Globalising Indian Business: Question of Mind Set and Dynamism in Policy

Abstract

The redefinition and reorientation of India's economic strategy is linked to the coming into being of a global economy. The emergence of a borderless world has its roots in the fundamental changes that have taken place in the world. These range from the impact of technology to the emergence of global scale competition. The significant impact of this phenomenon has been that national governments are increasingly losing control over investment, technology transfer, trade and information flows. This has often lead to a belief that globalisation implies less government. Not true. Nor does it mean more Government. Successful integration into the global economy requires a 'right' Government. The rules of the game in the global arena are being constantly redefined by the competing nations. The governments of all the nations are actively promoting their respective nations' economic interests. The Government in our country too needs to do the same. In today's world scenario, business alone cannot cope with the pressures of globalisation and succeed. It requires active Governmental support. Especially in the international fora. Further, both Indian business and the Government need to act in concert if India is meet with its destiny of being a major player in the global economic scene. In the past, the relationship between Government and Indian business has largely been adversarial. This needs to be redefined. A symbiotic mutuality needs to permeate the relationship. This can be achieved only by a change in the mind sets both in Government and in Indian business.