In the last decade, Indian organizations have experienced competition from a number of multinational corporations who started operating in various sectors like banking, insurance, manufacturing, hotels, airlines, mutual funds etc. Before 1991-92, most public and private sector companies of India worked in a secure/controlled business environment. In the last decade, however, a number of major changes have been observed in Indian industry. Firstly, Indian consumers are exposed to world class products and services provided by MNCs. Secondly, huge amounts of foreign investment has flowed to local industries. Thirdly, a number of mergers and acquisitions have taken place like TOTAL-FINA ELF, GLAXO SMITH KLINE/BEECHAM, HINDUSTAN LEVER AND BROOKE BOND INDIA LTD., JENSEN NICHOLSON, ICICI LTD. AND ICICI BANK, etc. Multinationals like Hyundai and LG have set up new plants, which have better technology as compared to the earlier Indian manufacturers. Government is slowly opening more and more sectors of the economy.
These changes have compelled Indian manufacturing and service organizations to improve their products and services and offer better products to Indian consumers. Some companies have made excellent attempts in this direction, likes, Tata Motors’ Indica and Scorpio by Mahindra & Mahindra. Many companies are attempting to introduce innovation in all spheres of business and make serious attempt to satisfy customers. Simultaneously, it is also observed that organizations which are not able to improve their products and services are shutting down. Government is not willing to support loss-making enterprises indefinitely. Thus, it is obvious that those organizations that are capable of improvement and innovation are likely to survive, while inefficient organizations are doomed close. Therefore, it is necessary for all organizations to make efforts to continuously improve, and enhance their competitiveness. It... [continues]
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