Till very recently the model of economic growth that had been adopted by the Government was based on import substitution. This premise seems to be changing. The economic scene in India is increasingly becoming more competitive. In the emerging business environment technology is likely to play an important role and is being considered to be an important dimension in corporate strategy. This paper describes the emerging business environment with illustrations from a member of industries and provides an analysis of changes in public policy. Some implications of the changes in Government policy on Indian industry are mentioned and finally a few major issues related to management of technology are raised.