23 Apr 2019 20:51 IST

Globalisation, a mixed bag: C Rangarajan

In keynote at ICFAI meet, former RBI Governor says countries can benefit if they organise themselves

Dr.Rangarajan, Chancellor of ICFAI Foundation for Higher Education, spoke about the origins of international business in his keynote address at the India Chapter Conference at ICFAI Business School, Hyderabad. According to Rangarajan, former Governor of Reserve Bank of India, international business is a multi-dimensional academic field of research with inputs from economics, politics and culture and “it is as old as human civilisation itself.”

He said the three main aspects of globalisation are “movement of goods and services, movement of capital and flow of funds.” “Globalization is a mixed bag, and countries can benefit from it if they organise themselves. For globalisation to be successful, the business environment needs to be favourable, and governments need to prepare the ground to absorb FDI,” he added. Speaking of the disadvantages of globalisation, he said, it could increase the inequality within and across nations.

In his welcome address, Prof S Raghunath, Chair, AIB India Chapter conference, spoke about the slowing down of global trade, declining global FDI, and increasing greenfield investments across world. Prof Rajesh S Upadhyayula, Conference Chair, AIB India, explained the activities of AIB India and how it facilitates academia-industry interaction.

Prof Elizabeth Rose, AIB fellow and professor at University of Leeds, described the increasing influence of AIB and how it promotes research in the field of international business. Prof. J. Mahender Reddy, Vice-Chancellor of ICFAI Foundation for Higher Education, highlighted the importance of going global to increase the size of the market.