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Research Consumer Innovativeness Leading to Innovation Adoption

ROLE AND SIGNIFICANCE OF

INTERNATIONAL BUSINESS
ON THE INDIAN ECONOMY
M.S.Khan1

Abstract
International Business in today’s world has occupied a vital
place among the economies of the world, particularly among the
fastest growing economies like the BRICS nations. The annual rate of
growth in the international business sector in India is more than
8%.With rich resources available in India, it has a huge advantage
over other nations and is regarded as the right nation for exploring
business opportunities, Like highly skilled and semiskilled manpower,
technologies available within the country, rich natural resources,
willingness on part of government to take the world along with and
budding middle class segment. The findings of the paper are expected
to help in boosting the economy.
Keywords: SAARC, Indian economy, techno-friendly, international
business.

JEL Classification:F 600

1-Babasaheb Bhimrao Ambedkar University (A Central University),Vidya Vihar,

Raebareli Road, Lucknow-226025 Uttar Pradesh (U.P),India.

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Consumer Innovativeness Leading to Innovation Adoption Research

Introduction

The word, International business is glamorous and tempting to

all those who are interested in expanding their market across the globe
or are interested in giving national economy a new height and
dimension. International Business across the globe has become a
word of debate and discussion in today’s rapidly growing economy.
The firms, small or big are willing to cross the frontiers of nation in
order to have wider access to the markets and all other resources
available across the boundary of a country. International business is
becoming more and more interesting in today’s world as it is bringing
raw materials, human skills, technology, creativity, Innovations and
other resources to the host nations. International business in 21st
century is growing very rapidly and touching the shores of every
country. The lowering down of international barriers through good
relationships with the governments across the boundary wall of the
nations has added glamour and glory to the international business.
The domestic business and international business are targeting the
business within and outside the country. But they are different in
many ways. However the basic tasks, principles and functions of
both kinds of businesses are the same. International business in
simplest term is the business undertaken across the frontiers of a
nation. (Khan M .S.-2006)Or in other words, international business
may be defined as the business which normally takes place between
two or more than two nations. Specifically, the internationalization of
business can be seen from the following wider perspectives:

 Market Globalisation Mechanism

 Supply Chain Globalisation Mechanism
 Capital Globalisation Mechanism
 Human Skills Globalisation Mechanism

Market Globalisation Mechanism: Globalization of market

mechanization explains the reach and access of a company to all key

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Research Consumer Innovativeness Leading to Innovation Adoption

markets both tapped and untapped across the globe. In this kind of
internationalization the focus of the firms is customers who are widely
and extensively dispersed across the globe. For example, before 1991,
the major corporate of the world were having very small presence in
India but after 1991 all the major corporate like IBM, LG, Canon, and
Samsung are having their presence in every corner of the country. In
recent years many more new global corporate have entered Indian
market particularly in the fields of computers, mobile phones,
automobiles industry, real estate etc and these corporate have also
been targeting the customers in other parts of the country.

Supply Chain Globalisation Mechanism: Globalisation of Supply

Chain is attached with the exploitation and the access of highly
accurate location for performing various activities in supply chain.
There are a number of firms which have regional market presence but
global supply chain .for instance, Toyota produced 66% of its car in
Japan and the rest of the cars were designed and produced in other
countries like America, Europe and Asia.

Capital Globalization Mechanism: The other dimension, capital

base generally means to refer the limit to which a company is exploiting
and accessing the right amount of sources of capital on both a
worldwide and nationwide basis.

Human Skills Globalization Mechanism: The globalization of

human mind refers to the acquisition and knowledge of the social and
cultural values prevailing in different markets. The best example in
this regard is that of GE capital which is highly globalised in character.

