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Prof. K.S. Chalapati Rao

Prof. K.S. Chalapati Rao

Distinguished Fellow


Professor K S Chalapati Rao (b. 1951), M.Sc., M.Phil., is a researcher having about three and half decades of experience in studying various aspects of India’s industrial policy and corporate sector. Having joined the Corporate Studies Group, the precursor to ISID, in 1980, he is virtually a product of the Institute.

Over the years, Prof. Rao has been associated with most of the studies undertaken at the CSG/ISID which encompassed stock markets, corporate governance, foreign investments, international trade, industrial regulations and SMEs. In the process, he has dealt with projects supported by national and international bodies such as the Union Ministry of Finance, Planning Commission, United Nations Centre on Transnational Corporations (UNCTC), Indo-Dutch Programme on Alternatives in Development (IDPAD), International Labour Organisation (ILO), etc. He has also been closely associated with planning and building of computer databases of the CSG/ISID.

For the past few years he has been focusing on issues relating to foreign direct investment (FDI). His research contributions have been in the form of project reports, chapters in books, articles and working papers.

Prof. Rao believes in digging deep to get to the bottom of things and pursuing different paths even if it means getting submerged or losing the way.

Select Research Contributions




  • “The Tenuous Relationship between Make in India and FDI Inflows” with Biswajit Dhar, ISID Policy Brief No.2, December 2016
  • “Is FDI really a gift horse?”, with Biswajit Dhar in The Hindu, July 1, 2016.
  • Completed the ICSSR-sponsored research project “India’s Inward FDI Experience in the Post-liberalisation Period with Emphasis on the Manufacturing Sector” in February 2016. The chapters contributed to the project report in association with Biswajit Dhar were:
    • Analysis of Greenfield Investments with Emphasis on the Manufacturing Sector
    • Glimpses of the Global Situation
    • Concept of FDI and How India has Dealt with it
    • Analysis of India’s FDI Inflows During 2004-05 to 2013-14
    • Some Key Aspects of Functioning of FDI and Domestic Companies in India
    • Evolution of India’s MBRT FDI Policy
    • India’s Defence FDI Policy: Issues and Prospects
  • “Regulating FDI in MBRT: Some Key Concerns”, (with Biswajit Dhar) in Organised Retailing and Agri-Business, India Studies in Business and Economics, Chapter: 10, Publisher: Springer India, Editors: N.C. Rao et al. (eds), January 2016, pp. 181–204.
  • “Let’s be Realistic on FDI”, in The Hindu, November 17, 2015 (with Biswajit Dhar)
  • “India’s Defence FDI Policy: Issues and Prospects”, Foreign Investments Study Team. Background paper for the Brainstorming Session on India’s Defence FDI Policy, organised by the Institute for Studies in Industrial Development, New Delhi, November 1, 2014). The paper is an outcome of the ICSSR-sponsored ongoing research project India’s Inward FDI Experience in the Post-liberalisation Period – With Emphasis on the Manufacturing Sector.
  • “Foreign Direct Investment for Making India”, in Kamal Nayan Kabra and Vrajaindra Upadhyay (ed.), Plutocracy, Cronyism & Populism, Vitasta, Delhi, 2017.“
  • “FDI Companies and the Indian Company Law: Regulations vs. Disclosures“, Foreign Investments Study Team, ISID Discussion Note DN1405, July, 2014.
  • “India’s Current Account Deficit: Causes and Cures”, with Biswajit Dhar in Economic and Political Weekly, Vol – XLIX No. 21, May 24, 2014, pp. 41-45
  • “Indefinite Definition of FDI”, with Biswajit Dhar & K.V.K. Ranganathan, ISID Discussion Note DN1308, September, 2013.
  • “FDI in Multi-brand Retail Trade and the Safeguards” with Biswajit Dhar, Alternative Economic Survey 2012-13: Neo-liberal Economic Policies – ‘Gods’ that Failed, Alternative Survey Group, Indian Political Economy Association, Yuva Samvad Prakashan, Delhi, 2013.
  • “Vaulting over India’s Retail FDI Policy Wall” with Biswajit Dhar in Economic & Political Weekly, Vol – XLVII No. 46, November 17, 2012.
  • Formulating India’s FDI Policy: Waiting for Godot”, with Biswajit Dhar in Alternative Economic Survey, 2010-11.
  • “Location of FDI in India: Some Less-Explored Aspects”, with M.R. Murthy in Transnational Corporations Review, Vol. 3 No. 2, June 2011.
  • India’s FDI Inflows: Trends and Concepts”, with Biswajit Dhar, ISID Working Paper No. WP2011/01, February 2011.
  • Operation of FDI Caps in India and Corporate Control Mechanisms”, with Biswajit Dhar. ISID Working Paper No. WP2010/11, December 2010.
  • Indian Industrial Development and Globalisation, Academic Foundation, 2008. (Co-Editor)
  • “Stock Markets”, a chapter in Alternative Economic Survey, India: 2007-2008, Alternative Survey Group, Daanish Books, Delhi, 2008.
  • Impact of FDI on Select Sectors of India—A Comparative Study with Select Countries, project report submitted to the Office of the Economic Adviser, Ministry of Commerce & Industry, 2007.
  • Employment Implications of Growing Exports — with Special Focus on Services Exports, project report submitted to the Department of Commerce, Ministry of Commerce & Industry, Government of India, February, 2006.
