TOPIC-ONE

• Beginning of Business.

•Industrialisation.

•Globalisation.

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BLACK ACES

BEGINNING OF BUSINESS

•That which busies one, or that which engages the time, attention, or labor of any one, as his principal concern or interest, whether for a longer or shorter time; constant employment; regular occupation; as, the business of life; business before pleasure.

• Financial dealings; buying and selling; traffic in general; mercantile transactions.

DEFINITION OF BUSINESS

BARTER SYSTEM

•System in which goods are exchanged for goods. •One-to-one bartering is practiced between individuals, organized barter exchanges conduct third party bartering. DEFECTS OF BARTER SYSTEM:

•Double Coincidence of Wants

•Absence of Standard Value.

•Indivisibility of Commodities.

•Absence of Store of Value.

INDIAN BUSINESS HISTORY

INDUS VALLEY CIVILISATION

•First known permanent and predominant urban settlement.

•Citizens practiced agriculture, domesticated animals, made sharp tools and weapons from copper, bronze and tin and traded with other cities. ANCIENT AND MEDEIVAL PERIOD•Agriculture was the predominant occupation

•Raw materials for hand based industries like textile, food processing and crafts.

COINAGE•The first metallic coins were minted around 6th century BC by the Mahajanapadas of the Gangetic plains.

Exports•The muslin of Dacca, •Calicos of Bengal, •Shawls of Kashmir, •Steel and iron works, •Silk, and other textiles and handicrafts, •Agricultural products like pepper, cinnamon, opium and indigo were exported to Europe, Middle East and South East Asia in return for gold and silver.

Maurya Empire(321-185B.C)•First time most of India was unified under one ruler.

•The trade routes throughout India became more secure thereby reducing the risk associated with the transportation of goods.

•The empire spent considerable resources building roads and maintaining them throughout India.

•During this time, the Arthasastra ("science of state") was written by the Chanakya, an adviser to Chandragupta Maurya.

•Commercial entities existed purely for private commerce.

BRITISH RULE

•The British colonial rule created an institutional environment.

•It brought in the effects of the Industrial Revolution.

•Similar kind of scenario existed during the reign of the Mughals

•The business and the economy prospered .

•India became the richest economy when compared to China and other European Countries.

What is Globalization?

Process by which the people of the world are unified into a single society and function together.

How To Measure Globalization?

• Goods and Services

• Labor/People

• Capital

• Technology

Effects of Globalization

• Industrial • Competition

• Language

• Financial • Ecological• Economic

•Informational

• Cultural• Political

•Legal/Ethical

• Social• Technical

Negative Effects of Globalization

• Inequality

• Environmental Degradation

• Lowering Quality of Life

Impact on India

Industrialization

• Industrialization is a historical phase and experience.

• Industrialization is the overall change in circumstances accompanying a society's movement population and resources from farm production to manufacturing production and associated services.

Industrial revolution in Europe• Started in the late 18 and early 19 century

• British Agricultural Revolution helped drive industrial revolution

• Requirement of machinery increased its demand

• Division of labor

• Increase in investments

Industrial Revolution in India

•The British introduced Industrialisation in India.•Industrialization began after its Independence. •An entirely new class of entrepreneurs have come up.•Large number of new industrial centers have developed. •The Government has built theinfrastructure and made massive investments toprovide the much-needed facilities ofpower, communications, roads etc.

Role of Industrialization in India’s Economic Development

• Raising Income

• Generation of Productive employment

• Strengthening the economy

• Achievement of Self reliance

• Improvement of Foreign Trade

• Broadening social outlook

INDUSTRIAL GROWTH IN INDIA

• India is one of the pioneers of Industrialization the in the Third World• It can be divided into five distinct sub periods:

o From the 1950 to 1965 and 66 - Fast rate of Industrial growtho Second one lasted till the end of seventies - Two structural retrogression of the Indian economyo Third witnessed by the late 70’s and 80’s - Revival of Industrial Growth

o Current period from 1994.

o Fourth phase was between 1991 to 1994 - Marked by stagnation.