Despite the sharply slowing economy there are many success stories. One of them is unlisted company, Micromax. It has become India's No. 2 smart phone brand in just five years after selling its first handset. It started in business selling a cheap $ 30 made-in-China mobile phone. It is now on track to cross $ 1 bn in sales for the year to 31 March 2014. Micromax built up its business by selling basic and cheap handsets in a very price sensitive market among the masses. It was able to gain rapid market share by introducing a cheap model which could take two SIM cards. Hence, users could take advantage of bargains from competing mobile line providers. It has "moved up the ladder" by selling smart phones starting at just $50. This is almost half the price of a comparable Samsung. About 250 mn handsets are sold annually in India, about a fifth of which are smart phones. Among all types of mobile phones, Micromax ranks third after Nokia and Samsung. The company now wants to tap overseas markets like Russia and Romania.

David Fuller's view

Here is a link to the report posted above. 

For an underdeveloped economy, India is not short of corporate successes.  Just imagine what will happen when it gets good, economically savvy governance?  That may happen six months from now.