  • “Ownership Pattern of the Indian Corporate Sector: Implications for Corporate Governance” a chapter in Globalisation and Opening Markets in Developing Countries and Impact on National Firms and Public Governance: The Case of India, aproject co-financed by the European Union under EU-India Small Projects Facility Programme, 2006. (Coordinators: Jean Francois Huchet and Joel Ruet).
  • “Towards Understanding the State-wise Distribution of Foreign Direct Investments in India in the Post-liberalisation Period” paper presented at the National Seminar on Accelerated Economic Growth and Regional Balance, organised by the Institute for Studies Industrial Development, Indian Economic Association and Institute for Human Development during 16-18 September 2005.
  • ISID Research Team, “Review of Existing Policies and Legislations of MSEs in India and Uttar Pradesh”, report submitted to the International Labour Organisation (ILO), February 2004.
  • ISID Research Team, “Savings and Capital Formation of the Indian Private Corporate Sector: An Analysis of the Recent Trends”, a project report submitted to the Union Ministry of Finance, 2003.
  • “Shareholding Pattern of Listed Companies in India: Implications for Protection of Minority Shareholders’ Interest”, along with Pratap Chandra Biswal, a presentation made at the International Conference: Privatisation & Corporate Governance of State-owned Assets, organised by the Indian Council of Social Science Research and OECD Centre for Cooperation with Non-Member Countries, New Delhi, 27-28 November 2003.
  • ISID Research Team, “India’s External Trade during the ‘Nineties: Some Aspects – An Analysis of Customs House and Company Data”, a project report sponsored by the Planning Commission, 2002.
  • ISID Research Team, “Savings and Investment of the Indian Private Corporate Sector during the ‘Nineties”, sponsored by the Union Ministry of Finance, 2002.
  • “Washington Consensus And India: Experience Of The Last Decade”; with S.K. Goyal, paper presented at the International Conference ‘Beyond the Washington Consensus – Governance and the Public Domain in Contrasting Economies: The Cases of India and Canada’, Chandigarh, 12-14 February, 2001. Published in Man & Development, December 2002.
  • A Reform of Corporate Statistics: Some Suggestions”, along with Nagesh Kumar; a Note Submitted to the National Statistical Commission, Central Statistical Organisation, Government of India, 2000.
  • “Some Aspects of the Indian Stock Market in the Post-liberalisation Period”, along with M.R. Murthy and K.V.K. Ranganathan, Journal of Indian School of Political Economy, October-December 1999, pp. 595-621.
  • “Foreign Institutional Investments and the Indian Stock Market”, along with M.R. Murthy and K.V.K. Ranganathan, Journal of Indian School of Political Economy, October-December 1999, pp. 623-647.
  • “Foreign Direct Investments in India Since Liberalisation: An Overview”, along with M.R. Murthy and K.V.K. Ranganathan, Journal of Indian School of Political Economy, July-September 1999, pp. 423-454.
  • “Locational Aspects of FDI in the Post-Liberalisation Period: Some Tentative Observations”, along with M.R. Murthy, paper presented at the National Workshop on Urban Agenda in the New Millennium organised by School of Planning, Centre for Environmental Planning & Technology, Ahmedabad, July, 1999.
  • “Indian Company Law and Protection of Shareholders’ Interest”, along with M.R. Murthy and K.V.K. Ranganathan, ISID Working Paper, November 1998.
  • “Concept of Companies Under the Same Management under Section 3710(1-B) of the Companies Act, 1956: A Study of its Operation”, along with Alok Puranik, Company News & Notes, Vol. XXXIII, No. 9, March 1996.
  • ISID Research Team, Foreign Investment Approvals & Implementation Status: A Review (August 1991 – December 1994). The project was sponsored by the Union Ministry of Finance, Government of India, 1995 (mimeo).
  • ISID Research Team, Foreign Investment Approvals: An Analysis, ISID, 1994. The project report was submitted to the Union Ministry of Finance.
  • “Directory of Joint Stock Companies in India, 1990: A Review”, along with K.V.K. Ranganathan. The study was submitted to the Department of Company Affairs, Government of India, 1992.
  • ISID Research Team, India’s Imports and Exports — Some Insights (A Study of Daily Trade Register Data), ISID, 1991. The study put to use for the first time the Customs House Data for policy analysis and was presented to the Union Ministry of Finance, Government of India.
  • Corporate Studies Group, Public and Private Corporate Sectors in India: A Study in Characteristics and Trends, project report submitted to the Standing Conference of Public Enterprises, New Delhi, 1988 (mimeo).
  • Small Scale Sector and Big Business, Corporate Studies Group, along with S.K. Goyal and Nagesh Kumar, Indian Institute of Public Administration (IIPA), New Delhi, 1984.
  • Corporate Studies Group, Functioning of Industrial Licensing System: A Report, Corporate Studies Group, IIPA, New Delhi, 1983.
  • Ownership and Control Structure of the Indian Press, along with S.K. Goyal, Indian Institute of Public Administration, New Delhi, 1981. The study was sponsored by the Second Press Commission appointed by the Government of India and formed part of the Commission’s Report.
  • Input-Output Framework and Economic Analysis, along with Amitabh Kundu, P.N. Mathur, and G.S. Bhalla, K.B. Publications, New Delhi, 1976.




