A Study of their Performance and Contribution in the Post-Liberalization Era

Abstract

The industrial economy of any country depends upon the role and performance of corporate leaders, be it sustained growth of national income, balancing of international trade or payments, meeting the foreign exchange requirements or mitigating national resource disadvantage, the country banks upon them to attend to such national tasks and challenges. They are the ultimate deliverers, as neither the government nor the administrators (bureaucracy) can do it. India is facing unprecedented challenges of slow down of economy, sustained adverse balance of trade and current account, intense global competition in domestic market, falling corporate performance, mounting by non performing assets and looming threat of international oil price hike. An evaluation of the performance of and the role played by corporate leaders in the pre and post liberalization era is called for to identify the tasks ahead, the areas that need immediate attention and also the strategic and policy shift necessary to meet the emerging challenges. This paper analyses the economic performance of corporate leaders, their contribution to the balance of trade and globalization of Indian industry. It is noticed that as of now, preponderance of corporate leaders, both of the pre and the post liberalization have by and large not been able to maintain the economic tempo, have not been able to contribute much to contain/ mitigate the sustained adverse balance of trade, and have done little to bring about globalization of Indian industry to the extent necessary. They have also been observed to continue looking inwards and thriving by following the strategy of the past: creating and meeting domestic demands through import of technology rather than emerging as global players. There is a need for major shifts in their stand to make India become a global player and reduce country’s strategic dependence on international players and allow it engage in international trade by choice and on its own terms in line with the requirements of economy and society here.