Role and Significance of International Business

There are a number of factors which have directly or

indirectly helped international business in its growth. The dimension
and texture of international business has changed a lot in recent
times. The international business has occupied a central place in all

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kinds of economies across the globe. There is no single country on

earth which can deny the impact and influence of international business
on its economy. The driving forces which have given international
business a new height, aroma, texture and dimension can be best
illustrated by the following diagrams.

Business Dimension: The major advantage of international

business can be seen in terms of growth of business in formats. This
has given nations a wide variety to do business and has expanded
market from one nation to another nation. This can be in the form of
Merger and Acquisition (M&A), Joint Ventures (JVs), Collaboration,
Overseas show rooms, etc. Export-Imports have been the most
traditional and conventional form of doing business across the globe.

Financial Resources: Another biggest advantage that has

resulted as consequence of internationalization of business is financial
gain by the countries engaged in international business. International
business has helped in improving the standard of production, more
financial margins to the companies, optimum utilization of resources,
more profits and maximization on ROI (Return on Investment). The
fast developing nations like Singapore, Malaysia, Taiwan, are gaining
more and more financial advantages through international business.

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Technology: The paradigm shifts in technology is the

outcome of international business. The improvement in technology
has given new products, new inventions, diversification and improved
quality of product. Technology has brought revolution in the field of
production, design, colour, shape, quality and has added a large pool
of products to the armory of manufacturers. Even the developing
nations like India, Pakistan, Srilanka are reaping the benefits of
technological transfers through international business. Technology
has also brought down the Manufacturing cost and as a consequence
of this reduction in manufacturing cost the countries are crossing the
frontiers in order to have wider access to markets. Technology has
added pace to the growth of economies of the world. A number of
improved items, like mobile, washing machine, microwave oven, cars,
are the result of the improved technology.

Innovation & Creation: The international business has given

another dimension to the countries of the world in the form of new
inventions and creations. Everyday new products are launched to
suit the demand of international customers. The liking and disliking
of local customers are always given priority. This became reality only
through international business.

Economic Growth: World economic trends are driving for

growth of international business. The three reasons for this growth
can be cited as (i) world economic growth has created new market
opportunities (ii) economic growth has reduced local resistance to
the entry of foreign countries and (iii) worldwide movement towards
deregulation and privatization. The best example in this regard may
be of the expansion of private telephone business in India.

Quality Improvement: the easy and wide access to larger

markets across the globe always results into improvement in quality.
These accesses to the market have improved the training skills of the
workers who ultimately affect the quality of the products. Quality

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improvements give larger market gains and the cycle continues for a
longer period of time.

Competition. The best advantage from the international

business point of view is the emergence of competition across the
globe. International business brings competition which is healthy for
improving the level of production and the quality of products. This
competion has given wide option to the customers. In today’s age if a
customer wants to buy mobile phone, he has plenty of option to
choose from. Similar is the case with very products. Competition mantra
has added a new horizon to the world of business. It helps in improving
the quality of the products, reducing the price and manufacturing
cost, better planning and maintaining quality that is quality control.

Living Standards: increased production and access to market

lead to improvement in gross domestic product (GDP) of the nations
and as a consequence of this there is an increase in per capita income
of the masses. The increment in per capita income of the people gives
them buying power and hence they go for more and more buying.
This buying capacity helps in improving the standard of living of
common man/woman.

Economic Integration. The rapid growth of Liberalisation,

Privatisation and Globalisation (LPG) is opening up the new and free
market. There is huge and fast movement of goods from one country
to another country. The companies have started looking for free market
in order to have wider access to free market. This search by the
companies is giving birth to a new economic congregation and
integration. Example, a vast number of companies like Samsung, LG
from Korea are shifting their bases to India.

