The exhibition entitled Face of our Time Research Paper

The exhibition entitled Face of our Time - Research Paper Example The Swiss photographer, Daniel Schwartz, focused his subjects to the effects of globalization. The photographs were able to portray less exposed subjects such as Bazaar Day. The photographs were a collection of his travel. Though the images offer the audience less feeling of vulnerability, the photographs remain persistent. These pictures spoke that globalization is widespread and a lot of places were very much affected. Poverty and inequality can be seen in the pictures. If some countries have very clean and organized places such as market, a lot of places in central Asia do not have these opportunities and facilities. Thus globalization has its own series of pitfalls. Looking at Schwartz’s collection, he really wanted to convey a message about globalization to the world. Someone’s perfect place can mean to give another one’s place inadequacy. If there are countries that were blessed because of globalization, there are also those suffering because of it. Zanele Muholi’s collection and work gave voice to the visual identity of the marginalized queer black people in South Africa. Her elegant photographs of queer and transgendered women showed a strong message regarding marginalization of this kind of population. The collection spoke of identity and being of the queers. Discrimination especially based on gender has long been an issue not only in South Africa but in the world. The elegant portraits by Muholi showed pride, strength, and identity of the queer blacks. South African queers, with reference to the pictures.

Implementing Immunizations Essay Example for Free

Implementing Immunizations Essay Implementing Immunizations Implementing immunizations into the clinics can be challenging for the facility and the staff. There are several methods that have been implemented to monitor the methods used by the staff to give the immunizations to the patients in the clinics. There have been several obstacles and challenges that the staff and leaders have faced. As with any changes that take place in patient care within an organization methods must be set up to monitor those changes. Changes promote challenges not just to staff leaders but the organization as a whole. Communication with any changes can be challenging for the leadership and staff (Surdu, 2010). Methods to Monitor Change In implementing changes there needs to be methods to monitor those changes. The first method is to monitor the reimbursement value units per visit associated with the immunizations. The need to monitor the increase of visits, the percentage of increase of the reimbursement value units now that the immunizations that are given in in the clinic since they are ordered immunizations ordered directly by the physician and not given on protocol (Surdu, 2010). Another method to monitor the change of implementation is to survey the patients to see how they have responded to immunizations being given directly in the clinic. This can be done in a survey form either via email or sent in the mail so patients can voice their opinion on the changes that have been implemented (Helfrich, Blevins, Smith, 2011). The leaders in the clinic can sit down with the staff to get their opinion and suggestions on how the changes of giving immunizations in the clinic are affecting their time management with patients. This can be very helpful to  leaders in adjusting the change that have been implemented because no change should never be set in stone. The input of the staff can be crucial when monitoring changes that have been implemented to determine whether they are successful or not (Helfrich, Blevins, Smith, 2011). The final method used to monitor that immunizations are properly being implemented in the clinic setting are going to be chart audits by the leadership. This will be used to ensure that the proper immunizations are given to the patients and that patient care is not being compromised (Helfrich, Blevins, Smith, 2011). Of all of the monitoring methods mentioned above the main issue is patient care. The â€Å"Patient Medical Center Home Model† consists of modeling the care around the patient. Ensuring that patient care is at the forefront of the facility, monitoring the changes is one way to ensure that this takes place. The quality control standards of the â€Å"Patient Medical Center Home Model† consist of upper management performing quality control chart checks on a monthly basis. These chart audits are done to ensure that the standards are being met which are determined by the Department of the Army. This is one of the main differences that a military treatment facility is held to as a standard versus a civilian facility. Therefore this can be seen to some as has bureaucratic red tape in some instances, whereas in others it does have its advantages (Marshall, Doperak, Milner, 2011). Organizational Relationship The relationship between organizations process systems and professional roles on a staff can be essential to the success of an implemented change. The Department of the Army has specific protocols when implementing changes such as implementing immunizations into the clinic setting. Organizational process systems will provide how changes will be implemented in the facility. In the facility changes come from Western region then trickle down from the Command or another words upper management. The changes are then implemented throughout the clinics in the facility. The responsibility falls on the clinic officer in charge to implement the changes throughout each clinic (Marshall, Doperak, Milner, 2011). In a military treatment  facility changes are implemented differently than in the private sector. In the organization upper management solely consists of military personnel while leadership within the clinic is a mixture of military and civilian personnel. The process of changes is not set in stone but guidelines are set forth from Western region. The actual written standard operating procedure for the facility is implemented and brought to the forefront by upper management. Then upper management delegates the implementation down to the clinic officer in charge for actual rollouts into each clinic (Marshall, Doperak, Milner, 2011). The roles of the leadership in the clinics are essential to the success or unsuccessful implementation of change. The attitude of the leadership carries weight on how well the rest of the staff receives the change. Leaders on the clinic level have to accept changes whether good or bad and expect staff to challenge them. Leaders have to be strong and accept the change themselves and to support upper management. There are problems dealing with changes when issues arise between created civilian and military personnel. These issues are not easily dealt with and when changes are ensuing within a facility this causes undue stress within the organization. This is one reason that leadership needs to bring forth and implement changes within an organization as all one team because staff is well suited at picking up any rift within the management team (Marshall, Doperak, Milner, 2011). Communication Techniques Communication techniques are one of the mainstays in addressing any issues when implementing changes in any organizational plan. There are several ways in an organizational plan change that communication can take place such as talking directly to leadership on the front lines who deal with the change or all the way up the chain dealing with upper management. Without communication problems with the changes that have been implemented will not be resolved and the changes will not be successful (Marshak. Grant, 2011). One communication technique that can be used is that leadership can address staff that seems to have issues with the changes that have been implemented. They can speak to staff on an individual basis using a closed-door setting to try to alleviate any issues that are affecting any of the employees work.  Employees may feel more comfortable speaking with a member of the leadership team on a one-on-one basis to voice their concerns with the change. Sometimes most of the issues dealing with an employee that have issues with changes that have been implemented, the staff member has questions or does not understand why the change has been made. This issue is best addressed in a one on one sit down conversation with the employee in a closed-door situation (Marshak. Grant, 2011). Another communication technique used to address any implementation issues with the changes can be providing specific emails to a particular person. By addressing issues to one particular person within the organization instead of problems associated with the change can be addressed centrally and immediately if necessary. If issues cannot be handled by this one person than the contact person can go to their resources and take care of the issue or issues at hand. Emails are the preferred method of communication unlike phone calls at a military treatment facility. Phone calls should only be used for emergencies, where there is an immediate response that is needed. In other words the majority of the issues dealing with the implementation of the changes that occur can be dealt with through emails. These issues are not needed to be dealt with in an immediate time frame and can be dealt with and a normal work week depending on the issue that have arisen (Marshak. Grant, 2011). Without proper communication, the need to communicate and how the communication is to take place the change implementation may well as not have ever taken place. Communication for a successful organization does need to take place in several forms; this is in the hands of a successful management and leadership (Borkowski, 2005). Conclusion In implementing changes there needs to be several methods to monitor how those changes are affecting the organization on the clinic level and as the organization as a whole. Many times staff along with the patients; both whom are giving input on the change in which the organization is trying to improve care on how the changes are taking place. The organization must be  willing to change its process in its systems whether or how management runs a certain part of their business develops a new process or because of a change implementation downsizes a facility. In order for the change to be successfully implemented communication is essential for this to take place. There are many techniques that organizations can use to accomplish this task. The communication technique will depend on the change implemented and the structure of the organization. Staff leaders whether at the clinic level or upper management are still the main key whether the organizational plan that has been set forth if the changes that have been implemented will be successful. Reference Borkowski, N. (2005). Organizational behavior in health care. Sudbury, MA: Jones and Bartlett Publishers. Retrieved from The University of Phoenix eBook Collection database Helfrich, C., Blevins, D., Smith, J. (2011, July). Predicting Implementation From Organizational Readiness for Change: A Study Protocol. Implementation Science , 6(76). Marshak., R., Grant, D. (2011, Sep). Creating Change by Changing the Conversation. OD Practitioner, 43(3), 2 7. Marshall, R., Doperak, M., Milner, M. (2011, Nov). Patient-Centered Medical Home: An Emerging Primary Care Model and the Military Health System. Military Medicine, 176(11), 1253 1259. Surdu, G. (2010, Winter). Organizational Change- Different A. Romanian Economic and Business Review, 5(4), 48-54.

