jgibs

Journal of Global Information and Business Strategy

0976-49252582-6115

Gitarattan International Business School

jgibs-2-1-010

RESEARCH ARTICLE

Opportunity and a great responsibility

Narula

S.S.

Dr., Director¹

¹Gitarattan International Business School, Rohini, Delhi, E Mail: director.gitarattan@gmail.com

291-122010

21102103

2010

IndianJournals.com

While the western world is still struggling with the aftermath of economic slowdown, India has maintained it’s economic growth which is expected at around 9% of GDP for the current Financial Year. This reflects on the strong fundamentals of our economy. Post economic downturn, the Indian and global business environment has changed profoundly. Asian continent has become the fulcrum of change for the global business with two emerging economic war horses i.e. China and India. Presently, China is way ahead of India which came out of its self-imposed exile only two decades back with the dawn of liberalization era. This not withstanding, there is fundamental difference between these two nations. One is the demographic dividend. While China has an ageing population, India is relatively younger. Secondly, India is very rich in intellect and talent.

In the boundaryless global business scenario, the world is becoming smaller and the aspirations of new age managers are becoming global. In this scenario, people with greater intellectual capabilities will be running the organizations. Therefore, Indian business managers have to build such intellectual capabilities as to create world class winning organizations.

Over the last two decades, companies developed competitive edge by sharpening their core competence and expertise and have achieved incremental growth. However, the present trend reflects on the very way the business is done- it is beyond tangibles of technology integration, quality standards and cost cutting. The emphasis is shifting to intangibles like consumer responsiveness, employee commitment, work calture and social responsibility to architect outstanding performance with long term sustainable growth. Organizations can ill effort to over look value system orbiting around fairness and transparency.

Complexities in business have increased and organizations have to look beyond the limited goal of “Just for Profit” to include all the stake holders, be it investors, customers, employees, local communities, environment and the society which have become integral part of today’s, decision making and important levers for an organization’s success. To that extent, corporate governance is not to remain limited to certain statues & guidelines prescribed by SEBI to prevent unfair practices and prevention of fraud, but it is all inclusive accountability of management towards all stake holders. A management that takes value based decisions with eye on long term value & sustainability and practices transparency and accountability shall alone grow. For that propose, leaders will have to look at governance beyond mere compliance of statutes & guidelines.

As India achieves increasing global visibility, organizations will have immense business opportunities ahead with equally challenging responsibilities. But the big question surfaces here of rampant corruption. All three pillars of governance i.e. Legislature, Judiciary and Executive seem to be deeply stuck in the quagmire of corruption. The Common Wealth Games, Adarsh Society Scam, Food scam in UP, 2G spectrum scam, Illegal mining and allotment of prime land to own kith and kin by politicians in power put the nation to shame. Unfortunately, the list of corruption at high places is endless. The parliament takes years to sanction one rank one pension to soldiers who sacrifice their lives and suffer endless privations but the same parliament sanctions hefty increase in pay and allowances of its own members in less than a minute without even a debate. The Ghaziabad PF Scam by members of judiciary, revelations of bribes to judges by Niira Radia tapes and Supreme Court strictures about happenings at Allahabad High Court show judiciary is poor light with common citizens waiting for years in a hope to get justice. As regards executive arm of government, the lesser said the better as nothing moves in government offices without greasing palms of all persons concerned.

Unless all this improves, India will lose this golden opportunity to be the leading economy of the world. Alas! There seems to be a very little hope of such an improvement. But all is not lost. A ray of hope emerges with the results of recently held elections to Bihar Assembly. The electorate has shown their true power to smash the fiefdoms of corrupt and dubious characters. There is hope of some light at the end of dark tunnel. It is time for all citizens to put their act together to fight the menace of corruption by saying ‘No’ to corrupt practices wherein we all fall prey for finding easy way out to our day to day problems. Then and Then alone can we hope to nurture business leaders with values and ethics to lead Indian economy to the highest pedestal.