Objectives of the Study

The basic objectives of the study under discussion can be

enumerated under the following heads:

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· To find out the role and significance of International Business

in Indian Economy.
· To find out the possibilities of expanding Indian business
across the frontiers of international market
· To find out the possibilities of opening market for foreign
players
Literature Review

Both the words, Liberalization and Privatization have

enormous impact and influence on world economy in today’s fastest
growing world. Liberal Economy is the most crucial element in the
relative wealth of nations. In Indian context, the advent of globalization
had remarkable cascade of influences moulding the shape of Indian
contribution to the world market. The most notable and critical
challenges that the organizations normally face in international
business comprise of Political, Legal, Social, Regional, Technological
and Cultural Structures and most importantly the opportunities and
risks involved in Global and International markets (Shaomin Li 2009).
The risks that is political in character refers to the possibility of
expropriation of property by an outside the nation’s Government or
changes in public policy while importing on tariffs and quotas.
(Ghemawat & Reiche,2011). The most notable and striking changes in
today’s fastest growing economy is that a vast majority of the nations
across the globe have suddenly started to design and encourage
decentralization, adopting free market culture in order to manage a
global economy with high level of competition, techno based
industrialization, creative and innovative system of communication
and ultra modern form of Technology. The emergence of
Globalisations is putting a large number of crucial challenges to
modern business attempting to establish Global Presence. A number
of strategic factors are to be considered before committing any
international commitment at an international level and post activity.
Sustainable flexibility is very much needed to adapt to ever changing
patterns at all levels including local, regional and international levels.
The rapid advancement in the field of information technology has

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completely transformed the Global business today. This is paving

way for developmental opportunities to pour in. The pace and the
correctness of information transmission have shaken the geographic
boundaries and information can now no longer be controlled centrally
or secretly by the countries / Governments. In today’s age the
Organizations are quite sensitive to the social and ethical issues of
the society and huge pressure from the public, legal and governmental
concerns and from media coverage (Brooks & Weatherston 2000).
When a firm’s international presence increases then a multi-domestic
or localisation strategy develops. The company starts setting up a
number of subsidiaries in many parts of the countries under these
strategies which starts operating as an independent unit and are
relatively independently from the headquarters (Briscoe & Schuler
2004).This kind of strategy puts emphasis on local responsiveness,
but the cost and quality often becomes victim of this strategy. However,
the avoidance of uncertainty can also translate into unethical practices
as individuals need to achieve a more fixed outcome through
malpractices and corruption (Husted 1999). As far as the entry mode
of a nation is concerned, a large number of uncertainty avoidant like
established subsidiaries or local ownership, which are more costly
and risky are always there. The other risks like the difference in culture,
absence of knowledge, markets across the frontiers of a nation, Lingual
differences, corruption in business and natural risks are risks which
create the problems for the foreign investors (Games, 2011). The change
in tariff barriers is also due to Political risks that make a firm globally
competitive at different level either big or small. The main reforms and
measures which were implemented after the liberalisation have made
India a more attractive destination for foreign investment (Siddharthan
and Pandit, 1998; Thomas, 1994). The paper by Khalilzadeh-Shirazi
and Zagha (1994) explored what remained to be done after these
reforms, and stressed that continuous political support was critical
for sustainability of reform. The implications of the liberalisation in
different fields are also studied and found that the foreign market, in
which various measures such as the development and maintenance of
infrastructures, reduction of bureaucracy and increased collaboration

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between public and private organisations are proposed (Ahluwalia,

1994; Naidu, Cavusgil, Murthy and Sarkar, 1997); macroeconomic
stability, by exploring the changes introduced in the industrial policy
and the public sector (Ahluwalia, 1994); changes in attitude and
evolution of the Indian consumer (Gopal and Srinivasan, 2006); and
the financial market, where stringent prudential norms will go together
with improved supervision (Vaghul, 1994). The situation in India prior
to becoming a member of SAFTA (South Asia Free Trade Agreement)
in 1995, with particular reference to relations with Bangladesh, Bhutan,
Maldives, Nepal, Pakistan and Sri Lanka (Jain, 1999). The low level of
mutual trust, spillover effects of religious and ethnic conflicts, and
the magnitude of bilateral disputes in South Asia hamper efforts to
reach agreement on free trade.