A Study About Data Warehouse Components Computer Science Essay

A Study About Data Warehouse Components Computer Science Essay A data warehouse is collection of resources that can be accessed to retrieve information of an organizations electronically stored data, designed to facilitate reporting and analysis. Definition of the data warehouse focuses on data storage. However, the means to retrieve and analyze data, to extract, transform and load data, and to manage the data dictionary are also considered essential components of a data warehousing system. Many references to data warehousing use this broader context. Thus, an expanded definition for data warehousing includes business intelligence tools, tools to extract, transform and load data into the repository, and tools to manage and retrieve metadata. Data warehousing arises in an organizations need for reliable, consolidated, unique and integrated analysis and reporting of its data, at different levels of aggregation. Data warehouse is an essential element of decision support. It aims at enabling the knowledge user to make better faster daily business decision. In order to supply a decisional database meta- data is need to enable communication between various function areas of the warehouse an ETL Tool is needed to define the warehousing process. Data Warehouse Components: The construction of a data warehouse is divided in to two stages Known as back room front room. The first ensures the building up of the warehouse database. The second provides the restitution of data from data mart in order to fulfill analystà ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â‚¬Å¾Ã‚ ¢s demand. According to standard data warehouse architecture, the data warehouse systems are composed of : ETL or Warehousing tools Restitution Tools Meta Data ETL Tools (Extract-Transform-Load) Extract, transform, and load (ETL) is a process in database usage and especially in data warehousing that involves: Extracting data from outside sources Transforming it to fit operational needs (which can include quality levels) Loading it into the end target (database or data warehouse) Stocking the data warehouse with data is often the most time consuming task needed to make data warehousing and business intelligence a success. Extracting data for the data warehouse includes: Making ETL Architecture Choices Data Mapping Extracting data to staging area Applying data cleansing transformations Applying data consistency transformations Loading data The extract, transformation and loading process includes a number of steps: Extract The first part of an ETL process involves extracting the data from the source systems. Most data warehousing projects consolidate data from different source systems. Each separate system may also use a different data format. Common data source formats are relational databases and flat files. But sometime it includes non-relational database structures as an eg: Information Management System (IMS) Virtual Storage Access Method (VSAM) Indexed Sequential Access Method (ISAM) The streaming of extracted data source and load on-the-fly to the destination database is another way of performing ETL when no intermediate data storage is required. In general, the goal of the extraction phase is to convert the data into a single format which is appropriate for transformation processing. Transform The transform stage applies a series of rules or functions to the extracted data from the source to derive the data for loading into the end target. Some data sources will require very little or even no manipulation of data. In other cases, one or more of the following transformation types may be required to meet the business and technical needs of the target database: Load The load phase loads the data into the end target, usually the data warehouse (DW). Depending on the requirements of the organization. Some data warehouses may overwrite existing information with cumulative information. Most of time updating extract data is done on daily, weekly or monthly basis. Other data warehouse may add new data in a historicized form, for example, hourly. To understand this, consider a data warehouse that is required to maintain sales record of last one year. Then the data warehouse will overwrite any data that is older than a year. More complex systems can maintain a history and audit trail of all changes to the data loaded in the data warehouse. ETL Tool Functionalities While the selection of a database and a hardware platform is a must, the selection of an ETL tool is highly recommended, but its not a must. When you evaluate ETL tools, it pays to look for the following characteristics: Functional Capability Ability to read directly from your data source Metadata support Microsoft Office Performance Point Server One of the warehouse tools is Microsoft Office Performance Point Server. It is a software product from Microsoft for the business intelligence sector. Version 1.0 was released in November 2007. But this version 1.0 product was not officially released until November 2007. The acquisition has enabled Microsoft to add deep analytics for reports created by its Performance Point Monitoring Server. Planning component of Performance Point Server 2007 is to be discontinued in April 1, 2009. Microsoft will discontinue this product as an independent product. It is folding its Dashboard, Scorecard and Analytic Reporting capabilities in to SharePoint Server, signaling a significant change in the companys business intelligence software strategy. This Microsoft Office Performance Point Server stable release is 1.0SP2/2008 and the operating system is Microsoft Windows. This product license is proprietary EULA. Performance Point Server 2007 is fully integrated with other Microsoft Office products including Excel, Visio, SQL Server, and SharePoint Server. This server provides a planning and budgeting component which is directly integrated with Microsoft Excel and SQL Server Analysis Services. And this integration allows Performance point to join the dis-jointed systems companies use to in order to keep information accurate within all of their systems. Performance Point uses data cubes to manage the information. In 2007, Business intelligence (BI), also known as Business performance management (BPM) or corporate performance management (CPM) is a rapidly growing market owing to the ever-increasing amount of data collected by businesses about their customers. There are three types of components, Monitoring Server Operation Planning Sever