The world’s economy is changing drastically, thus raising the demand for professionals who are adept at understanding the business globally. IIM Indore aims to remain contextually relevant and offer world-class academics. In line with this objective, IIM Indore offers a one-year Executive Programme in Global Business Management. The first batch of this executive programme commenced at IIM Indore on March 13, 2022, in online mode. The inauguration took place in the presence of Chief Guest Mr. Sunil Chordia, CMD, Rajratan Global Wire Limited, and Prof. Prashant Salwan, Programme Coordinator – EPGBM.
Mr. Chordia shared the journey of establishing his company globally and his learning from the international business. ‘Initially, when I started establishing my company, I was advised to access the best technology. Thus, when we get better technology, we can produce better products. I learned that India being a part of international business and a low-cost country, numerous MNCs and foreign investors have been searching for an opportunity to invest. Getting investment from foreign companies, we could further enhance our quality and quantity, he said. Thus, your product quality plays the most crucial role if you are in a business. ‘Access to technology, improvement in product quality, innovation, and effective marketing and branding are the three key elements to take your business at a global level,’ he said. The business will continue to remain competitive. It depends on your efforts and skills to learn and remain competitive in this tremendously growing environment. ‘When you enter the global market, you realize that their work culture is different that needs to be addressed. To establish yourself globally, you need to understand the local culture, with a mix of Indian business management and foreign culture’, he said.
Sharing his views on international business, Prof. Salwan noted that global business had played a significant role in the market since the 18th century. ‘In the 18th century, India had more than 15 percent of the market share in international trade. Currently, it is 3 percent, but we have grown at 7 percent per annum, thereby becoming the fourth-largest economy in the world’, he said. We have the advantage of technology and a young workforce. ‘Having a combination of talent, ideas, technology, opportunity, investment, and capital, India is the best country to be in the domain of import and export. We have an advantage of consumption and export as well, he added. International finance, agriculture, retail, logistic manufacturing, and power are the industries that would grow swiftly in the coming years. ‘This course would allow learning about the basic and international business, building competitiveness, management, micro, and macroeconomics, functioning at a global operation and marketing,’ he explained.
This was followed by a Q&A session, wherein Mr. Chordia answered the queries of the participants and shared his knowledge. A total of 50 participants registered for the programme. The batch brings in diversity from various domains, including IT and ITES, Engineering, Finance and Banking, Hospitality and Medical, Automotives, Sales and Marketing, Consumer Goods, Pharma, Media, and Advertising, etc.