  • “Ensuring Minimum Public Shareholding in Listed Companies”, Economic and Political Weekly, Vol XLV No. 36, September 04, 2010, pp. 44-50.
  • “Corporate Sector, Industrialisation and Economic Development in India”, Indian Economic Journal, Jul-Sep, 2009, Vol. 57, No. 2, pp. 158-160.
  • “Some Aspects of Corporate Ownership in India—Promoters versus Public”, in Indian Industrial Development and Globalisation, Academic Foundation, 2008.
  • Book Review: Sudhir Naib, “Disinvestment in India: Policies, Procedures, Practices”, Sage Publications, New Delhi 2004, in Indian Journal of Labour Economics, 49(1) Jan-Mar 2006, pp. 186-188
  • “Foreign Portfolio Investments and the Indian Stock Market Boom of 2003-04: A Note”, Institute for Studies in Industrial Development, 2004, published as “Stock Market’ in Alternative Survey Group, Magnifying Mal-Development: Alternative Economic Survey, India, Rainbow Publishers & Zed Press, 2004.
  • “An Overview of the Indian Stock Market with Emphasis on Ownership Pattern of Listed Companies”, published as “Stock Market” in Alternative Survey Group, Alternative Economic Survey: 2001-2002, 2002.
  • “Stock Market”, published in Alternative Economic Survey 2000-01, Alternative Survey Group, July, 2001.
  • “Company Law”, in Alternative Economic Survey: 1991–1998 – Seven Years of Structural Adjustment, Alternative Survey Group, 1999.
  • “Corporate Sector and Emerging Company Law”, in Alternative Economic Survey: 1996–97, Delhi Science Forum, 1997.
  • “Growth of the Indian Private Corporate Sector: Some Characteristics and Trends”, Company News and Notes, August 1997.
  • “An Evaluation of Export Policies and the Export Performance of Large Private Companies”, in Pitou van Dijck and K.S. Chalapati Rao, India’s Trade Policy and Export Performance of Industry, 1994, Sage, New Delhi.
  • “A Study of Inter-connections Under the MRTP Act—In the Context of the Asset Limit Hike”, Economic and Political Weekly, June 1985.