Globalisation encourages efficiency, enhances the size of markets said Dr Rangarajan

Hyderabad: The three-day Academy of International Business (AIB), India Chapter Conference and Research workshop (Module 1) at ICFAI Business School, Hyderabad on Monday.

Dr Rangarajan, Former Chairman, Economic Advisory Council to the Prime Minister of India, Former Governor, Reserve Bank of India and currently The Chancellor of ICFAI Foundation for Higher Education, in his keynote address spoke about the origins of International business and said " It is as old as human civilisation itself." According to him International Business is a multi-dimensional academic field of research with inputs from economics, politics and culture. Three main aspects of globalization, he said, " movement of goods and services, movement of capital and flow of funds.

Globalization encourages efficiency, and enhances the size of the markets." He further said that "Globalisation is a mixed bag, and countries can benefit from it if they organize themselves. For globalization to be successful the business environment needs to be favorable, and the governments need to prepare ground to absorb the FDI." Speaking about the disadvantages of globalization, he said,it could increase the inequality within and across nations.

Initially, in his welcome address Prof S Raghunath, from IIM Bangalore and Chair AIB India Chapter, spoke about slowing down global trade and declining global FDI and increasing Greenfield investments across world.

In the introductory remarks to the conference Prof Rajesh S Upadhyayula, Conference Chair AIB India, 2019 Annual Conference and Faculty, IIM Kozhikode explained about the conference and the activities of AIB India and how it facilitates academia-industry interface.

Prof Elizabeth Rose, AIB Fellow and Professor at University of Leeds, spoke about the increasing influence of AIB and how it promotes research in the field of International business.

Prof J Mahender Reddy, Vice-Chancellor of The ICFAI Foundation for Higher Education, also addressed the audience and highlighted the importance of going global to increase the size of the market. Also present on the occasion were Mr. V Ramakrishnan, Chief Financial Officer, Tata Consultancy Services and Mr Praveen P A (IAS), Director, Aerospace and Defense, Government of Telangana.