International Business Environment - Essay Example

1. INTRODUCTION Sha Ella Companies Limited is one of the leading resort hotel operators in China and has its presence in number of other Asian destinations as well. With over 26 hotels in China and 8 others in countries company is interested in expanding in to new destinations. This report explores various aspects of international business, which impinges upon and affects the viability of investing and operating a star class resort hotel business in India by the Sha Ella Company Limited. 2. OVERVIEW OF PROSPECTIVE HOST COUNTRY - INDIA India is world’s second most populous country and endowed with a combination of tourism attractions. In addition to being a world tourist destination, it has a large local tourist market as well. India has become one of the most exciting and high potential emerging markets in the world with skilled managerial and technical manpower at low cost and a local market segment of middle and upper middle class whose size exceeds the population of the USA or the European Union. 3. GLOBALISATION OF TRADE AND INVESTMENT Globalization generally refers to the process towards a more intergarated and interdependednt world economy. Here the main focus is on the globalization of markets and production. Globalization is a term used to describe the changes in societies and the world economy that are the result of dramatically increased trade and cultural exchange. ( Hill 2003). The scale of global economy and trade is reflected in the data provided in table 1. 3.1 India’s Economic Reforms and Economic Performance Although India had been a closed economy resisting the effects of globalisation up until the early 1990’s the open economy policy adopted since then has had dramatic effects on the Indian economy. India is currently one of the fastest growing economies in Asia and has sustained growth rates in the range of 6.5-8%. The economic growth rate for the year just concluded is estimated to be 8%. (India Economy Overview 2006). Table 1 – Global GDP and Trade Values Data Unit 2001 2002 2003 GDP Current $ 2.2 trillion 2.5 trillion 3.0 trillion GDP Growth Annual % 5.1 3.9 6.6 Export of Goods and Services % In GDP 35.5 33.8 33.4 Import of Goods and Services % In GDP 33.3 30.7 30.4 Source: World Economic Indicators Database Aug, 2005 3.2 Share of Foreign Direct Investments In terms of share of Foreign Direct Investment, India records much progress but remains an under performer in the listings of the IMF and World Bank in this category. Compared to the massive 80% share of the FDI inflows in Asia attracted by China, India only receives 5.5 % share. 4. POLITICAL ECONOMY OF INDIA A Political economy encompasses the structures and systems, which are adopted by a nation on governing itself and includes political, legal and economic systems. The Republic of India is a democracy governed by a constitution. India is a union of states with a Central government wielding the power over national issues while the state government power presides over state related issues. 4.1 Political Risk India has experienced political instability, which has prevailed over the past couple of decades with different parties being elected to office resulting in different economic and trade policies. It should however be noted that “no policy framed by a past government has been reversed by any successive government so far” (Investment Risks.. 2005). To safeguard its position as a foreign investor Sha Ella should process all its applications for investments through the Indian Investment Center, which acts as the single window agency assisting and coordinating all procedural requirements of FDI in India. 5. INTERNATIONAL TRADE & NATIONAL COMPETITIVENESS India is commanding a significant place in the global trade and its cumulative annual sales will soon reach 1% of global trade. As the country embarked open economic policy only a decade and half ago such figures can be considered as high achievement. The exports earning of the country is rising very fast and stands at 76.23 billion and imports stands at $113.1 billion for the year 2005. Table 2 in Appendix I provide the percentage share of exports and imports by the major trading partners for year 2005. Data on major trading partners of India over a period of 5 years in terms of their share of total trade is provided in table 3 in Appendix II 5.1 Indian Tourism Industry Performance Tourism industry in India has registered significant growth and arrivals stands at 3.91 million in 2005 with 17.3% growth over previous year. “Tourism is the e third largest net earner of foreign exchange for the country recording earnings of US $ 5731 million in 2005 and contributes 5.8% of the GDP. India is ranked fourth by Conde Nast Traveller. The World Travel and Tourism Council believes Indias tourism industry will grow at 10% per annum in the next decade, making it lead the world in terms of growth (Neogi 2006). Table 4 in Appendix III provides 5-year data of tourist arrivals to India. 