(Name)
(Instructors’ name)
(Course)
(Date)
Globalization in India
The largest democracy in the world is India, and this means that it is influencing business activities being conducted in its territory. Economic and political reforms are responsible for ensuring that the environment for businesses in India is extremely attractive. In turn, the number of foreign investors has increased .Around the years of 1990; economic reforms that were major were employed by the government of India. This means that the market pace in India brings about direct investments. Many countries such as the United States are happy with the reforms in India, thus the reasons why they are investing. There are many opportunities in India for those who want to earn great profits. According to information provided by the government of India, the largest foreign investor is the United States (Limaye, 1998.1).
Indians are known for using an approach that focuses on their encounters, and this is normally in international business. This means that most managers of Indian origin ensure that they build upon relationships, which are long term. The latter is as a result of their functional and cultural dimensions. India follows the ‘Liberalization, Privatization and Globalization economic reforms. In order to make the economy of India competitive, the LPG was introduced. The result is that the economy is growing fast (Goyal &.Khicha, 2006. 1). Globalization has brought about the development of industries such as IT, Bollywood, and steel, among others. The presence of the LPG is especially felt in the sectors of finance, trade and industry. As a result of globalization, India has developed in terms of communication and is engaging in world trade. Also, more people have been able to migrate to different parts of India, and the results are extremely rewarding. The Gross Domestic Product of India has improved drastically and this is attributed to globalization.
The Bollywood industry in India is fast gaining popularity due to its many productions, which occur regularly. According to analysts, it is estimated that Bollywood might take over Hollywood soon. As a result of globalization, many of the actresses and actors in Bollywood are working in productions in other countries. Some Hollywood celebrites are also taking part in Indian movies. Bollywood has made many populations from other countries to know a lot concerning India. The sector of car manufacturing is responsible for the economic development in the country. An example of an Indian car model, which is popular in many countries, is Mahindra. This car is extremely cost effective and thus the reason for its popularity. The car market has even ventured into African countries such as Kenya and South Africa (Ojha, 2002. 1).
After many years of stagnation, India is now among the leading steel suppliers and manufactures in the world. This is because there is a great demand for steel and India has the ability of catering to this need. Most of the steel, which is produced in India, is exported to China, which needs the product for many uses. The expansion of the steel industry has also contributed to that of the automobile industry. Steel produced in India is extremely cost effective and thus the reason for its popularity. In conclusion, India is a country that has the ability to compete with leading world economies. This is because it has made advancements in car and steel manufacturing as well as in Bollywood productions (Glyn, 2006.34).
Work Cited
Goyal, K. &.Khicha, P. Globalization of Business: Future Challenges”, Third concept- An
International Journal of Ideas. 2006.
Ojha. A. Globalization & Liberalization – prospects of new world order, Third concept- An
International Journal of Ideas .2002.
Limaye, Mohan. Doing Business in India: Aspects of the Political Dimension. Business Horizons, November, 1998. Print.
HYPERLINK “http://en.wikipedia.org/wiki/Andrew_Glyn” o “Andrew Glyn”Glyn, Andrew. HYPERLINK “http://www.oup.com/us/catalog/general/subject/Economics/International/?view=usa&ci=9780199226795″Capitalism Unleashed: Finance, Globalization, and Welfare. Oxford: Oxford University Press.2006. Print.