Research Methodology

There are two main research approaches, Deductive and

Inductive that can be adopted to reach the purpose of a study. A
deductive approach is identifying theories and ideas using the
literature, which is then tested by using data. In short it means testing
theory. Here I have used quantitative data, which is the opposite of
an inductive approach where researchers usually use qualitative data.
An inductive approach is one, which intends to develop theories
from analyzing the data collected. After developing theories, one
relates them to the literature. In short it means building theory. To be
able to reach the aim with my study, the deductive approach was the
most appropriate one to use. This means to start with reviewing
literature and to find relevant factors that were then tested empirically,
by collecting quantitative data. Since my intention was not to develop
a new theory, the inductive approach was not relevant and hence the
method used is deductive in character and nature. The research topic
under discussion is mainly based on secondary data and involves
Explanatory research design. The data are collected mostly from the
secondary sources viz, Books, magazines, research journals and
websites.

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Results and Discussion

As the study is fully based on deductive methods so the

results drawn are based on analytical study of the facts and figures
collected from various resources. International business in 21st century
has occupied a pivotal place in all forms of business. It is not only a
subject of interest rather is also a major source of economy which is
taking economy forward at a rapid pace. It has become an integral part
of all management course curriculums. Even the institutions both
national and international have started separate and exclusively course
on international business. This also reflects the growing popularity
of the subject. There are various factors that can be attributed for the
success of international business. The movement and relocation of
the human skill has become the culture of the modern business. Every
company now is outsourcing human resource requirement globally in
order to meet the growing demand of increased skill. For instance,
Sony has employed just about 55% employees from Japan and the
rest are hired from across the globe. Even students completing courses
on international business are finding best and the most suitable
employment across the country and even overseas. MNCs and Global
companies are hiring large number to those students who are well
versed with the international business. International business prepares
students for accepting the challenges in global market. The exceptional
growth in the field of telecommunication and transportation has added
another feather to world of international business. The customers of
today’s age are having wide and easy access to information. One can
buy products from across the globe within no time. The cost of
communication and transportation has reduced considerably. With
increment in demand, the international business transactions are also
increasing and subsequently the business is growing. The
management control and leadership has also become less taxing and
easy just because of the improved communication system. These all
have added weightage to the international business. Most of the
products that we use and consume in today’s age are the outcome of
international business. A vast number of international companies have

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entered into our country and at the same the domestic companies
have international in nature and character. Toothpaste, cosmetics,
washing machine, TV, fabrics, bikes, cars, toys and other products
are now available at the doorsteps of common customers. The credit
for these transformations goes to the global and multinational
companies. These products are reaching to the remotest corner of the
world with quality assurances. The names like Sony, Samsung, LG,
Toyota, HLL, are the passport to quality. For better knowledge of
these brands and the products, the knowledge of international
business is a must. Liberalisation and Globalization have given another
dimension to international business. Every country restricts the
movement of goods, services, human skills, technology, and materials
across the borders. The governments in today’s age have fewer
restrictions on cross border because of the following reasons.

· Internal & Local customers want fast and easier

access to wider ranges of products at lower prices.
· The foreign competition will help domestic
products in improving their quality, design, shapes,
colour and prices.
· The customers compel the foreign players to reduce
the export-import barriers in order to have smooth
flow of goods.

