Economics Essay

5387 words - 22 pages

Global competitiveness of Indian industry

Global competitiveness of Indian industry 1
Introduction :- 1
Systemic Process of Innovation :- 1
Innovative strategy for Indian Business for the future :- 2
Quality :- 2
Innovation :- 2
Customer - Commitment :- 3
Change acceptance :- 3
Globalization :- 3
Marketing Innovation :- 3
Global competitiveness of Pharmaceutical Industry: 4
Introduction 4
Evolution of Indian Pharmaceutical Industry 5
The Stages of Growth 5
Innovation 10
New Global Strategies of the Indian Pharmaceutical Enterprises 13
Contract Manufacturing and Strategic Alliances 13
Conclusions: 16

Time and again, ...view middle of the document...

The process that innovation goes through is discussed along with the elements, which will fall into place. Indian Business has been undergoing, liberalization process since July-1991. In order to survive in the cut - throat competitive age of zest century, Indian business units and houses have to face local as well as global competitions proof. Dhaval Mehta has rightly coined a new term "Global Competition "in respect.
Liberalization aims at freeing business, trade and industry from the clutches of control Entire world has been converted onto global village. The term "Business" implies "Global Business "and nothing else survival and developments of Indian business depend on its ability to compete with other Indian firms and multinationals. Ability to maintain high quality and maximize productivity determines the competitive ability pf Indian firms competitive advantage ultimately depends on quality and commitment of human resources Innovation implies something new, something different and something better. Shift from labor management to personnel management was an innovation. Similarly, shift from PM to Human Resource Management was also an innovative practice. How current shift from Human Resource Management (HRM) to Human Capital Management (HCM) is also an entirely new and innovative HR Practice Recent concept of Human Resource Management (HRM) implies following innovative HR practices in the field of HRM.
Innovative strategy for Indian Business for the future :-
The elements in the outer ring as well as in the inner ring of chakravyuha require immediate attention and creative insight of   business men. Businessmen should try to adopt themselves at the earliest face the battle.
Quality :-
As reported by CEOs of Japanese firm's quality is not something which should be provided separately in a product or service. It should become part and parcel of complete business process. Quality is an important weapon in the firm's armory to face the competition. Quality, however, should not exploit consumers through undue price rise.
Innovation :-
Sustained innovation coupled with nourishment of factors is the road to glorious success. Innovation should be continuous in nature so that fresh air enters the organization. Innovation, to be successful, should start at the lowest levels and in microscopic imensions. It is necessary to face the cut-throat competition and to lower the capital out pure Ratio.
Customer - Commitment :-
Customer case should be assured. If innovation and quality are given by other firms, customers may switch towards their product. A satisfied customer is our best canvasser is an ever lasting principle.
Change acceptance :-
Indian businessman should anticipate the change, bring forth the change, conceptualize the change, design the change and lastly, equip for the change enough case should be taken in the sense that change could not be forced or         imposed form above it should involve from within. Change is change it...

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