Liberalization vs. Globalization
Liberalization vs. Globalization
Submitted to: Submitted by:
Dr. Surajit Bhattacharyya Rohit Kumar 0702061 Section B
Mittal's bid for Arcelor was a hostile bid. A takeover is considered "hostile" if either the board rejects the offer, but the bidder continues to pursue it, or the bidder makes the offer without informing the board of the target beforehand. On the other hand, Gujarat Ambuja deal was a friendly deal where both parties agreed to the price and the deal was done. It was totally different from the Mittal Steel one. Mittal Steel can be compared with ITC-BAT (British American Tobacco) deal where Mr. Yogesh Chandra Deveshwar (Chairman, ITC) was highly appreciated on the deal not being done.
Let me talk about Mr. Laxmi Narayan Mittal (CEO & Chairman, Arcelor Mittal). He is known as the world's largest steel producer and the fifth-richest person (wealth: $32 billion). He moved from India to London after a default to Indian financial institutions. But his tremendous success outside India confirms that license-permit raj did not let the entrepreneurship develop. It is only now when we got free after 50 years of insular policies and illogical trade protectionism. If they did not exist, we could have produced a few more entrepreneurs like Mr. Laxmi Mittal.
India is really an emerging economy power in South-East Asia. This success should be credited to late Rajiv Gandhi and Mr. Manmohan Singh. Rajiv launched the IT revolution during his Prime Minister's tenure. Manmohan Singh initiated the process of globalization and opened the economy. However, the corruption has increased manifold even among ministers, capitalists and bureaucrats and the Indian democracy has converted into a 'mobocracy'. The high level of terrorism also can be attributed to our politicians and misguided governance.
Our economy got liberalized in 1991 and it was called a seminal event in Indian history. We got rid of Fabian socialism and accepted the
Submitted to: Submitted by:
Dr. Surajit Bhattacharyya Rohit Kumar 0702061 Section B
Mittal's bid for Arcelor was a hostile bid. A takeover is considered "hostile" if either the board rejects the offer, but the bidder continues to pursue it, or the bidder makes the offer without informing the board of the target beforehand. On the other hand, Gujarat Ambuja deal was a friendly deal where both parties agreed to the price and the deal was done. It was totally different from the Mittal Steel one. Mittal Steel can be compared with ITC-BAT (British American Tobacco) deal where Mr. Yogesh Chandra Deveshwar (Chairman, ITC) was highly appreciated on the deal not being done.
Let me talk about Mr. Laxmi Narayan Mittal (CEO & Chairman, Arcelor Mittal). He is known as the world's largest steel producer and the fifth-richest person (wealth: $32 billion). He moved from India to London after a default to Indian financial institutions. But his tremendous success outside India confirms that license-permit raj did not let the entrepreneurship develop. It is only now when we got free after 50 years of insular policies and illogical trade protectionism. If they did not exist, we could have produced a few more entrepreneurs like Mr. Laxmi Mittal.
India is really an emerging economy power in South-East Asia. This success should be credited to late Rajiv Gandhi and Mr. Manmohan Singh. Rajiv launched the IT revolution during his Prime Minister's tenure. Manmohan Singh initiated the process of globalization and opened the economy. However, the corruption has increased manifold even among ministers, capitalists and bureaucrats and the Indian democracy has converted into a 'mobocracy'. The high level of terrorism also can be attributed to our politicians and misguided governance.
Our economy got liberalized in 1991 and it was called a seminal event in Indian history. We got rid of Fabian socialism and accepted the