Business Daily from THE HINDU group of publications
Friday, Jun 22, 2007
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Business Daily from THE HINDU group of publications Friday, Jun 22, 2007 ePaper |
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Industry & Economy
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Economy `Western biz executives lack basic knowledge of Indian economy' Our Bureau
Bangalore June 21 Western business executives would rather do business in India than its international competitors, but lack basic knowledge of the Indian economy and industry, according to a new international study by BT. More than half (55 per cent) of the board directors in the US, UK, France and Germany do not know the Indian currency unit. Ten per cent could not even give an example of India's main export or industry, and five per cent believe it is tea, even though more than six out of 10 (64 per cent) accept that emerging economies such as India will "reshape" the global business landscape. The survey polled 800 directors of large American, British, French and German corporations to assess their knowledge about Brazil, Russia, India, China and South Africa (BRICS). "This is a troubling finding,'' Mr Francois Barrault, Chief Executive of BT Global Services, said in a statement adding ``the message hasn't filtered through yet that these nations are already equipped to make an impact on the global stage. ``They have shown remarkable agility and speed at adopting new collaborative tools and technologies quicker, in many cases, than in the US or Europe,'' Mr Barrault added. ``Western organisations need to increase collaboration with BRICS businesses or risk being left behind.'' India ranked significantly higher in comfort level among BRICS economy to do business compared to China, while Russia ranked as the least comfortable. Sixty-one per cent of respondents said it is "crucial" for their business to work with the economies of BRICS to succeed in the long term. India was perceived by four out of ten (41 per cent) Western directors to be the most advanced in terms of technology support for business, followed by China with 29 per cent.
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