Operation Management Reporter The Monitoring Server Operation has lot of the monitoring and analytical features. It includes Dashboards, Scorecards, LPIs, Strategy Maps, Filters Reports. Dashboard Designer saves content and security information to a SQL Server 2005. Database is managed through Monitoring Server. Data source connections are also made through Monitoring Server. The Planning Server is built on a SQL Server stack, with extensive use of Excel for line-of-business reporting and analysis. The Performance Point Planning Server supports a variety of management processes, which include the ability to define, modify, and maintain logical business models integrated with business rules, workflows, and enterprise data. This component is specifically designed to perform Financial Reporting. It can read the PPS Planning Financial Models directly. A development kit is also available to allow this component to report off other repositories. Oracle Business Intelligence Suite Enterprise Edition Another type of warehouse tool is Oracle Business Intelligence Suite Enterprise Edition. This is also known as OBI EE Plus. This product developer is Oracle Cooperation. Stable release is 10.1.3.4 and it release in 1st September 2009. Written language is C++ and Java. Oracle Business Intelligence Suite Enterprise Edition used operating system are Windows, Linux, Solaris, HPUX, AIX and MACOSX. This Oracles set of business intelligence tools consisting two business intelligence. There are: Former Siebel business intelligence Hyperion business intelligence. The former Siebel products were initially marketed by Oracle as Oracle Business Intelligence Enterprise Edition. The Oracle Business Intelligence Suite Enterprise Edition is used inter changeably with Oracle Business Intelligence Applications. Industry counter-part and main competitors of Oracle Business Intelligence Suite Enterprise Edition are Microsoft BI, IBM Cognos, SAP Business Objects and SAS. The full deployment of OBIEE contains the following components: Oracle Business Intelligence Publisher Oracle Business Intelligence Scheduler Oracle Business Intelligence Systems Management Oracle Business Intelligence Cluster Controller Oracle Business Intelligence Presentation Services Oracle Business Intelligence Server Oracle Business Intelligence Presentation Services Oracle Business Intelligence ODBC Driver Oracle Business Intelligence Scheduler Oracle Business Intelligence Administration Tool Oracle Business Intelligence Client Oracle Business Intelligence JDBC Driver Oracle Business Intelligence Catalog Manager Oracle Business Intelligence Job Manager There are lots of components in this product. Some of major components are; Oracle Business Intelligence Admin Tool Oracle Business Intelligence Answers Oracle Business Intelligence Server Oracle Business Intelligence Marketing Oracle Business Intelligence Interactive Dashboards Hyperion Web Analysis In this project these major components describe in detail. According to that Oracle BI Admin Tool is an administrator tool used to construct repositories consisting of a Physical Layer, Business Model and Mapping Layer, and an abstracted end-user Presentation Layer subsequently visible in BI Answers. Oracle BI Answers are an ad-hoc query and analysis tool it processes the data from multiple data sources in a pure Web environment. Users can remote from data structure complexity and they view and work with a logical view of the information. An analysis server providing a calculation and aggregation engine that integrates data from multiple relational, unstructured, OLAP, and other sources are called as Oracle BI Server. Oracle BI Marketing is which marketing needs, formerly known as Segmentation Server. And the last major component is Hyperion Web Analysis. This mean is delivers out-of-the-box presentation and reporting for Oracle multi-dimensional sources and Essbase.

The Biochip and Advancements in Medical Treatment Essay -- Exploratory

The Biochip and Advancements in Medical Treatment Advances in microchips occur daily, but a recent advance in the area can only be called revolutionary. No, these are not a more advanced breed of thin silicon wafers, better known as computer chips. They are called biochips. A blending of silicon technology with biology has produced a groundbreaking new technology. It can be used to tell how actively a gene works, whether it carries any mutations, and even aid in the human genome project, a long term project to map the entire human genome. The biochip is a square of glass about the area of a dime. It is carpeted with DNA probes. The probes are oligonucleotides, strands of DNA six to nine bases long. A long strand of DNA of an unknown sequence is to be tested to determine its sequence. First, it is fragmented and then washed over the chip. The fragments only attach to their complementary oligonucleotides on the chip. This is because bases only pair with complementary bases. Adenine bonds with thymine, and cytosine bonds with guanine. The next step is to analyze the reactions between the bases and determine the sequence of base pairs. This will give a clear picture of the formerly unknown DNA. The biochip uses fluorescent tags to determin e where unknown fragments attach to their complementary strands on the chip. A microscope attached to a computer "reads" the patterns of fluorescence and gives the sequences of the unknown strand. Deoxyribonucleic acid, or DNA, consists of various sequences of four organic compounds called bases, and some proteins. Abbreviated, the initials of the bases are A, C, G, and T. The building blocks of all life, they encode thousands of genes. The... ...d over this chip, and the places where there are weak hybridizations, or base pair bonding, a less bright tag would indicate a genetic mutation. One would be able to determine the exact place on that person's gene where the person has a genetic abnormality. An obvious use of the new technology will be as the earliest possible screening method for cancer. All genetic disorders could be tested for within a matter of minutes. With more advanced technology, such as what is happening with computer chips today, all genetic disorders could be checked for using but a single chip. Other chips could be used to determine how tall a person is to grow, whether they will bald earlier, or any number of applications. Obviously the technology will also be used in animal studies. The only limitation to the advancement of this innovative new chip is the imagination.

