Chapter Thirteen
Ethics and Indian Business
IMPACT OF GLOBALIZATION
India’s capital market is acquiring a global image with the gradual opening of the country’s economy since 1991. The increasing importance of foreign portfolio investment in the securities market and the drastic reduction in import tariffs have exposed Indian companies to foreign competition. Till recently, participants in the Indian capital market could, to a large extent, afford to ignore what happened in other parts of the world. Share prices largely behaved well, as if the rest of the world just did not exist for them. However, now the Indian capital market responds to all types of external developments, such as US bond yields, the value of the Euro or for that matter any ...
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