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AKSH 04: SCMHRD, Nashik
2-Day National Seminar on India took the world by surprise when its agrarian economy bypassed the natural transition to a manufacturing based growth and headed straight for the service sector. The growth in the service sector was never driven by the domestic industry, rather by the demand of developed economies based on labour cost differentials and availability of skilled youth. The IT dream- run has transformed India from a nation characterized by 'secludedness and low self-belief' to a nation filled with 'exuberant self confidence'. While India was making big strides in the service sector, China was committing its best to its manufacturing sector. In a way both India and China are contemporaries, each one chasing their own dream to leave indelible imprints in the history of future to come. The direction of the Chinese and US economies in the next few years would be very crucial. The strengthening of regional alliances like European Union, ASEAN, NAFTA are having a major impact on the development of regional as well as global trade. As the collective bargaining power of these trade bodies increases, the regional development and growth would proportionately increase. This would shift the trade balances across the world. The pros and cons of such a scenario would depend on strategies that would be adopted by India. The global oil scenario has never been so precarious. The prices have zoomed to the highest level, along with emergence of reports suggesting possible exaggerations of global oil reserves by the concerned parties. Some forecasts suggest a peak in the global oil production by the year 2007 and a dip there after. This could have a major impact on the global economy. With the WTO mandates coming into effect by 2005, the Indian industries would witness many a change. The ongoing abolition of the multi fiber agreement provides immense potential for the Indian textile industry to make a lasting impression in the $200 billion global garment market. However this industry faces major hurdles such as lack of operational scale and absence of vertical integration. Also, major changes are expected in the global Pharma sector, as many of the generic drugs would be off patents in the next five years. This provides India Pharma Industry with an ideal opportunity to elevate India in the global Pharma road map. However a shift from process to product patent would force Indian companies to lose its share of patented products. Indian Pharma companies could leverage their low cost labour as means of transition towards bulk drug manufacturing companies. The speed at which Indian Pharma companies could adapt to global scenario is something that has to be seen.
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