Do Men Mother?: Fathering, Care and Domestic Responsibility by Andrea D

Traditionally, mothers have been assigned to stay in the house to take care of children and perform daily household activities. However in recent years, men are becoming more involved in the house. Men are sharing more of the same responsibilities with women in terms of housekeeping and childrearing. Several fathers are choosing to stay in the house to take care of their children rather than working outside; either because of employment interruption or their wives are earning a higher salary than them. In a modern study, an increased number of working mothers as well as an increase in stay- at- home fathers were observed in Canada (Sutherland 2008). This is where the need to analyze if fathers are competent of rendering nurture and care as well as mothers arises. In her book entitled Do Men Mother?: Fathering, Care, and Domestic Responsibility, Doucet seeks the life of fathering by means of illustrating if fathers are essentially performing a mother’s role or mothering when caring for their children (Doucet 2006). Andrea Doucet, currently on sabbatical, is a Professor of Sociology at Carleton University located in Ottawa, Canada. She obtained her Bachelor of Arts in Political Science from York University and completed her Masters in International Development at Carleton University. Doucet furthered her studies at Cambridge University where she attained her PhD (Carleton University 2011). Besides book chapters, most of her works for the past sixteen years have been scholarly articles which made sense of and clarified, theoretical and experiential understanding of subjects related with care and work, gender issues and lives within the society. A significant number of her works discuss several issues such as responsibility, auto... ...selves as fathers (Doucet 2006: 217). By the use of several theoretical perceptions, the book provides a breakdown on the division of household responsibilities and manliness (Doucet 2006). Furthermore, it also renders literature on parenting as a result of analyzing the role of the fathers by the maternal points of view. Do Men Mother?: Fathering, Care and Domestic Responsibility explores the concerns of men who choose to stay as full time fathers in order to meet the needs of their children rather than to work outside their home (Doucet 2006). The book is tremendously impactful in terms of being able to make readers realize the difference between the roles of the mother, as well as the responsibilities of the fathers while the common objective of providing adequate care and love for their children is shared between both sexes. Do Men Mother?: Fathering, Care and Domestic Responsibility by Andrea D Traditionally, mothers have been assigned to stay in the house to take care of children and perform daily household activities. However in recent years, men are becoming more involved in the house. Men are sharing more of the same responsibilities with women in terms of housekeeping and childrearing. Several fathers are choosing to stay in the house to take care of their children rather than working outside; either because of employment interruption or their wives are earning a higher salary than them. In a modern study, an increased number of working mothers as well as an increase in stay- at- home fathers were observed in Canada (Sutherland 2008). This is where the need to analyze if fathers are competent of rendering nurture and care as well as mothers arises. In her book entitled Do Men Mother?: Fathering, Care, and Domestic Responsibility, Doucet seeks the life of fathering by means of illustrating if fathers are essentially performing a mother’s role or mothering when caring for their children (Doucet 2006). Andrea Doucet, currently on sabbatical, is a Professor of Sociology at Carleton University located in Ottawa, Canada. She obtained her Bachelor of Arts in Political Science from York University and completed her Masters in International Development at Carleton University. Doucet furthered her studies at Cambridge University where she attained her PhD (Carleton University 2011). Besides book chapters, most of her works for the past sixteen years have been scholarly articles which made sense of and clarified, theoretical and experiential understanding of subjects related with care and work, gender issues and lives within the society. A significant number of her works discuss several issues such as responsibility, auto... ...selves as fathers (Doucet 2006: 217). By the use of several theoretical perceptions, the book provides a breakdown on the division of household responsibilities and manliness (Doucet 2006). Furthermore, it also renders literature on parenting as a result of analyzing the role of the fathers by the maternal points of view. Do Men Mother?: Fathering, Care and Domestic Responsibility explores the concerns of men who choose to stay as full time fathers in order to meet the needs of their children rather than to work outside their home (Doucet 2006). The book is tremendously impactful in terms of being able to make readers realize the difference between the roles of the mother, as well as the responsibilities of the fathers while the common objective of providing adequate care and love for their children is shared between both sexes.

Creating a Robot to Guard Property with Lego Mindstorm :: Robotics

The Protectobot Abstract My final project is to build a robot that will use non-violent techniques to keep animals out of yards. Using the Lego Mindstorm Kit I was able to complete this project. When certain animals walk by my robot, it throws gears towards the animal to scare it away. It can tell the difference between good animals and bad, and does not harm them in any way. Background For many years people have been trying to find non-violent ways to keep animals out of their yards and away from family pets. Various attempts have included motion detecting sprinklers, electric fences, fake smells, and ultrasonic sound bursts. These devices work in some cases but not in all. Motion sprinklers spray short bursts of water when they detect animals. Some animals however, like to get wet so the motion sprinklers will not necessarily work on all. Ultrasonic sound burst devices detect when an animal is near and sends out a two second ultrasonic sound burst. These bursts can be heard by animals but not by humans so they may have a hard time figuring out when the batteries run out or when it is broken. Electric fences can sometimes hurt animals, including pets that are allowed to be in our backyards. Fake smells of the animal’s enemy can also help scare the animal away. There are often unwanted animals in my family’s backyard. They eat our fruit from our trees, and tear up our grass. We have been trying to find more effective ways to keep them out for a long time. For my final project, I decided to make a robot that will detect when an animal walks by it. When it detects an animal, it will throw small objects at whatever it is that moved. I have not yet decided what it is that my robot will throw. It has to be harder than a sponge, but cannot be so hard that it will hurt something. As a warning to humans, it will make a beep noise before it throws the object. Procedures I built many small parts to put together to make my functioning robot. It is made up of the launching pad, gear/motor station, the RCX platform, and the head. I first built the launching platform. It is made up of black beams ranging in size from one to sixteen. They are put together in rows with reinforcements on the opposite sides running in the other direction. They came together to form a triangular shape with two gears at the end. I then attached gears and a motor to the platform so that the motor is able

Globalisation of Indian Economy Essay

Economic Reforms in India UNIT 27 GLOBALISATION OF INDIAN ECONOMY Structure 27.0 27.1 27.2 27.3 27.4 27.5 27.6 27.7 27.8 27.9 27.10 27.11 27.12 Objectives Introduction Globalisation and Economy Benefits of Globalisation Globalisation and Indian Industries Policy Changes Since 1991 Globalisation of Financial Markets Problems of Globalisation Efforts Required for Globalisation Let Us Sum Up Key Words Some Useful Books Answers/Hints to Check Your Progress Exercises 27.0 OBJECTIVES As you go through this unit, you will come to understand and appreciate the implications involved in globalisation of Indian economy. This unit is expected to help you answer the following: l l l l l l Is globalisation a reality and has India been able to adopt this; Examine the implications involved in the process of globalisation; Analyse the impact of globalisation on Indian economy; How do different sectors prepare to face the challenge of globalisation; What policy measures need to be followed for globalisation of Indian economy; and What conditions are required to have the best possible results? 