Emerging Trends in Supporting Facilities: There has been

tremendous growth in the services across the globe which facilitates
the flow of goods. For instance, the telecom sector has been rising at
an alarming pace and helping the business to grow and move fastly
from one corner of the world to another corner of the world. Similarly
banks are opening up their branches across the border which is helping
in all forms of bank transactions .the companies now can trade with
minimum risk and maximum opportunities. Customer’s Expectations.
With increased telecommunications and transportation facilities the
expectation of the customers have increased manifold. Today’s
customers want much more improved product because of the

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knowledge they have through internet, trade journals, trade fairs, and
easy foreign trip. Companies are now opening up their research and
development centers in each and every country. These centers are
helping in understanding the interests, liking and disliking of the local
customers. International Business in India seems to be highly
glamorous and attractive and more and more possibilities are coming
up with each passing day. The rate of annual growth of international
business sector in India is about 8%.The opportunity of vast
improvement in international business sectors becomes more and more
if the relationships with neighbor countries are systematized and
stabilized. The Sizzling and mind-blowing performances of the Indian
Stock Market has attracted the attention of the whole world in recent
past. India surely is a right place for exploring the business avenues
and opportunities, with its highly semi skilled and skilled human
resources and fastest emerging middle class segment of the Indian
society. Keeping in mind the diverse cultural setup, uniform business
strategy would not be an ideal option for firms operating in India or
willing to operate in India. This country is divided into larger parts
and each part of the country is known for its own character and traits
like, the Eastern part of the country is best known as the “Land of the
Intellectuals”, whereas the Southern part of the country is as regarded
as the “land of Technology Acumen”. On the other hand, the Western
part is known as the “commercial-Hub of the country”, while the
Northern part is called as the “Hub of Political Power”. Looking at
these diversities in all the four segments of the country, the
opportunities for international business in India is huge and enormous.
The most notable sectors that can flourish and have huge potential in
India include; Information Technology and Electronics Hardware,
Automobiles, Telecommunication, Pharmaceuticals and
Biotechnology, R&D, Banking, Financial Institutions and Insurance
& Pensions, Capital Market, Chemicals and Hydrocarbons,
Infrastructure, Agriculture and Food Processing, Retailing, Logistics,
Manufacturing, Power and Non-conventional Energy, Sectors like
Health, Education, Housing, Resource Conservation & Management
Group, Water Resources, Environment, Rural Development, Small and

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Medium Enterprises (SME) and Urban Development are still not tapped
properly and thus the huge scope should be exploited.

To foster the pace of development of international business

situation in India, central and government bodies like CII, FICCI and
the various Chambers of Commerce, offer a vast number of activities.
In order to infuse more business development in India, these bodies
work very closely and in greater association with the government
and different business promotion organizations. They also help in
building strong business relationships with the global business
organizations and other multinational and transnational corporations.
These bodies cooperate and help in identifying the bilateral business
co-operation opportunities and subsequently make and suggest right
kind of policy recommendations to the different overseas
Governments. Due to huge business opportunities available in India
the International Business trend in India is increasing manifold. India
International Business community along with the domestic business
community is striving towards a steady path to be the Knowledge
Capital of the world. Until a few years back it was crystal clear that
India enjoyed a distinct and marginal role in the international affairs.
The country’s rating was brought down by the credit rating agencies
drastically. But, today post Liberalization process and the accepting
the Open economy – international business in India is growing at a
faster pace. The world will gain more by the emergence of International
Business in India more now. The visits of a business delegation led
by the late Commerce Secretary Ron Brown to India having proposals
worth $4 billion were signed. These proposals included a $25 million
financing agreement by the Soros Chatterjee Group of New York for a
$1.25 billion petrochemical complex at Haldia near Calcutta. Texas-
based Petrodyne Inc. signed a Memorandum of Understanding with
its Madras-based subsidiary Petro Energy Products India Limited
and the state-owned Indian Oil Corporation to move an existing U.S.-
built oil refinery from Naples, Italy to Karaikal, south of Madras.
Identical Proposals were also chalked up by the Energy Secretary
Hazel O’Leary led delegation, which signed 23 deals involving

