Professor Panchanatham says Success Mantras claim that unlike western societies, in India, religion, fatalism and collectivism are all components of daily life and they need to be respected for a healthy and successful business relationship. Despite the traditional caste system being dismantled, remnants may still be witnessed in the Indian hierarchical structure of business practices and decision-making. Listen to this story of the competitive edge from India.
He believes that while recession continues to hurt business around the globe many industries in India have come out unscathed. Among BRIC countries (Brazil, Russia, India and China), China and India never went into recession. Brazil briefly did, but its recovery seems pretty strong. India defied the global recession by posting a very healthy GDP growth rate of 7%. The fact that the Indian industry, so far, has remained insulated from the global recession can be attributed to its value systems, entrepreneurship and tradition. Entrepreneurship has been ‘embedded in the Indian genius and is a part of its tradition’. Religion, norms, values, behaviour play a key role in nurturing the entrepreneurial ecosystem.