27.1 INTRODUCTION In recent years there is no special phenomenon that attracts more attention in mass media and in the scientific public than globalisation. For nearly a decade the nation’s preoccupation has been with economic reforms. The enthusiasm and the excitement over ‘deregulation’, ‘liberalisation’ and ‘globalisation’ remain undiminished since the time the three buzzwords entered the scene. These terms are frequently used in any general discussion.The common person seldom understands the exact import of these terms but (s) he knows that they imply radical changes in life. The literate population surmises that liberalisation indicates a reduction of rigors in laws and procedures to permit more efficient conduct of business while globalisation stands for removal of protective barriers against free flow of trade, technology and investments among countries. It is also recognised  that the insularity and sheltered culture of industry and trade have to give place to a competitive environment, which would demand basic adjustments by the population, be they manufacturers, traders, workers or consumers. How this change is to be managed with the least pain and with maximum benefit is the major concern. There have been innumerable seminars and workshops on the three related terms in general and globalisation in particular. However, the ideas and the basic vision behind the dominant policy choices made since 1991 have not been 28 explained in simple terms by those professing to understand the policy choices. Policy makers and seminar speakers often assume that the objectives of globalization are understood by all. They, therefore, dwell on the ways and means to achieve globalization. Globalisation of Indian Economy 27.2 GLOBALISATION AND ECONOMY Globalisation has some very clear features (K.L. Chugh, 1992). Globalisation puts an emphasis on consumer concern and encourages competition. It is co-operative venture, where organisations and people complement and supplement each other in the service of the consumer. It is for this reason, that one now sees the international trend to source raw material from one country, process it in another country and then market it worldwide. As a result, globalisation helps to synergies the roles of each country. Globalisation leads to quality assurance and it is as a guarantee of their quality that manufacturers brand their products. It means a borderless world where there is a free exchange of money, ideas and expertise, fostering partnerships and alliances to serve the consumer best. Globalisation relies on the quality of people. No initiatives, no innovation, no solutions are possible without outstanding people. The quality and training of people, their vision and their commitment, is the very foundation of globalisation. Globalisation is the reversal of business from a macro to a micro point of view. What matters is the contact and collaboration between individuals and  firms in various countries. Globalisation is complete decentralization of location. It will internationalise human resources and remove geographical boundaries. The policy of globalisation emphasises that export sector should form an important ingredient of the national macro-economic aggregates. When exports form an important economic aggregate, the industrial growth to a substantial extent becomes dependent upon the export sector. When industrial production is attached to the export sector, indirectly the other sectors of the economy specially banking and services sector are also integrated with the export sector. Finally, since exports are dependent on the GDP growth of the major trading partners, the domestic economy c annot grow at a rate much different from that in the world economies. 27.3 BENEFITS OF GLOBALISATION What are the benefits of globalisation? Some of the benefits are as follows: i) Improved resource allocation due to the presence of a competitive environment ii) Exposure to international economies would lead to the availability of better technology, inputs and intermediate goods iii) Transfer of know-how and economies of scale Thus, globalisation implies a regime of perfectly competitive markets with no entry or exist barriers. However, the onset of such an environment is not without fulfillment of certain preconditions on the part of the corporates – global vision and global capability. Global vision implies that the corporate should have the ability to analyse the dynamic competitive environment and should be able to develop superior strategies in a way, which is relevant to the new global opportunities, i.e., should have the vision of analysis and leadership.Global capability attributes, on the other hand, are reflected in the ability to amass and deploy productive human, technological and financial resources at the right time and at the right place. 27.4 GLOBALISATION AND INDIAN INDUSTRIES The road to globalised markets has only fast tracks. There is no lane earmarked 29 Economic Reforms in India for leisurely traffic. This is a primary factor to be understood. When the country opens up its markets and invites new investors and new technologies from abroad, proven suppliers can come in with their quality goods, technologies and services at competitive prices. There is thus an anxiety that globalisation would become a one-way traffic, with imports flooding the local market, and throwing the indigenous industry and workers into misery. However, given the fact that Indian industries have absorbed modern technologies and some quality standards over the past five decades, they have the requisite strength and resilience to face the immediate challenges of globalisation. What is needed is strategic planning to fully tap the existing strengths and meet the initial pressures. In any case, the question today is not whether globalisation is inevitable, but how to tailor the method to fit each business when it embarks on globalization. One must turn the spotlight on the information imper atives for global competitiveness. Indian industry and business need to be on top of the corpus of information on a whole range of subjects such as product preferences, technology choices, price trends, rivals’ strengths and weaknesses, and investment sources. Without such mastery, no business enterprise can successfully aspire to a razorsharp competitive edge, which alone can assure it a recognizable market presence, let alone an unshakable market dominance. Inevitably, companies have to spruce up all aspects of operations, in terms of technology and design, material procurement, manufacturing processes, quality levels, finance techniques and dynamics of marketing for export promotion taking fair advantage of the liberalised environment provided by the government. Effective managerial information and control systems are essential for improving in house efficiencies and for quick assessment of the external market opportunities. Timely decisions and responses from delivery dates, assured quality norms, pro-customer policies and above all, a goal orientation, are needed to succeed in global pursuits. Productivity has to improve in all areas of management and the entire work force should wake up to the new realities through meaningful counsel ling and HRD techniques. A new sense of urgency to scale higher targets needs to be created in each employee and executive. Reduction in prices based on cost  control and waste elimination could bring in more orders and larger profits on enhanced turnovers. This is how countries like Japan emerged world market leaders. Competition has been the driving force for progress. A thorough reshaping of attitudes and redesign of work methods is imperative to bring in a totally new culture of activity and achievement. Each manager and supervisor has to lead by example, rather than by precepts, to prove that every new target can be achieved. Recognitions and rewards for meritorious performance in all cadres should serve as an incentive for better productivity. Policies of trade and investment liberalisation have a crucial role to play in providing an outward orientation, which will impose external audit on the domestic cost structure. Marketing strategies will have to be evolved which should take account of the global economic restructuring that is going on in the world today. Marketing strategies suited to every target country relative to its tradition and culture should be evolved and modified from time to time for achieving results. Flexibility and effective local liaison should form the core of the strategies. It is in this context the following three points are important: i) Making India the premier production centre of the world. In several sectors, particularly in agro-based industries, India has the skills and the investments, which make it the lowest cost producer in the world. These investments can easily obtain a share of the world market and all that is required is to develop alliances with partners overseas and support it with a national policy for each sector. 30 ii) Indian corporations to go into world markets and to become India’s â€Å"multi-nationals abroad, with markets, and later, production centres spread across the globe. Here again, India has a natural advantage in certain sectors such as the knowledge-led services and wide range of agricultural, industrial and fashion products. iii) Attracting foreign investments to make India their home base for their world markets. India has amongst the world’s largest trained manpower, including farmer and scientists, engineers and professionals, entrepreneurs and skilled workers. The cost of people is much lower in India than in the developed world and provides a significant competitive advantage to India. The introduction of full convertibility of  rupee on current account will greatly accelerate not just foreign investments in India, but also the export-import trade. If India succeeds in attracting foreign investment, particularly in the area of infrastructure, then it would be possible for the government to re-invest into the rural sector. This will have its own beneficial impact on the total economy, as India’s prosperity is entirely dependent on the rural, farm economy. This will help to usher in a second green revolution in the country. To successfully participate in the world economy, India needs to build strategic alliances – not just between trading blocks, but between corporations; and not just between foreign partners and India but partnership within Indian industry itself. Check Your Progress 1 1) What do you mean by globalisation? