Impact of Globalization on Business and Management Education The business sector in India is highly promising in the present scenario. The impact of globalization has changed the business procedure in India in terms of psychology, methodology, technology, mindset work culture etc. Newer challenges, newer opportunities are day-by-day in front of Indian industries, which are profitable and prospective. The fundamental scope of doing business in India is lying with its people. The huge population of India has created a large unsaturated market of consumers. This is one of the reasons why global companies are very much interested in doing business in India. In the post globalization era this scope has increased immensely for global multinational companies as Government of India has also played a very crucial and supportive role in this respect through liberalized policies and legislative structure. Let us glance through a few situations that has arisen in India post liberalization 1. Shifting of Agriculture worker to industry sector
2. Urbanization –People are shifting from rural to urban areas. 3. Opening up of trade market –export import boom.
4. Big open saturated market for products
5. A growing market for high quality and low price product
6. Gradual increase of organized retail chain.
7. Growing number of Merger and Acquisitions.
8. Lucid license policies for overseas Multinational Corporation. 9. High growth rate is showing economic prosperity in India. 10. Indian Market leaders going global.
But there are certain negative impacts occurred aftermath the globalization impact in India, which are as follows – 1) Unequal distribution of wealth disparity in income.
2) Rapid privatization government driven public sector units are on sale. 3) Uneven growth in respect of different sectors.
4) Extreme mechanization is reducing demand for manual labours. 5) Both employee and consumer exploitation are on rise by private sector. Scope of Indian Industries in the post globalization era— Is India really benefiting from globalization, liberalization and market reforms post 1991? Yes in a big way says the Bombay Stock Exchange, yes of course say big motor companies like Maruti, Toyota, Ford and General Motors who have seen business boom like there is no tomorrow. Yes say white collared employees of BPOs, IT Service Companies, Pharmaceutical giants, and Manufacturing industries. Wait a minute don't you see a chord here...the only ones saying yes seem to be people from the middle and upper middle class families with college degrees and good jobs. No say farmers who continue to commit suicide and for whom the tomorrow holds a bleak future as the events in Nandigram and Singur show, no say unskilled labourers who continue to toil in poor conditions with very little pay, no say semi-skilled labourers for whom no reforms in archaic labour laws mean that manufacturing and engineering industries continue to limit hiring.
The anti globalization lobby has always been hostile to the entry of multinationals into India saying that this could spell doom for Indian business. However Indian industry has never been in better shape since independence. The Mumbai City Taxi meter like growth of the Tata's post 1991, its acquisition of Tetley Tea, Daewoo Commercial Vehicles and Corus steel are evidence that Indian industry is ready to take on global competition and thrive in it. Most of Indian industry's success stories Infosys, Wipro, Ranbaxy, Cipla, Bharat Forge, TVS; Mahindra saw historic growth post 1991. The behemoth of Indian industry, Reliance has surged ahead after liberalization. Opening up the telecom sector saw new age giants like Bharti bloom. In spite of all these positives the very word globalization induces unwanted fear among many although the closed-door economy of ours till 1991 did not exactly create the India it was supposed to. Impact of Economic Reforms on the Market Structure and Performance of Indian Organized...
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