Write Report on Policies that India must adopt to enhance the Global Perspective Prospects.
GLOBAL PERSPECTIVE ON NATIONS POLICIES
The global perspective is one of the comprehensive lenses by which any person can see the world around themselves and it also shapes the perceiving an understanding of the identity of the people that are being interacted, for shaping the culture. India was not visible in the world economic order but from 1990 onwards India has initiated their policy reforms and had shifted their liberalization policies, global perspective policies by changing their regime shift. India has become one of the promising fastest growing countries in the globe and during the last 2 decades India has adopted different policies for removing the different restrictions by face-to-face and has created a business friendly environment. It has helped them in building confidence with the foreign investors and also with multinational companies. But from a global perspective it is essential to use the policies that have been adopted by the developing countries like India. As to maintain the global perspective concept of the nation (Andrenelli, Gourdon and Moïsé, 2019).
This report has concentrated on the various policies that are to be adopted by India for enhancing the global perspective prospects, Competitive advantages. By concentrating on the policies for gaining the maximum benefit from the technology transfer afforded by the inward investors sector is one of the policies which can help in developing the economies and utilising the global perspective of India. This report has been fitted for advising the government of India on the policies to gain the maximum benefit from the technological transfer that is afforded by the invert investors in manufacturing industries.
Aim and Background
At present India is aiming to become the second fastest growing country after China and pre-reform period India is trying to grow their GDP rate compared to the growth rate of the advanced economies. Secondly the importance is that India is looking forward to developing the technological aspects or digitization will help the country in utilizing the global perspective sphere (Andrenelli, Gourdon and Moïsé, 2019).
India is one of the developing countries and it is having one of the unique economies in the whole globe. The world is recognizing the peoples from India and India is not being lag behind in figure of the projection of the investments from their own people and India got that done to push themselves for the global platform by innovating and also not by imitating (Cho and Shenkoya 2020).
Drawbacks and Benefits
The policy for gaining the maximum benefit from the technological transfer that is afforded by the inward investors in the manufacturing sector needed to develop the global perspective of the country. The policy has certain drawbacks and benefits. The drawbacks that can be seen is the lack of pulling of the scientists and researchers in certain domains, inabilities for making public investments in certain appropriate research infrastructures (da Silva, Kovaleski and Pagani 2019). The advantages which can be seen on the benefits that can be gauged from the advancement of this policy by the government in the developing country are,
Policy 1: Policy to bolster National innovative capacity
Strengthening national creative potential is both an advantage and a challenge in a developing economy like India. There are policy inconsistencies in measures and their enforcement attributable to a shortage of adequate resources in that country. Comparably, emerging markets provide a great deal of room for expansion. From the other direction, this expansion will contribute to the country's long-term stability. The growth of national innovation capabilities is critical for improvement. This research sheds light on factors that could contribute to increased development in the country’s overall creative potential. (Wu, et al, 2017).
To begin, the state of India must be recommended to provide economic opportunities to both the administration's innovation and design agency. This will boost the nation's technical capabilities. Not only would technological capability be increased, but networks will be constructed as well. This improves the efficiency and creativity of the mechanism that must be managed. For its development and productivity in the activities it appeals to, established nations such as France provide greater than 30% taxation advantages to this agency. This gives them a solid foundation on which to function safely and reliably.According to estimates, lowering the cost of exploration and improvement by 10% raises long-term spending in innovations by 10%. In the industry, they include valuable supply chain (Zang, et. al, 2019).
Furthermore, encouraging open trade in India is another of the main appealing strategies that can be implemented to strengthen individual creative capabilities. The unification and assemblage of many industries and firms throughout nations brought together different communities and customs at the similar time as a result of modernization.(Handoyo, 2018).
For the Indian nation’sgrowth experts from all over the world are brought in. Free trade agreements aid in lowering the cost of innovation in a region, allowing shareholders to engage in initiatives at a lower cost. Creating that very market often encourages economic competitiveness, which is critical for a nation's overall success and prosperity. This facilitates the productive sharing of ideas from around planet and throughout the world. It lowers the expense of dropping out of innovations or advancement, and it makes it easier to transition to newer approaches (Adamenko, et. al, 2018).
For the nation of India’s growth experts from all over the globe are called in. Free trade agreements aid in lowering the cost of innovation in a region, allowing shareholders to engage in initiatives at a lower cost. Creating that very market often encourages economic competitiveness, which would be critical for a nation's overall success and prosperity. This facilitates the productive sharing of ideas from around planet and throughout the world. It lowers the expense of dropping out of innovations or advancement, and it makes it easier to transition to newer approaches (Elahi, et. al, 2016).
The people who function in this division must be specialized in STEM sectors of Indian STEM areas apply to scientific, electronics, manufacturing, and arithmetic, and they improve a person's competence. This aids in the development of strategic capital's technological expertise in India. The strategy should engage in ongoing recruitment and learning programs in addition to broaden the employees' horizons of awareness. This will support both the workforce and the nation as a whole. This will aid in the promotion of activities that cover certain topics. It not only improves professional abilities but that also aids staff in completing assignments and doing well.Scholarships to the innovation and production sector will also help the country's creative capacity expand. Government agencies should include funding to these agencies in addition to tax breaks so that finances are properly allocated as the operations are being carried out. These will also support the nation as a result in the long run. Not only does workforce efficiency rise, but technological efficiency in respect of research and invention rises as well, benefiting the whole society.
