The Story of Scindia Shipping

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1 Indian Business History ` Term-VI, Indian Business History Review Paper Submission “ Challenging European Monopolies- The Story of Scindia Shipping” by N. G. JOG Submitted by: Rahul Mondal 0259/49 Reg No-0259/49 IIMC Page 1 2 Indian Business History Executive Summary The article primarily focuses on the challenges faced by Indian entrepreneurs when trying to enter the shipping sector, an European monopoly until then. Up to 1918, only 10% of India’s coastal trade and only 2% of it’s foreign trade was under Indian shipping companies. Scindia Steam Navigation Company, established in 1919, was the first Indian company to break the clutter, after endeavors by various entrepreneurs such as Jamshedji Tata failed due to fierce competition. The article talks about the tremendous nationalist and entrepreneurial spirit of the two founders of the company, Walchand Hirachand and Narrotam Morarjee. The various points highlighted by the author are - Background Scenario After the first World War( 1914-1918), the British Government, impressed by the generous contributions of the Indian people and soldier towards the war, recognized the need to assist the industrialization of the country. This provided the right incentive to the Indian entrepreneurs and paved the way for Scindia shipping. Formation of the Company and it’s two pioneers  The company was not formed as part of a strategic move or after detailed feasibility studies, rather, as the author aptly puts forward, it was a “stroke of inspiration, a moment of illumination, almost an accident of history.” But due credits has to be given to the business acumen and nationalist spirit of the founders. Walchand Hirachand was an unique combination of Gujarati entrepreneurial spirit and Maratha vigour. He made his fortunes from executing huge projects as a military and a railway
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