This paper contains the observations of the author, who has just returned after attending an international conference on Business History in Tokyo, on the progress of teaching and research of business history in Japan. He tries to evaluate the progress made in India in comparison to that in Japan and comes to the conclusion that the progress in India is much less impressive. At the end of the paper the author speculates about the reasons that hampered the progress in India, and pleads for a partnership between the Indian business world and historical scholarship.