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investments totaling $1.4 billion. The firms from U.S. and other
developed nations are showing more interest in India now. Being the
largest democracy of the world, this country has evolved and emerged
as a new and promising player on the international horizon. Until
1991, The doors for the foreign firms were closed but post industrial
reforms in 1991, the country has opened up the doors for the foreign
players as a result of which more and more investment are coming to
this country. It is a well accepted fact that the role of India in
international affairs was very marginal prior to 1991.Its worldwide
image was in pathetic condition; the economy was plodding along at
the “Hindu growth rate” of 3.5 percent for much of the time after the
country gained its independence in 1947. This situation became more
serious in mid-1991, when India seemed that it is on the verge of
defaulting on its international loans. The country’s rating was
drastically lowered down by the credit rating agencies. The Gulf War
added fuel to the fire. Profligate spending during the 1980s resulted in
huge budget deficits and runaway inflation.

Due to political uncertainty in the country, the whole nation was

in the grip of sectarian violence, became witness to the collapse of
two unstable governments run under coalition and was shattered and
traumatized by the untimely assassination of the former Prime Minister,
Rajiv Gandhi. This was the really crisis phase for India and the country
was passing through huge difficulties. There were only two options
before the country either to be blind to the realities of world economy
and face disaster in the long run, or act promptly and swiftly in order
to bring her house in systematic order. Luckily India opted for the
second option for bringing its economy on track. The complete outlook
of Indian economy underwent a huge change. The old fashioned
concepts of economy were discarded and Modern concepts of
economies were accepted like capitalism, profits, privatization, and
consumption were no longer considered dirty words. “India started
looking to its neighbor, China, to realize that its isolationist policies
were misguided.”After a long period of unrest, lull economic condition,
shattered states and huge uncertainty, India has started the economic

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progress in right direction. During 1991, when P.V. Narasimha Rao,

was in power, Dr. Manmohan Singh who was regarded as Technocrat
Finance Minister of India started the herculean task of rebuilding and
reforming the economy which was affected by decades of socialism,
state planning, red tapism, and Economic Protectionism. It is apparent
that India is very serious and curious about this task and wants
economy to move forward. Despite huge pressure and opposition
from other vested interest like individuals and groups to bring down
the track of economic reforms, the Government of Indian has largely
pushed forward and continued its economic reform movement. Even
after the defeats suffered by his Congress party in state elections for
which numerous reasons were cited against the government like
economic reform process initiated by the government , the then Indian
Prime Minister emphasized that the process of economic reform will
continue and will not be rolled back. India started bringing many
changes to its old fashioned industrial statutes, regulations and
ordinances and started creating an environment friendly, business
friendly, customer friendly and society friendly environment for both
the internal and external businesses. As a result of these reforms,
many developments have taken place and are still evolving and
emerging. The developments have been categorized under wide
classifications such as : Economic reforms at larger level known as
Macroeconomic reforms, Reforms in Taxation called as tax reforms,
Reforms in financial structure called as financial reforms and setting
capital market free , bringing reforms in the regulation of business
firms which are solely responsible for running the business,
encouraging private sectors and framing regulations to give them
freedom to chose business on their own, Minimising the controls
over exchange and convertibility, Framing regulations related to trade
and trade practices known as Trade Reforms and Direct Foreign
Investment. The current account deficit in the balance of payments is
now under control and exports have surged marginally during the
current financial year.

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Conclusion

The findings of the study clearly show a positive trend

between the Indian economy and international business. India going
abroad on larger scale with the sole purpose of doing business and
expanding business will bring economic prosperity and sustainable
development. The study further explains the urgency of expanding
international business in order to counter attack the growing influence
of Brazil, China and Russia. The present Prime Minister of India
Mr.Narendra Modi has assured the world delegates that India wants
to be an equal and just partner in all forms of development. The first
visit to attend BRICS meeting is a clear indication that now India
wants to dominate international business by not only inviting foreign
investors to the country rather by making exports and establishing
Indian ventures across the globe. However the major emphasis is on
to establish business relationship with neighboring countries like
China, Pakistan, Nepal, Malaysia and Bangladesh.

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