We are living in a world of sweeping changes and swift movements. In every developing civilization a period comes when old instincts and habits prove inadequate to altered stimuli, and ancient institutions and moralities crack like hampering shells under the obstinate growth of life. The type of change which has been witnessed in the realm of business during the past two centuries since the dawn of the Industrial Revolution era in the West is of such a fundamental character that it has materially altered the entire fabric of man’s way of life. While the Industrial Revolution, thus, has had its decisive impact on the environment, the latter too has reacted in turn by having its own influence felt on business. Recent times have witnessed a significant intensification of this two-way process. From the point of view of business, it can be safely stated that the most serious problem that business everywhere faces today concerns the challenge of this rapidly changing environment. An attempt is made in this paper to critically examine the dynamic role of management in. While business is the engine of growth for any country, Management is the key driver for economic growth .The concept of global economy has now become a reality. The Indian economy is passing through the critical phases of globalization and liberalization. We are facing tremendous competition from MNCs.
Many of the Indian companies have accepted the challenges and started adapting themselves to the change. Hence, it becomes necessary for them to bring the required changes in the functioning of their organizations. At the same time, the role of the management has been changing with the time and level of organizational growth and expansions.
Business growth and business expansion in different parts of the world will increasingly not be based on mergers and acquisitions or even on starting new, wholly owned businesses there. They will increasingly have to be based on alliances, partnerships, joint ventures and all kinds of relations with organizations located in other political jurisdictions.
This is an extract of a detailed insight into the ‘Dynamic role of management on global economy’ authored by eminent educationist and visionary Professor Dr. Uday Salunkhe, Director, Welingkar Institute of Management and Research (WE School), one of the leading B-Schools in India, with campuses in Mumbai & Bangalore. Professor Dr. P.S. Rao collaborates with Dr. Uday Salunkhe on this analysis.