Eventually, since the commercialization of technologies is possible in the region, it can produce a significant amount of income that can be reinvested in the state's creative capability, thus increasing the state's ability for investment and prosperity As a result, it is hypothesized that the administration must implement stable, reliable, and successful strategies in order to develop the country's creative potential. The cumulative impact of a region's inventions will eliminate poverty.These factors must not be overlooked, and urgent steps must be implemented as quickly as feasible in order to reap the full advantages of the situation. As a result, the different considerations addressed in the report, either internal or external, have shed insight on the numerous directions in which practices should be undertaken and regulations must be formulated. Other considerations, such as structural progress and ecological progress are often addressed at the current period (Han, et. al, 2018).
Policy 2: bBolstering national innovative capacities
Both of the policies are very important for the utilizing of the global perspective for India. but the policies that have been designated or designed for bolstering national innovative capacities and for gaining the maximum benefit from the technological transfer that is afforded by other outward and inward investors in the manufacturing sector are the most important policies that need to be concentrated (Ferreira, Fernandes and Ferreira 2020).
The second policy is concentrating on the technological transfer that can be afforded by the invert investors as well as the outward investors in the manufacturing sector. The foreign or the national direct investment has been presumed to be playing the vital role for transferring the technology from any host country to the home country and this technological transfer mainly refers to the procedure by which the party of any country gain the access of any technical information of the 14 party and observe it successfully in the production procedure. This technological transfer is very important for the economic development of India and it is widely recognized in most of the developing countries for gaping the income lag. For narrowing this technological gap most of the developing countries like India have adopted the new technologies at a very fast rate then it is being formed and for that reason both the market forces and the government policies are very much essential for playing a crucial role in accomplishing this task (Ferreira, Fernandes and Ferreira 2020).
The international or the national investment is being taking the shape and forming the new dimension in this recent years for expanding the foreign direct investment from the developed economies and the rapid economic growth along with the high rise of the commodity prices, liberalization is been feeding the boon for outward investment in group which is reaching more than $15 billion from 2011 onwards. The FDI helps in growing economies in the transition that is regarded to be motivated by the procedure of economic liberalization and by eliminating any type of entry barriers to the FDI. The transition economies can absorb most of the global FDI that is about 30% of which come from the exchanging from the developed countries and the outward FDI come from those countries which has reached to the high records in most of the direct investment transitions. It can be seen that the FDI inflows in most of the developed countries are continuing to decline and the role of the transition economies is growing not only as a recipient but also as a source of FDI. As to gain the maximum benefit for the technological transfer in India it is The hotel to consider the prospects of the foreign direct investment in the technological transfer field. It will help the common with independent states particularly India in experiencing the moon off the FDI in the recent years. The most important purpose of this Policy easing describing the FDI relationship with the developing country by conducting certain theoretical frameworks the determinants of the FDI and outline the directions for their future research in the manufacturing sector for gaining the maximum benefit in the technological transfers (Konstandina and Gachino 2020).
It has been proved that FDI is one of the important aspects for the developing countries particularly for maximising the gaining benefit for the technological transfers and the advantages of the foreign direct investment can be seen to be extremely positive for the country or the region which is probably committing their technology marketing and the management. The advantages of the FDI can be seen particularly in the technology transfer for improving the access to the excellent technology and also in the forms of capital in which all the investors invert or out what can bring the capital to India while investing in the new company or factory. Therefore India’s turn has also come to push them in the global platform not by imitating them by innovating themselves in the forms of technology transfer that is afforded by the investors (Kowalski, Rabaioli and Vallejo 2017). And the variety Indian start-ups can turn them up by following the e-commerce models which have been pictured by the western world or by the FDI. Researchers have shown that India has been recognized to be having the exciting opportunity and overflowing talent, the international monetary fund has mentioned that India is one of the world‘s fastest growingEconomy having one 60 million smartphone users, two 77 million internet users in the vast technological trends. Therefore the median age of the India’s population significantly mentions that while undertaking the policies of technological transfer from the invited investors in the manufacturing sectors and me the technological sector is the maximum benefit can be gained (Sultana and Turkina 2020).
Conclusion and Recommendations
After conducting the research on the policy for gaining maximum benefit for technological transfer afforded by the invert investors in manufacturing, it can be concluded that India is one of the developing countries and it is ranked to be the developed country in the recent days. India is being viewed today to be one of the crucial states from the 1990's onwards as it has initiated the massive policy reforms in regime shifts (Wu, 2018). The country has promised to become one of the fastest growing countries in the world and it is to be recognised to be the major player in the global arena. Not only has this India accumulated large foreign exchange reserves for mitigating the apprehension of the balance of payment crisis. as to utilise the global perspective of the country is important to gain the maximum benefit from the technology transfer that is afforded by the outward and inward investors in India.
This report has been concentrated on the global perspective of India by concentrating on the various policies that have been adopted by the country. In this report it has been advised to the government of the developing economy regarding the policy to gain the maximum benefit from the technological transfer. It is recommended that if the policy is being seen to be an important element in the strategy of economic development then it must be followed. Thus as a developing country India should maintain the prospects of foreign direct investment in terms of technology transfer as because the impact of foreign direct investment on the economically developing countries can form the transition change in the economy as far as the technology transfer is concerned (Wu, 2018).