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) What is the implication of globalisation for an economy? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 3) Highlight the implications of globalization for Indian industry? †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â ‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. Globalisation of Indian Economy 27.5 POLICY CHANGES SINCE JULY 1991 Globalisation presupposes two things — political will at the macro level which is reflected in various policies pursued by the government and corporate will at the micro level which is established by the existence of a global vision and capability. The government has moulded its policies. In this regard, one can take a look at the following policy changes: 31 Economic Reforms in India i) A two stage devaluation of the rupee by about twenty percent in July, 1991 in an attempt to align the exchange rates with the world exchange rates and provide additional incentives to the exporters to offset some of the disincentives arising out of the import barriers. ii) Introduction of a system of partial convertibility of the rupee under the liberalised exchange rate management system (LERMS) and then allowing full convertibility of rupee on current account. iii) Foreign direct investment (FDI) has been liberalised and now the foreign investors are allowed to participate upto 51 per cent, 74 per cent, and even 100 per cent of the equity of select industrial sectors. iv) The list of products requiring import license has been pruned which shows that physical controls are given way to fiscal controls (all quantitative restrictions are removed by April 1, 2001) v) Import duties have been reduced. vi) Import of capital goods has been allowed without any specific licence if the payment for the imported capital goods is made out of foreign exchange received for the purpose of equity participation. vii) Decentralization of several items has taken place and those items, which were initially under the purview of government agencies, are now being opened to private companies. viii) Foreign institutional investors (FIIs) are given permission to invest in the Indian capital market. In fact, SEBI has already recognised several FIIs for this purpose and they have started making investments also. ix) Guidelines have  been issued for the floating of Euro issues by the Indian companies. x) A major step towards globalisation has been to amend the Foreign Exchange Regulation Act, 1973 (FERA), which substantially dilutes its regulatory provisions to bring it in line with the new liberalised industrial, trade and exchange rate policies. The Act has removed a large number of restrictions on companies with more than 40 per cent non-resident equity and removed FERA controls on Indian firms setting up joint ventures abroad. The amendment also incorporates into law all the changes, which have so far been made by issue of notification by the RBI or the central government. These changes pertain to facilities extended to FERA companies on the appointment of technical and management advisors, opening of branches, acquisition of immovable property by FERA companies in India, borrowing of money or acceptance of deposits by them etc. Also, in an effort to rationalise the Act, about a dozen sections of FERA, 1973 were deleted as these had lost relevance over time. (As a matter of fact FERA 1973 itself is repealed and in its place a new liberalised legislation has been enacted which is known as â€Å"Foreign Exchange Management Act (FEMA†). xi) Guidelines have been specified for setting up of Indian Joint Ventures Abroad (IJVA), which would enable 90 per cent of the proposals to be covered through the automatic approval route. The main objective here is to liberalize Indian equity investment in joint ventures and wholly owned subsidiaries abroad as well as to simplify the procedures for investment abroad by the Indian parties. xii) Automatic permission is given for foreign technology agreements upto certain ceilings covering the high priority industries. 32 xiii) Foreign technicians can now be hired by Indian companies without prior approval of RBI if certain conditions are met. xiv) The foreign investment promotion board (FIPB) has been instituted to facilitate and promote foreign investment. These measures establish the fact that the government is indeed serious to help the industry globalize. The industry, on its part, is becoming more and more receptive to these structural reforms. The industry has responded by opting for industrial tieup as a threshold to building a global strategic presence. Thus, there is a wave of multinational  corporations (Macs) entering the Indian market and Indian businessmen too are fast setting up shop on the foreign shores. To survive the threat of global competition, Indian companies have no choice other than to restructure their business. The way to tackle this would be to understand the need for change (the way?), the paradigm shift required (the what?), the implementation process (the how?), and prioritisation of the problems awaiting solutions (what is next?). Globalisation of Indian Economy 27.6 GLOBALISATION OF FINANCIAL MARKETS India has been making use of the international financial markets. Exchange rate and interest rate movements now constitute the key variables. The volatility of exchange rates has turned out to be both a proximate cause and effect of capital movements. This in turn has made them autonomous variables not directly related to movements in the real sectors of the economies concerned. Another aspect of the vulnerability results from the quick transmission of impulses generated in one leading market to others. Today, financial markets are global in scope; where the distinction between money and other financial assets is not so clear cut and indeed there is continuum of liquidity; where the line of distinction between financial intermediation by the banking system and other non-bank intermediation is also getting blurred; and as a corollary of this where financial institutions themselves are losing their specialist character. Their wide geographical coverage is matched by wide functional activity against the background of increasingly intense competition.This has meant better opportunities both for the players in the international financial markets and those that transact business with them. Never have the world financial markets been so integrated and offered so wide a variety of services. India is affected by trends in capital movements, exchange rates and interest rates. A more liberal domestic financial sector would be better able to interact with international financial markets. India has only been reacting to events abroad, i.e., India remains ‘events takers’ rather than ‘events makers’, but even so, there is need for providing for a measure of structured rather than ad hoc response to external events. This is also a matter of determining the  rational sequencing pattern of increasing its markets’ linkages with the international markets. A cautious and step-by-step approach in terms of a well thought out framework of such linkages is called for. While Indian financial institutions and business should gradually and in a structured way get into the operations of the international financial markets, globalisation of the Indian financial sector is indispensable if it has to become efficient, vibrant and truly competitive in the years to come. The process of globalisation involves two distinct challenges: (i) technological upgradation through computeriation, and (ii) establishing and forging links with international financial markets. The Indian financial sector has been a late starter in mechanizing and computerising its operations. Regrettably, introduction of new technology is rather slow. What is even worse, the installed hardware does not 33 Economic Reforms in India seem to have been utilised to its full potential. This unfortunate state of affairs must end. The Narasimham Committee has endorsed the view of the Rangarajan Committee on computerisation. At the economic policy level, the issue of forging links with the international financial markets is closely intertwined with interest rate deregulation and convertibility of the Indian rupee. 