5.2 National Competitiveness Varying theories of international trade justifies trade and business between countries depending upon factor endowment, comparative or absolute advantage or based on product lifecycle. When assessing the attractiveness of a host country for foreign business, it is important to establish the level of national competitiveness in relation to global arena. Following SWOT analysis assesses the Indian tourism industry’s comparative national competitiveness in the global marketplace based on key attributes, which shapes the competitive environment (Hill 2003). Table 4 – SWOT Analysis for Indian Tourism Industry Strengths: High level of factor endowments in terms of a combination of tourist attractions. Abundance of low cost skilled labour and managerial resources. High growth rates in the range of 10% forecasted by World Tourism Organisation. A large number of people representing local demand from market segments, which can afford products as luxury holidays being offered by Sha Ella. Weaknesses Underdeveloped infrastructure such as road ways, quality of airports, telecommunication and cold storage and transport facilities which is greatly highlighted by the massive geographical size of India. Underdeveloped support industry clusters such as air and rail transportation, hospitality schooling and training centers as well as cold storage facilities. Heavily protected local industry dominated local operators, reducing standard of rivalry. Table 4 – SWOT Analysis for Indian Tourism Industry contd. Opportunities High GDP growth in India and worldwide will increase tourism industry potential. With the open economy outlook, India is becoming increasingly globalized, making it an appealing destination for world tourists. With the government intervention turning to proactive and less restrictive stance, the industry stands to gain. Competitor destinations such as Sri Lanka being affected by terrorist activities. Threats Although the country is highly endowed with natural attractions, the low emphasis on environmental protection may affect such tourist attractions. Increase World Terrorism activities may influence propensity to travel and holiday. The aggressive growth of other tourist destinations in Asia. Assessing the industry growth rates, the strength and weaknesses, opportunities and threats of the industry as well as the national competitiveness of sector, which is substantially well placed, Tourism industry in India can be considered a high potential investment opportunity. With the new policy measures being implemented by the government to promote the industry in the global market, it its likely to perform better in coming years. 6. IMPLICATIONS OF THE POLITICAL ECONOMY OF INDIA While Free trade is advocated by many nations, governments still intervene by adopting trade policies restricting imports and promoting exports with the intension of protecting domestic producers and jobs while increasing the foreign markets for domestic products. A trade policy relies on seven key instruments to manage its foreign trade levels which includes tariffs, subsidies, import quotas, voluntary export restraints, local content requirements, administrative requirements and anti dumping duties (Hill 2003). 6.1 India’s Trade Policy Instruments India’s tariff structures are one of the highest in the world reflecting the legacy of its closed economy and domestic industry protections. However with WTO efforts and regional integration treaties, India has slackened its tariff barriers. While tariff structures may not directly affect the Sha Ella’s proposed project of operating resort hotels in India it will affect the costs of capital goods imports and any raw materials and provisions, which the hotels may wish to import for its daily operations. Sha Ella needs to explore the availability of preferential tariff plans offered to foreign investors for the capital goods importation. In addition to tariffs, India is know for its stringent administrative policies and have cumbersome bureaucratic red tape through which foreign companies have to reach the market. They are aimed at discouraging imports and 100% FDI ventures. Especially in the case of import of goods even for the purpose of initial stages of construction, Sha Ella is likely to be obstructed with such administrative red tape. The aim is to promote locally produced goods for the project and thus Sha Ella may have to consider some of its project material and capital goods to be sources locally. 