By Amar Nayak
Indian agencies have grown explosively during the last 20 years considering India followed wholesale neo-liberal rules in 1991. Nayak attributes the growth of those Indian organizations and their multinational companies to the vendors' skill to manoeuvre and mildew key brokers within the exterior setting instead of to the inner administration of the enterprise.
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Extra resources for Indian Multinationals: The Dynamics of Explosive Growth in a Developing Country Context
The country of origin was perceived as a liability to Indian companies. How do we then explain the explosive growth and competitiveness of Indian companies in the liberalized and globalized world? Arguments about country-specific advantages in terms of lower factor costs of production are based on the factor endowment theory of international trade. But these advantages, such as the existence of institutional voids in the factor, product and capital markets, are generic and available to all companies.
The network position of leading private Indian business houses seems to have been pivotal to their overall competence position to dynamically operate in a rapidly evolving regulatory framework in a developing country context like India. The tacit and intricate but strong network position cultivated and developed by private business houses over a long period of time appears to have been the key differentiator for them to achieve runaway growth. The ability to create conditions for advocating a free market economy, privatization of state-owned assets and enterprises, formulating 24 Indian Multinationals national policies favourable to private companies, engaging bureaucrats, academia, institutions and the media to propagate the advantages of, and form opinions favourable to, private enterprises is largely determined by network positions.
Indeed, there is a market for everything in such a developing country context. The majority of the population from the middle- and lower-income segments has also been undergoing a cultural flux in thinking, living style and consumption behaviour. From being a high-saving segment, the middle-income population has begun to spend more. Stock markets through which larger companies raise their capital have lured many to invest and make fortunes overnight. But while foreign financial institutions, domestic institutional investors and large corporations with better information in the stock markets have gained and grown, millions of retail investors have lost their hard-earned money.