Saturday, February 10, 2007

Globalization -- The Indian way

In today’s ET we have an excellent piece written by Raj Bhandari on globalization. Read the full article here. I recommend reading it at least once because, what I have excerpted will act as reminder notes for you; you would get the ability to expand it as and when needed if you read it at least once.

While answering the question -- How did India reap the benefits of globalization, he comes up with some succinct answers. I excerpt below his solid points:

  1. Emergence of a self reliant middle class equipped with strong knowledge base with technical qualifications.
  2. Using the vast and vibrant domestic market both as a testing ground and spring board in so far as manufacturing is concerned.
  3. Strong presence of NRIs in developed countries occupying senior management positions in several MNCs reposed confidence in Indian managerial competence and leadership.
  4. Well established democratic political framework, respect for rule of law, free and open social setup, large young population ingrained with quick adaptation and absorption capacity of new technologies have all created a responsive realization that India is marching ahead.
  5. Awareness amongst all sections of people of a bright future which changed their perception, thinking and actions.
  6. The lust for greater participation in the world economy by expanding their business horizons, through rationalization of their core businesses, acquisitions and mergers both at home and abroad and creating a synergy on global scale have brought tremendous opportunities and challenges for India to move ahead in the world markets.
  7. Different cuisines, diverse cultural ethos, distinct dialects, and other forms of diversification in race, religions, regions etc., have all crafted a unity of purpose in re-engineering of globalization in a typical Indian way.