27.7 PROBLEMS OF GLOBALISATION An outward looking or globalisation policy carries a price, as it demands certain constraints on the formulation of national policies. These constraints are: i) The international economic environment has qualitatively changed. When the industrialised countries are subjected to economic fluctuations, the dependent developing countries will have to bear these economic shocks. ii) There is a relationship on the one hand between investment made for exportoutput and income generated via the multiplier, and on the other hand  between income generated and imports via propensity to import. This problem stems from the fact that income multiplier effect in a developing economy is higher than in a developed economy due to a higher marginal propensity to consume. Consequently, demand generated is also relatively higher in the developing economies than in the developed economies. This rise in demand, under certain given conditions, will push up the domestic price level and if marginal propensity to import does not recede, it will further lead to higher imports to the extent that proportionate rise in imports may exceed proportionate rise in exports and thus the trade balance is shaken. iii) The formation of a trade block in North America that has given rise to free trade between the US and Canada has created a new situation. With this, cartel like conditions will prevail on the demand side in these markets whereas competition amongst the suppliers, intra-country and inter-country, will continue. It is in these changed market conditions that India has to adjust itself. Thus, not to speak of pushing up its share, even survival will prove a gigantic task for India. In view of this, a better course for India will be not to rely too much on an export-led growth under the existing world scenario. In this market oriented world there is no godfather who may come to India’s rescue without asking for its pound for flesh.Globalisation is perhaps irreversible. Success comes to those who learn to live dangerously. At best one can moderate the pace of globalisation. But globaliation is a conditional boon. One must put one’s own house in order or at least mismanage it much less to get the boon working. India’s options are limited. One of them is to let the rupee fall freely. If the rupee depreciates, then the expectations of capping prices through imports would also be punctured. The existing framework of global governance is weak, ad hoc and unpredictable, with international economic decision-making dispersed over numerous institutions, which are mostly dominated by the rich countries. Continued inhospitable international economic environment will frustrate the developing countries’ determined efforts to end stagnation through liberalisation, market-oriented reforms and outward-looking policies. Denial of access to markets, debt burden, inequities in global monetary, financial and trade systems, barriers to transfer of technology, dwindling flows of concessional resources, reluctance of foreign direct investment to flow to developing countries are  making quantum jump from stagnation to sustained growth almost impossible. 34 Domestically, there are several problems and issues, which act as hurdle towards global integration. These are : (i) gross inequalities in income, (ii) poor infrastructure, (iii) lack of research facilities, and (iv) the problem of bureaucratic set up. According to Professor, P.R. Brahmananda (1993) the economies are being asked to perform functions assigned to market systems without the requisite infrastructures in storage houses, communication framework, trading establishments, organised stock exchanges, future markets, banking and financial institutions with branches, employment exchanges, commercial news-papers, advertisement media etc. Thus, the transformation of the market has been sought to be achieved in a vacuum. Private property in land, capital and financial assets etc., has yet to be established universally. The information basis for a market economy is virtually absent. The state is simply divesting itself of its functions without compensating new institutional arrangements. Capitalism cannot be established without capitalist institutions and a legal framework. Consequently, the transaction costs in the transitional processes have risen enormously, and great profits are being made by informal financial trading and information intermediaries. Consequently, the underlying basis for elastic supply schedules in various relative production lines has not come to exist. The institutions such as IMF, World Bank and WTO are emerging as the watchdogs and monitors of developing countries on behalf of the developed. The loans are sources of additional demand for the products of the developed. The pressures on the movin g down of exchange rates of the borrowing countries will be stronger. Further, there will be strong pressures to make the developing countries bring down the import duties and to free domestic markets. Internationally, the point of worry is that major economies of the world are going through a major recessionary phase and are increasingly turning inwards in an effort to balance their domestic and international priorities. Thus, even they continue to preach the articles of globalisation and opening up to the world, they themselves are forming closed trading blocs, NAFTA, Paciffic Basic Trade Bloc, being a few such examples. Thus, there are both, opportunities and hurdles in the entire process. Whereas the domestic ones can be overcome by the necessary reforms,  the trade policies and structural movements towards opening up may be slowed down by the protectionist polices of the industrial countries. According to Uncial’s Trade and Development Report (TDR) 1997, the invisible hand (market) now operates globally and with fewer countervailing press ures. It has sounded out a wake-up warning to countries that their faith in markets and economic openness could be overwhelmed by political events, since evidence is mounting that slow growth and rising inequalities are becoming more permanent features of the global economy. The policy efforts of developing world should be accompanied by an accommodating global milieu. But, among the asymmetrie of globalisation is the fact that liberalization of the world economy has proceeded so far in a lop-sided way that tends to prejudice the growth prospects of developing countries by discriminating against areas in which they could achieve comparative advantage. Thus, liberalisation of trade in goods has proceeded more slowly in those sectors where developing countries are more competitive. Major trading blocs continue to protect their agricultural sector. New forms of protection against exports of manufactures from the South are being sought as a remedy for labour market problems in the North. While many curbs have been lifted on the freedom of capital and skilled labour to move where it is Globalisation of Indian Economy 35 Economic Reforms in India best rewarded, no attention has been paid to abolishing many restrictions on the freedom of movement of unskilled labour. Ultimately global efforts to help developing countries could still come to nothing if the slowdown in economic growth in the North is not reversed. For a return to faster growth, the policy of full employment is not only a pre-requisite for resolving the twin evils of high unemployment and increasing wage inequality in the North, but is also essential for defusing the threat of a population backlash against globalisation, which might put the gains of global economic integration at risk. Check Your Progress 2 1) Highlight the implications of globalisations for Indian financial markets. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention three problems associated with globalisation. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.8 EFFORTS REQUIRED FOR GLOBALISATION While globalisation has arrived in the world, most organisations are still not ready for it. Yet, there is little doubt that to be viable during the next century, all organisations whether domestic or international, will need to become more global in their outlook, if not in their operations. The global organisation is a consequence to several new and sophisticated forces that have come to shape the world economy over the last decade. These are: (i) aggressive and massive financial accumulation and relatively free-flowing resource turner; (ii) well-defined and efficient communication channels; (iii) information transfer and control systems; (iv) technology development and application that seek both leading edge and low-cost product creation and production and clear recognition of the potential for mass markets, mass customisation, and (v) global trends. A joint industry-government working group set up by the Ministry of Commerce has recommended that the country should undertake corporate sector type advertising campaign in major international markets in order to improve the international image of Indian industry and goods and services. It suggested a two-step promotional strategy, beginning with a focus on image building for the country as a whole to combat its adverse image, followed by specific campaigns aimed at generating trade and investment flows. The expansion of  international trade and the rapid growth of products and services out of India will be enormously assisted if the image of India is improved by a special, sustained and co-ordinated effort by government and industry working together. Many developing countries like India do not have strong reputations. It is therefore imperative to build credibility among a targeted group of buyers and investors. 