The paper reviews the research in Business Policy in India between 1970 and 1982. Annotations of individual research articles and books as well as the review, are presented under the following nine themes: (1) Industrial Analysis, (2) Business Growth and Diversification, (3) Leadership, (4) Managers and Decision-Making, (5) Finance, (6) Turn around strategies for sick units, (7) Technology transfer, (8) Transnational investment, (9) Public enterprises. The paper identifies gaps in research and points out some of the factors responsible for them. Empirical research was not only meagre but had not come to grips with the central issues faced by general managers in the Indian environment. Qualitatively, there was an eagerness to validate theories developed abroad, especially in U.S., rather than to build theory from extensive empirical case studies and observation. The survey also includes practitioners' writings of their experience in managing organizations. The paper concludes that given the problems of unutilized capacity and increase in sick units, returns to the economy from extensive and sustained research into general management problems are high.