6.2 Policy Measures Driving Indian Tourism Industry Growth Although identified as one of the most promising tourist destinations in the world by the World Travel and Tourism council (WTTC), India’s current share of global tourism is quite insignificant. Backed by a National Tourism Policy, some significant initiates have been taken by the government to promote and propel the Indian Tourism Industry to a significant position in the world market. Some of these efforts includes the beginning of cruise tourism; direct marketing efforts with a campaign called "Colours of India” ; n integrated campaign in South East Asia to promote Buddhist sites; direct co-operative marketing as well as a greater focus on the emerging markets in the region of Asia. Aiding the development of hotel infrastructure and enhancing connectivity and ease of travel by improving and expanding air & road transportation has also received attention. Emphasis has also been placed on developing the field of Human Resource Development through increased number of manpower training centers (Tourism Overview 2006). All these initiatives are likely to increase the national competitiveness of the Indian tourism industry, which will make it an attractive business opportunity for companies such as Sha Ella to consider as for FDI projects. 7. FOREIGN DIRECT INVESTMENT CLIMATE IN INDIA Foreign direct investment (FDI) is the movement of capital across national frontiers in a manner that grants the investor control over the acquired asset. Global FDI inflows for year 2005 stands at US$ 916 billion out of which US$ 542 billion is attarcted by developing nations (World Investment Report 2006). 7.1 Justifications of FDI Decisions over Trade When compared to alternatives of trading, the FDI option has greater risks but many firms decide upon this option. Many theories of FDI such as Transport Costs, Market Imperfections – Internationalization Theory, Strategic Behavior, The product life Cycle and Location Specific Advantages are used to rationalize the choice of FDI option. In justifying a FDI decision by Sha Ella, the most useful theory would be the Location Specific Advantages theory forwarded by John Dunning refers to resource endowments or assets which are tied to a particular foreign location and that a firm finds it valuable to combine them with its own unique assets such as process, technology or management know-how (Hill 2003). 8. POLITICLA FRONT OF FDI IN INDIA India has moved forward aggressively to command a fair share of Foreign Direct Investment (FDI), and as per The United Nations Conference on Trade and Development (UNCTAD) India is among the "dominant host countries" for foreign direct investments (FDI) in Asia and the Pacific (APAC). However, as per year 2005 data, China attracted US$ 72 billion against Indias US$ 7 billion (World Investment Report 2006). Table 5 below indicates major world destinations for FDI inflows and India’s position among them. Table 6 in Appendix IV provides Main Sources of FDI Inflows to India for the past 5 years. Table 5 – FDI Inflows of Selected Asian Countries (US$ Billion) Country 2001 2002 2003 China 46.88 52.74 53.51 Hong Kong 23.78 9.68 13.56 India 3.40 3.45 4.27 Korea 3.68 2.94 3.75 Source : World Investment Report 2004, UNCTAD 8.1 Policies Driving FDI in India In a bid to attract a major share of world FDI inflows, India has taken some new initiatives, which allow access to FDI through automatic route, except for a small negative list. A host of new measures aims to further liberalize FDI policy of the country pertaining to selected industries such as aviation, banking and petroleum explorations. In terms of FDI in tourism sector, the preference would be to have joint venture partnerships but 100% ownership may be permitted subjected to case-by-case approvals. However, India is still among the most heavily regulated countries and as such Sha Ella may need to consider seeking joint venture partner in the field of tourism industry or property development to reduce the delays and difficulties, which a 100% foreign investor may have to face. 9. IMPLICATIONS OF WTO & REGIONAL ECONOMIC INTEGRATION Initiated in 1947 as GATT, and know today as the World Trade Organization (WTO) promotes free and liberalized trade and has succeeded in reducing the bulk of world tariff (Hill 2003). Its membership is over 150 nations and benefits of being a member of WTO comes in the form of reduced tariff and higher potential for trading. However for the developing nations who wish to protect their local infant industries, such memberships may carry the cost of having to open up its economies wide and being susceptible to dumping practices from developed nations as well as having to compete with heavily subsidized production costs. Regional economic integration refers to the agreements among countries in a geographical region to reduce, and ultimately remove tariff and non-tariff barriers to the free flow of goods, services and factors of productions between each other. Approximately 134 such agreements exist today. 9.1 Regional Integration Treaties of India India has entered in to a number of regional integration agreements, mainly with the ASEAN and SAARC countries. Most of these agreements cover trading of goods on preferential tariff basis but does not cover many service industries except for the case of software development. India has not yet entered in to any preferential trade agreements with China and as such preferential trading and FDI arrangements are unlikely to materialize in near future to benefit Sha Ella’s proposed project. Its agreements with countries such as India and Maldives may benefit the tourism trade should cross-destination promotional activities are considered. 