India Inc needs to have global mindset for globally integrated economy: US-based consultant

VADODARA: An internationally recognised business consultant has said future global growth will come from large emerging economies like China, India, Russia and Brazil.

"While the 20th century was driven by advanced nations, the 21st century will be driven by the markets of emerging nations. Future global growth will come from large emerging economies such as China, India Russia and Brazil," said Jagdish Sheth, a US-based scholar and authority in the field of marketing.

India's economy will be globally integrated. It is, therefore, essential for India Inc to have a global mindset, Sheth, the Charles Kellstadt Professor of Marketing at the Goizueta Business School of Emory University, said.

To achieve global mindset, it is important to embrace international standards, scale up through acquisitions, obtain low-cost capital, earn quality reputation, invest in design & research, create big brands and lead economic reforms, he said.

"The geo-economic realignment of the world due to ageing of advanced countries and the rise of China is putting India in the centre stage of world economy, he stated.

He was addressing the members of Federation of Gujarat Industries on `Role of India in world class manufacturing with special emphasis on Gujarat' here last night.