Buoyed by a booming economy, the success of knowledge-based industries, the easy availability of credit and a new self-confidence to achieve global scale, India Inc. is finally coming of age. Indian companies no longer fear competition and don't need to depend on cheap labor and lower costs to take on rivals elsewhere in the world. They are competitive despite not being the cheapest in the world. They are the best in their field as the successes of Tata Steel, Dr. Reddy's and Bharat Forge suggest. Another positive accomplishment which India Inc. can boast of in recent times is the significant improvement in the level of corporate governance. It is even comparable with the best in the world; Infosys Technology is a case in point. Even Indian capital markets have become more sophisticated than ever before; NSE is one of the most technologically-advanced stock exchanges in the world, putting behind even the American rival NYSE.
The "Made in India" brands are emerging from obscurity on to the shelves in major showrooms across the world. Global big brands no longer hesitate to associate with local brands; Wal-Mart joining hands with Bharti is a case in point. It looks like India Inc. is now gripped by Mittal mania. led by the Tatas and Birlas, a new breed of Indian multinationalsa larger and equally dogged set of companiesare joining the bandwagon to have a great stake in the global economy. For example, through a series of small acquisitions, Bharat Forge has become the second largest maker of car parts, after ThyssenKrupp of Germany. It has bought forges in Britain, Germany, the US and China (where it owns the largest one). "India is seen as one of the world's most dynamic economies, and liquidity is rapidly flowing towards where this dynamism is evident," says Anand Mahindra, Vice-Chairman and Managing Director of Mahindra & Mahindra. He further adds, "This is just the beginning and, to use a popular phrase, you ain't seen nothing yet."
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