Analyzing India's Business Potential

1. Part I:
Study objectives
Although the objective for this study is singular, it encompasses multiple dimensions. Comprehensively, it seeks to examine the role of business management within contemporary India. Therefore, the notion of management is couched within the modern business climate in India. India has always had a bevy of unique characteristics that substantially affect its workplace environment. This study seeks to stratify many of those characteristics and analyze them within the greater context of business management within this country.
More specifically, then, this study will identify the most salient factors of the business environment in India. These include factors such as those pertaining to politics, economics, ethics, legality, culture, and society. By assessing each of these factors as they relate to the country, the author of this study hopes to attain an overview of the various resources which business managers will have while engaged in this country. Simultaneously, this resource should also indicate any points of concern or deficiencies which are endemic to management activities in this part of the world. Once this information is elucidated to the reader, the author will posit a management strategy or approach which is conducive to the aforementioned variables. That approach will serve as a blueprint of sorts for beneficially managing employees in India while taking account of the most eminent factors of this country while doing so.
Finally, this study aims to posit this information within the general framework of contemporary management practices in general. Specifically, it will review the findings in accordance with some of the most prominent trends existent in management today, in hopes of delivering an understanding of the overarching value derived from the insight gained from studying India’s management characteristics. The composite of all of these varying elements of the study’s primary objective will demonstrate what sort of managerial tactics will be of most use in India. Although those tactics are applicable to India specifically, the scholarship encompassed in this study is as universal as the variables analyzed about India’s business managerial environment. In that respect, there is something to be gained from everyone reading this study interested in effectively managing a specific environment—and how to approach doing so.
2. Part II:
The business environment 
There are a number of aspects of the political and economic environment in India which affects its overall business climate. Politically—as well as legally—the Indian government heavily regulates its industries. Although regulations are easing up, they are still a considerable part of doing business in this country. The political climate is certainly affecting the economics of the country. The tax system in the country is enduring rapid changes, and Prime Minister Modi has also banned nearly 90 percent of the country’s currency (Iyengar, 2017). Moreover, the country has experienced substantial unemployment this year. Midway through this year, India’s GDP had fallen to 5.7 percent (Kumar and Wu, 2017), which is virtually the lowest it has been since Modi came to office in 2014. Thus, there is a fair amount of economic instability in India which many attribute to Modi’s political regime. In particular, his two reforms to the tax system and to the currency in the country have attracted many naysayers who believe these actions have contributed to this nation’s low GDP.
When one also considers the issue of unemployment, it becomes clear that despite initial predictions of Modi’s ability to lead the country to economic progress, there is still a considerable amount of work to do to achieve this objective. India currently has a population of approximately 1.3 billion people. In terms of social and cultural factors, the vast majority of the population consists of East Indians. The central point of codification for cultural concerns revolves about religion, with nearly 80 percent of the population consisting of Hindus, accompanied by a smattering of Sikhs, Christians, and Muslims (World Population, 2017). Despite the fact that there are major cities (including the financial capital, Mumbai, and the nation’s capitol, Deli), nearly two thirds of the population still live in rural environments.
3. Part III: 
a. Major advantages for doing business in India
One of the major advantages of doing business in India is the country is fully developed. When attempting to do business in so-called third world countries or developing countries one needs to account for the lack of infrastructure in place. There are no such concerns in India, which is a huge boon. Furthermore, one of the chief benefits of doing business in this nation is the political support for economics. The current regime is dedicated to improving India’s economic situation. Additionally, the population is much more homogeneous than in traditional Occidental nations. This yields advantages in the work population, particularly when one considers the country is ranked fourth in the world for protecting investors, and 29th for getting credit (The World Bank, 2017). Most people in India are considered members of historic minority groups. Additionally, getting credit is a crucial way for advancing the capital to start and in certain cases, propagate businesses. Thus, these two factors are advantageous to operating a business in this nation.
b. Major disadvantages
Some of the chief disadvantages to doing business in India pertain to the country’s political climate. The government is highly selective in its approach to enabling businesses—particularly those that are foreign—to operate in India. Traditionally, the government has been responsible for considerable regulations and the proverbial yellow tape which accompanies it. These regulations are reflective of government policies which new businesses must deal with. Regulations represent the nexus between government policies and the country’s legal environment. Although there are some areas in which the country’s infrastructure is laudable, procuring land for new businesses is a cause for delay (The Economic Times, 2017). This fact reflects negatively on the country’s overall infrastructure. Although the political climate in India is not necessarily unstable, it could be more tenable. The ban on the majority of the country’s cash illustrates this fact. The somewhat tenuous nature of the government’s policies in this respect is a disadvantage to doing business in India.
