Indian Business in the New Millennium

 

Que : Explain the future of Indian business in the new millennium ?

Ans: The following three strategies can be used to study the state of Indian business in the new millennium. 

(A) Liberalization (b) Privatization (a) Globalization

* Liberalization and Indian Business:

Liberalization or economic liberalization is the process of reducing or eliminating economic policies, rules, managerial controls that hinder economic development, and instead adopting policies, rules, procedures and norms for the country that contribute to the country's economic development. Will remove. Liberalization is a very comprehensive, comprehensive term and the country's liberalization policy will benefit Indian business in this way in the future.

(i) Industrial Licensing and Quota Raj were abolished. This made it easier to set up a business.

(ii) Establishment of public sector business has become easier.

(iii) Privatized public enterprises to enhance their efficiency.

(iv) Lifting or loosening restrictions on imports and exports.

(v) Loose foreign exchange controls.

(vi) Public sector businesses can raise their capital from the capital market.

* Privatization and Business in the New Millennium:

In general terms, privatization means handing over to a private individual / institution to run and control public sector as well as government sector businesses.

 (i) Freeing up capital flows globally and on global business operations.

(ii) To create funds for the basic needs, development and social welfare of the country.

(iii) To modernize public business.

(iv) Creating employment opportunities.

(v) Eliminate political influence on economic activities.

(vi) Reducing the size of the management system and bureaucracy.

(vii) Reducing government interference in the business sector.

(viii) To promote entrepreneurship among the youth.

* Globalization and Indian Business in the New Millennium:

Globalization is a truly essential way of life, in which the global economy is created and developed through regular strategies. It is a mental trend in which the whole world is seen as a single market, in which the strategy as well as the business sector is developed based on the dynamics of the global business environment.

(i) Globalization connects the economy of any country to the economy of all other countries globally.

(ii) Globalization provides a global area for trade in all countries by removing barriers to trade within the geographical boundaries of different countries.

(iii) It ensures the independent flow of resources in the economies of different countries by removing restrictions on resources such as capital, goods, services, technical knowledge, etc.

(iv) Globalization places more importance on the mobilization of human resources in different nations. So it helps to strengthen the economy.

(v) Globalization will facilitate the exchange of ideas, knowledge and culture on a global scale.