Word: sthankey
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Dates: during 2003-2003
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...Jyoti Sthankey, 21, a part-time student from western India, left a job at a state-run airline this year to become a sales clerk at Wills, a new clothing shop in central New Delhi, convinced that she had a better chance to move up in the rapidly growing chain. She's aiming to quadruple her $2,000 salary by advancing to management in two years. In June, Sthankey and her brother, who manages a Pizza Hut restaurant, moved into their first, small house, its $10,400 cost paid entirely with savings. A month before, she spent a month...
...Kedia and Sthankey can thank an increasingly liberalized Indian economy for their more affluent lifestyle. For the first four decades after India gained independence from Britain in 1947, its socialist-leaning leadership, fearful of domination by foreigners, walled off its economy from global markets, using high tariffs and stiff entry barriers. An ideology favoring small cottage industries, fostered by no less a figure than Mohandas Gandhi, led the government to tie up private enterprise in a web of regulations, nicknamed the License Raj, that shifted economic power to inept bureaucrats. Foreign companies pushing their way in often found that only...
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