

Obviously, the common refrain of the private sector for poor performance was blaming the government. There was no attempt atintrospection, and all debates coverged into an "I am right, you are wrong" agenda. The government's school of thought was that only it should enjoy the commanding heights of the economy, and the role of private sector was perfunctory, to say the least. The end result: like caged animals, the industry grew on the scraps provided by the powers that were.

The early nineties saw a sea-change. This was a period of independence. Foreign collaborations, technology tie-ups, strategic alliances, joint ventures etc were the order of the day. While MNCs, which had their subsidiaries in India and which were controlled by Fera, pumped in money for expansions, others which were not "au-fait" of the unique business milieu of India, joined hands with the `deshi' ones as a "conduit" for entering the Indian market. On the other hand, Indian companies viewed this arrangement as a springboard for technology upgradation and internationalisation of their business. As a natural corollary, the business parivars of the MNCs vizad agencies, consultants, auditors, financial institutions etc also sailed towards the Indian Ocean.

Willy-nilly, several Indian companies entered into one form or the other relationship with the "Brown Sahibs". The situation came to such an extent that it became a fashion - rather than a need - to add a foreign brand name after the local name. Obviously the predictable happened. Those alliances which were not based on sound footings - or worse still some times bordering on myopic considerations of both parties - the honeymoon did not last long.

This situation forced many companies to look at their operations "de-novo" and rejuvenate them by way of making substantial changes in their product-mix, trimming work force, closing down (or selling out) the unviable plants, and making substantial investments in technology upgradation.

Two issues need consideration here. Firstly, the attempt is not to put all eggs in one basket. Like separating chaff from the grain, those companies which had a clearly laiddown vision and strategy, and leaders with proactive thinking, insatiable zeal for performance, unbridled commitment towards work, articulate in their thinking have always done exceedingly well irrespective of the field in which they operate. Secondly, one cannot view these stages on a compartmentalised way, but a part of the same continuum.

Having passed through the two stages of transition, we have now arrived in an era of interdependence. This does not mean that interdependence was not an integral part of business and management earlier, but the fact is that it has been increasingly felt as a lynchpin for success in a changing environment.

At the macro level, the very fact that Kumar Mangalam Birla, the numero uno of the AV Birla empire and Nusli Wadia, Bombay Dyeing chairman are sharing the board of Telco - which was unimaginable till a few years back - is a true testimony for interdependence, transparency, and professionalisation of the Indian business scene! If one were to gaze the crystal ball, onecould see many divergent arrows coming together in the coming years.

The other issue relates to the interdependence in the company - both within and outside. There is a clear need to dismantle the compartmentalised way of looking and understand that a company's performance depends directly on the support received from the suppliers.

The moot questions that hover over the industry are: Will our industry be able to operate in an era of interdependence? What are the key determinants for its success? What are the initiatives that will take India into the next millennium with conviction and will? The most important fact is that one needs to take on the "mantle" of collaboration.

To sum up, the era of interdependence has finally arrived, and all players in the drama, i.e. the government, the industry, and the business should pursue this vigorously. As we march from the industrial economy to the next millennium of unchartered terrain, where intangibles, knowledge based management and globalisation will be thekey determinants of success, and companies will be increasingly conscious about harnessing their intellectual capital, interdependence, partnerships, and openness will be crux. If any company fails to adapt to the new moorings, and sails along with the wind, it will naturally end up drowning!