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Globalization and development

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The purpose of the study is to get an idea about the complexitity of the business environment and the shift in policy parameters which was enacted to cope with the changing trend. It indicates the strategic change in planning and leadership that potrayed time requirements to its extreme specification.Future cannot be seen but to an extent can be predicted and certain decisions timely must be implemented to give a barrier to the changing scene.The effectiveness of business in the prespective of a renowned business group is the subject of our introspective study.

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Globalization and development

  1. 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. 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

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