4. Part IV: 
Management approach
The management approach of the author of this document is the human behavior approach. This approach is in accordance with the basic precepts of the laws and cultures existent throughout India. One may make the case that one of the core precepts of this approach is its overall flexibility, since it is an approach to management which is based on interactions between managers and their employees. The relationship between these two fundamental groups in an organization is critical to the overall success of this approach. This management method requires an understanding of human relations (Thenmozhi, 2017), which makes it ideal for use in an overseas environment such as India because it involves tailoring the various facets of motivation to the employees working within an organization. Those who utilize this approach seek to facilitate positive human relations between the two aforementioned groups. Once this goal is achieved, those harmonious relationships become the basis for determining how to best inspire workers for increased productivity.
As such, there is an implicit concern with leadership found in the human behavior approach to management. A leadership model that is in accordance with the human dynamics of the groups—both management and employees, especially the latter—is necessary to exploit the understanding of human relations which is integral to this approach. A leadership style rooted in transformational leadership, in which leaders attempt to create advantageous change for an organization via attaining large scale acceptance and motivation from followers, is well suited to facilitating this management approach. The principal notion of the efficacy derived from this management approach is to understand what employees want and to use that to the advantage of the organization as a whole. Employees want more than simply a paycheck. This management approach involves cognizance of the working conditions and forms of extrinsic and intrinsic motivation that can inspire higher levels of productivity (Thenmozhi, 2017). Moreover, it also necessitates perspicacity for applying that insight into a way which is mutually beneficial for both managers and employees.
5. Part V: 
a. Managing in the new millennium
Perhaps the most critical of the factors that will contribute towards management in the new millennium is the consequences of globalization. Homogeneity is no longer possible in business, even in environments in India in which is a substantial less amount of diversity than in international hubs such as New York City. Even if it is possible to manage workers who are more similar than dissimilar, somewhere along the lines of conducting business in the era of globalization one is such to encounter different cultures, people, and approaches to work that are markedly at variance with those of one’s own organization. Understanding how to view those points of differentiation for ways to effect competitive advantage is pivotal to management in this millennium. Another pivotal ramification of globalization is the degree of agility which has gained prominence throughout the management sphere. Managers must be able to react quickly to situations in which globalization’s diversity arise, such as knowing how to work with other cultures during mergers and acquisitions.
b. Final thoughts
In summary, there are a number of reasons for conducting business in India. The country provides a modern environment with a dedicated political foundation for supporting economic growth. However, what is required to take advantage of this situation is a management style attuned to the nuances of labor supervision in the 21st century. Ideally, such a management approach should take account for the assets inherent in doing business in India and within a particular organization. As such, the human behavior approach is a viable one for fostering positive relationships between management and employees while accounting for the unique needs of the latter. Thus, it behooves those considering operating in this region to ally themselves with local businesses, learn the needs of the population of employees laboring for them, and to integrate this knowledge to form lasting, meaningful relationships for successful business opportunities.
References
Iyengar, R. (2017). India's economy in 'downward spiral.' What did Modi get wrong? http://money.cnn.com/ Retrieved from 2017/10/04/news/economy/india-economy-modi-slowdown/index.html?iid=EL
Kumar, N., Wu, H. (2017). Indian Prime Minister faces growing criticism as economy bites. http://edition.cnn.com/ Retrieved from http://edition.cnn.com/2017/09/29/asia/modi-indian-prime-minister-criticism-economy/index.html?iid=EL
The Economic Times. (2017). India Inc feels doing business in India getting easier but land an issue. https://economictimes.indiatimes.com/ Retrieved from https://economictimes.indiatimes.com/news/economy/indicators/india-inc-feels-doing-business-in-india-getting-easier-but-land-an-issue/articleshow/61784764.cms
The World Bank. (2017). Ease of doing business in India. www.doingbusiness.org/ Retrieved from http://www.doingbusiness.org/data/exploreeconomies/india#starting-a-business
Thenmozhi, M. (2017). Approaches to management. http://nptel.ac.in/ Retrieved from http://nptel.ac.in/courses/IIT-MADRAS/Management_Science_I/slides/1_3s.pdf
World Population Review. (2017). India population 2017. http://worldpopulationreview.com/ Retrieved from http://worldpopulationreview.com/countries/india-population/