1.
Globalization and Development
Conforming to the theme Globalization and Development in a Volatile,
Uncertain , Complex and Ambiguous World an attempt to pen down our
thoughts in the changing environmental scenario of a Paradigm Shift
from the Traditional to Contemporary Management Practices gets utmost
importance. The world economy witnessed a very fundamental shift, (a
paradigm shift.) It cannot be contradicted that due to this shift we are
moving away from a traditional world consisting of national economies
themselves self restrained and detached from each other. The barriers of
cross border trade and investment, distance, time-zones, language,
government regulations, culture and business system restricting them to
be integrated to each other. We are moving towards a different world
where the restrictions of this long-standing world stop to exist. The
impediment of cross-border trade and investment declines, the perceived
physical distance wither due to progression in transport to
telecommunication technology the self contained national entities are
merging into a mutually beneficial, integrated and global economic
system. This shift from the traditional to the current world order came
with the swept of a wave known as globalization. International Business
shares this rudimentary shift in the world order and intensify this
movement towards territorial economic integration. The paper is a modest
attempt to potray the ever changing thoughts of business (reconstruction
drive)that made Tata group a household name globally. If we take the
example of India we will find India underwent a transition from a closed
economy model to an open economy model in the nineties and revised its
external policy from an import substitution to an export promotional
strategy. What was the urgency of the country that compelled it to change
a policy so drastically and almost antagonistic to its earlier preached view
–the view that it housed for so long prior to independence and even so
long after independence is the question that haunts us. The answer is well
known. Foreign Exchange Reserves dwindled to such an extent that India
was unable to meet its import bill and has to mortgage its gold in the
Bank of England to meet over the crisis.

2.
A reflection of a deep feeling of dissatisfaction regarding the attitude
towards export promotion of the country until the late fifties was verbally
opposed by Dr Manmohan Singh a bright economist and a renowned
scholar of Cambridge in the introduction of his most celebrated work
titled “Indian Export Trends” published in the year 1964.He with obvious
exasperation noted that far reaching policy recommendations regarding
the strategy of India’s economic development was made on one basic
assumption of export stagnation.—as if this stagnation of export is an
inexplicable phenomenon. He argued that the stagnation of export was a
consequence of faulty India’s economic policies and attributed this
neglect of exports to two basic factors. First is the fatalistic view that
export earnings cannot be raised and the next is the faulty assurance of
some of the responsible economists that import substitution is the only
resort to solve India’s existing problems. But finally when crisis ran deep
India ultimately changed its external policy and moved from a closed to
an open economy conforming with the view of Dr Singh the then Finance
Minister and the architect of this new economic model.
Brainware University