36 In this context, twelve different promotional techniques used by other countries have been advocated by the working group. These are: (i) advertising in the general economic media, (ii) participation in trade fairs and exhibitions, (iii) advertising in sector specific media, (iv) trade missions to select countries, (v) general information seminars on trade and investment opportunities, (vi) direct mail campaigns, (vii) industry or sector-specific missions to select countries, (viii) sector-specific seminars, (ix) firm-specific research followed by sales presentations, (x) provision of trade and investment counselling services, (xi) speeding up the processing of applications, and (xii) provision of post-investment and post-trade services. Moreover, while a host of bodies such as the Ministries of commerce, external affairs and finance, and several chambers of commerce are involved, there are no national coordinated efforts. Therefore, promotional work should be entrusted to an agency owned and funded jointly by the government and industry. However, it should function outside the purview of normal civil service rules and practices, should perhaps be a registered society, and â€Å"should be run as a non-governmental, private sector organisation with a work culture different from government†. It may be emphasised that the organisation must be staffed by multi-disciplinary professionals, drawn not from the government but from the private sector. â€Å"Essentially, a small, compact, fast moving group of people, led by a dynamic leader with task of promoting India internationally. As the international orientation of the Indian economy and Indian industry increase, it becomes essential for Indian industry to take ca re of details. Sustained efforts over a period, therefore, become necessary to build credibility. With this as the objective Confederation of Indian Industries  (CII) has drawn up a list of â€Å"Do’s and Don’t† for Indian industry to assist companies to deal effectively in international trade. In justifying the structural reforms that are being introduced in the Indian economy, the advocates of these reforms have brought the question of competitiveness to the centre of the discussion. Their argument runs as follows: The Indian economy needs to be integrated to the world economy. Globalisation requires that the Indian producers be competitive in the global market. It is only through these reforms that they can acquire the competitiveness and, therefore, the reforms are essential prerequisites for successful globalisation. Globalisation has of late become an objective in itself. This is both dangerous and ludicrous. Globalisation should not be considered a goal in itself and that it was merely a means to the ultimate aim of improvement of the economy. This s imple objective needs reinforcement among the experts if the avoidable pitfalls of an economy in transition are to be avoided. Transition is a word that triggers both unease and heightened expectations. It is very important for us to cope with the unease if we are to satisfy the heightened expectations of nearly a billion people. The strengthening of the internal economy was a pre-requisite for a globalising economy. Given the ultimate aim of globlisation and given the pre-requisite for a globalising economy, the ultimate aim of improving the economy appears to be both the means and the end. This simplification without the use of expensive-sugarcoated words is the right approach to addressing the unease and the positive expectations. The theoretical elegance of globalisation has its own attraction. It may help India to find some partial explanations for success and failure by systematically analysing the ability of a small set of firms to manage change. But India needs practical and profitable applications that would be relevant to the large set of firms and individuals. It needs consistent policies that can help to upgrade India’s position in international competition in a s ubstantial and enduring way. Towards this, India needs to find out what it is good at so that it can better achieve the best possible. The process of finding out what India and its firms are good at is yet to Globalisation of Indian Economy 37 Economic Reforms in India be put into motion at the national level and all the talk about globlisation is at best wishful and premature. Globalisation requires both static efficiency and dynamic efficiency, more of the latter than the former, and India is at a stage when it is unsure of economy’s static efficiency. A nation that is unsure of static efficiency is least equipped to pay for the dynamic extra options that are essential to guarantee success. The power blackouts in the states are an example of unsure, unreliable static efficiencies. Check Your Progress 3 1) Mention five new forces that shape the world economy. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 2) Mention a few promotional techniques that need be adopted by India. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦ †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. †¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦Ã¢â‚¬ ¦.. 27.9 LET US SUM UP India ought to know what it is good at before embarking on what it needs to be good at in order to reduce the unease and sustain the expectations of a prosperous future. A prosperous future is predicted on the competitive  advantage of firms in all sectors of the economy. The basis of competitive advantage in many sectors and industries, each seemingly distinct, depends on a set of critical elements common to a range of sectors. The set would obviously include transportation facilities, trained labour, energy, education and health. This set is indisputably at the heart of the economy. Its static efficiency needs to be improved. This is a prerequisite for sustaining and expanding the technical possibility set. Globalization would then be a clinch. â€Å"Behind the cost of production of every commodity, there is a story. It may be a story of innovation, technical progress and modern labour process, or it may be one of sweated labour, primitive labour process and pollution. By putting a price sticker on all commodities, the market suppresses these stories, and thus hides more than it reveals. It is like one of those dark nights in which all horses appear gray. No country today can live behind closed doors. Third world countries therefore must globalise. But while attuning the economy to the needs of the global market, it should be kept in mind that globalization does not generate the process of development, it is the latter that leads to, and in turn is reinforced by, successful globalisation. Unless the process of development which is basically a highly localised process – successfully triggered off, globalisation may lead to the classification of the structure of underdevelopment, instead of causing its dissolution† (Kalyan K. Sanyal, 1993). 38 It is interesting to note that the Nobel Laureate Professor Amartya Sen support  removal of government control over industry and commerce and even endorses globalisation provided welfare is not ignored. He admits unhesitatingly that with the initiation of the right kind of policies, globalisation would secure more prosperity. Globalisation of Indian Economy 27.10 KEY WORDS Backwash Effects: These operate where the economic growth in one region of an  economy has adverse effects on the growth of other regions. Common Market: An area, usually combining a number of countries, in which all can trade on equal terms. Exchange Rate: The rate at which one currency may be exchanged for another. Financial Capital: The liquid as opposed to physical assets of a company. Public Utility: Essential good or service like power, gas, transport etc. A company or enterprise, which is the sole supplier of some of these essential goods or services and is, in consequence, subject to some form of government control. Trade Blocs: Association of group of countries for safeguarding their interest visà  -vis other non-member countries, like European Union (EU) and North America Free Trade Agreement (NAFTA), ASEAN, APEC etc., are some of the example of such trading blocs. Members of these trading blocs have eliminated all barriers to trade amongst member countries. The 15 members of EU have created a single internal market. 27.11 SOME USEFUL BOOKS Bhalla, G.S. (1995): Globalisation and Farm Policy (Presidential Address delivered at the 54th Annual Conference of the Indian Association of Agricultural Economics at Kolhapur) Business Line, January 12-27. Brahmananda, P.R. (1993): Global Economy, Plea for Realistic Scenario, Financial Express, December 30 & 31, January 1, 1993. Chandra, Nirmal Kumar (1995): China’s Tryst with Globalisation, Economic & Political Weekly Jan.28. Chugh K.L. (1992): The Role of Corporation in the New India, speech at the 81st Annual General Body Meeting of ITC Ltd., Observer of Business and Politics, August 10. Dhingra, I.C. (2000): The Indian Economy : Environment and Policy, Sultan Chand & Sons, New Delhi. Kumar, T. Krishna (1996): Management of Development in the Newly Emerging Global Economic Environment, Economic and Political Weekly, June 22. Malhotra, R.N. (1989): Globalisation of the International Economy and its Implications for Developing Countries in Asia, Reserve Bank of India Bullet in, October. Narasimham. M. (1989): Globalisation of Financial Markets in India, Exim Bank Commencement Day Annual Lecture 1989, Mumbai. 39 Palkhiwala, Nani A (1995): Making Indian Industry Globally Competitive, Forum of Free Enterprise, Mumbai, May-June.