New Markets and Corporate Integration
The onset of globalization has created new markets for the Indian local productions. The existence of substantial global engagements opened new markets for India in major economies as well as other emerging markets. The country has been recording tremendous performance regarding Foreign Direct Investment in the United Kingdom, the US market, and Africa. The most recent statistical and financial analysis indicated an increase in the total FDI for the state in the European regions where the country has enhanced pharmaceutical product exports, IT brands, and technical expertise transfer. The mutual gain associated with globalization has also improved the production rates within the local companies to meet both the domestic and international demands. The existence of global market segmentation for emerging markets is associated with high foreign exchange income and increased exportation. The focus of the state has also been in the financial services where the government has supported the local investors to access the international markets through collaboration as well as advanced green zoning, which has also supported the Small and Medium-sized Enterprises.
Most organizations in the country have transformed their operations, which depicted high revenue and growth rates. The collaboration with other developed states has sparked improvement in the medical sector where the piloting of pharmaceutical products has been enhanced. The potential of the foreign market has enabled the government to stabilize the financial services across the local banks since the international benefits are used to improve the capital base. Through government intervention, micro financial institutions have developed across major regions in India with some currently operating a Multinational Corporations in the United Kingdom and Asia. On the other hand, the production industries for electronics and other massive productions have increased their units since the international access from advanced globalization has opened the new market for the country. Joint export has enabled manufacturers to enhance their potential through economies of scale and sustainability of sales. The balance between local and international needs is still critical in emerging markets; however, the desire for competitive advantage is still necessary (Murherjee and Roy 119). The statistical evaluations regarding the number of successful corporations, export performance, and foreign exchange analysis indicate the growth exhibited in India and other emerging markets to be towards sustainable economic stability.
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Fig 2: Summary Trade Indicators for Export and Imports: Number of Partners and Products (Source: World Bank 2015)
Globalization and competition
The onset of globalization enhanced the capacity of firms in line with effective competition that stimulated growth. The ability of the organization to improve performance became a defining factor for success. Each agency struggled to attain sustainable market coverage as well as the accessibility to targeted customers. The increasing number of firms within the respective industries of operation created a shift to production of services and goods within the management structure of enterprises. Globalization generated the potential for healthy competition within the local and intentional market, which brought the need to focus on efficiency (Shukla and Thampy 2700). In India, the success of organizations can be traced to the existing competition within the local and international dimension. The increase in the number of firms across the global sector changed the focus from sales to quality and customer satisfaction. The performance of the services and brands in the market is associated with the ability to meet the needs of the customers in line with the changing tastes and preferences. Such a scenario has improved the quality of activities carried out in local firms in India as well as the companies specializing in exportation.
Moreover, the level of competition exhibited in the country has enhanced the level of technology and communication, which are essential for efficient organizational management. The performance of the health sector has emanated from the degree of competition from global organizations. The capacity to meet international standards, as well as the need for high-quality medical services, contributed to the existing status of the pharmaceutical industry in the country. The telecommunication sector is facing stiff competition from the UK, the US, and China firms, which assists the Indian manufacturers to upgrade their production services through modern technology. A spectacular example is the level of automobile performance in the country. The Indian automobile sector has exhibited tremendous changes in the recent years because of the level of competition in the local and global markets. Other areas such as infrastructure and construction have attained international reputation because of globalization. Currently, the level of the country enjoys local and worldwide industrial collaboration that is an essential factor for competitive advantage in emerging markets (Shukla and Thampy 2700). The Government of India, in its Union Budget for 2015/16, considered the need to support the export potential of the state, which will enhance the capacity of developed firms to sustain their competitive expertise.
Globalization of labor
The level of global integration has been associated with major Structural Adjustment Programs in India. The changes exhibited in economic transformations have been geared towards setting significant liberalization and management of capital flow. The nature of the labor market in India depends on the population structure, skill, and experience; however, the country has the largest proportion of the working-age citizens. The onset of globalization created a greater potential since the country was now able to tap from the existence of a smaller dependent population as compared to other developed states in Europe. The rate of population growth in the country is stable, which correlates to the increasing employment percentage as compared to other emerging economies such as Russia and South Africa. Globalization has contributed towards the high level of job opportunities. Moreover, the statistical reports indicate that the rate of growth in job opportunities is not uniformly distributed (Shelly n.p). The sector of technology, production, and telecommunication have registered high enrollment, which is a similar trend in the area of health. The agricultural industry has been recording a decline, which indicates the existence of economic shift despite a recorded general growth. The nature of the Indian labor sector, since it is an emerging market, is dominated by a higher percentage of the primary level employment as compared to secondary and tertiary rates.
Fig 3: Annual Average Percentage Share of Employment Sector 2010 – 2015
Furthermore, through globalization, the Indian entrepreneurial expertise among the citizens has increased as depicted by the number of new corporate ventures characterized by efficient and sustainable business cultures. The number of a new business organization enhances the rate of employment across the economy. The recorded development and growth in line with the annual GDP and per capita income in India depicts the changing structure of the labor force in the country. The level of competition, national integration, and innovation has increased the skilled labor and high level of expertise and experience, which is essential for global advantage. The unique nature of the workforce availability in the country indicates three major transitions where globalization played a critical role. The 1980s, 1990s, and 2010s forms parts of the major labor shifts in the state with the current scenario indicating a sustainable pool of skills that guarantees advanced industrialization (Trade Economic n.p). However, the rate of women in employment in India is still relatively low despite the advantages accruing from globalization.