Indian economy has gone through a process of gradual de-regulation in the eighties and this process has accelerated further in nineties. Globalisation and liberalisation have become the catch words of the nineties. Regulation and protectionism of the licence-permit raj had debelitated the competitive capability of many Indian organisations. Since whatever produced could be sold easily, technological upgradation, quality improvement and customer service suffered. As costs could be passed on to the customer without any problem, there was no emphasis on cost consciousness or efficiency. All these handicaps didn't matter in an era of regulation and protectionism.