10. MONETARY SYSTEM OF INDIA A country’s monetary system faciliate the functioning of money by regulating transactions, money supply and agents. Currency policies are also determined by the menetary system and a country may choose to operate on fixed or floating systems. Some countries may elect to use a common currency such as the case of Euro being adopted as the legal tender by all EU members (Hill 2003). Countries such as China uses a pegged system where the currency value is allowed to fluctuate withnin a predetermined rage and may be periodically revised (China to pursue `stable currency policy` 2007). India has refrained from explicitly outlining its currency policies but the Indian Rupee appears to pegged against the US$ (Pathnaik 2003). The currency has remained quite stable over the past few years and the value has been intentionally kept pegged to ensure a stronger rupeee will not undermine the competitiveness of Indian exports to the world market. The Indian monetary system has remained rather restrictive and supervised through the Reserve Bank of India and currency remittances by FDI companies have been closely scrutinized. Implications of such controlled monetary policy lies in the degree of ease in repatriation of profits generated by foreign investors. Sha Ella may need to clarify these aspects in greater depth to understand the implications surrounding such controlled monetary system . 11. IMPLICATIONS OF SOCIAL CULTURAL FACTORS ON INTENATIONAL BUSINESS Cross-cultural business relationships require a high level of awareness and sensitivity to the diverse national cultures, which bears upon the manner in which business dealings are conducted. Culture influence and affects the business climate and the perception of international business and level of nationalism within a culture. These factors mould the national attitude toward the outside world and the level of accomodation of foriegners and foreign goods and ideas which is reflected in foreign policies, rules and regulations and other protective measures (Cundiff and Hilger 1988). Therefore, the ssuccess of cross-cultural business dealings will depend largely upon a deep understanding of the national cultures and a mutual respect. 11.1 Comparison of Determinants of Culture in India & China There are six main cultural determinants including religion, political philosophy, education, economic philosophy, language & stratification, which impacts upon national cultures. In assessing and comparing these determinants in relation to Indian and Chinese cultures, an understanding of how cross-cultural dealings may come across challenging situations can be anticipated. Indian and Chinese cultures are both shaped by religions, which are closely aligned. Buddhism, Hinduism and Confucianism share many philosophic viewpoints on life and tend to believe in Karma and destiny shaped by good deeds. Such similarities will facilitate effective operations of cross-cultural dealings. Political philosophy of China hinging upon communism differs from that of India, which embraces democratic ideals. The legacy of China’s communist ruling is still evident in the disciplined nature of people in doing business but may not be present in Indians. Education aspects of the two cultures differ to a certain extent where India enjoys a leading edge. Indian manpower in skilled, high caliber in management aspects and highly conversant in international languages as English contrary to the Chinese. Considering the element of language, Indian culture is rich with many languages, which is closely comparable to the large number of Chinese dialects. Chinese culture rates high in terms of use of silent languages while Indians are more verbose. In terms of stratification, Indian culture is highly ascribed where casts and creeds ate born in to. Chinese cultures are far less skewed towards such thinking and more acquired in nature. Economic philosophy of both nations are similar, having been closed economies in the past and now facing the challenges of opening up to the global economy. However China has integrated with the global economy much earlier than India and therefore differences in this regard may prevail. Cultural differences between the two countries can be assessed in terms of the Indices of Work Related Values by Geert Hofstede. Chinese and Indian cultures may thus differ on continuums of Individualism vs. Collectivism; Power Distance; Uncertainty Avoidance and masculinity Vs. Feminity (Weisse 2001). India and China are both high power distance cultures but India ranks low on uncertainty avoidance while Chinese culture is more prudent in its decision-making. 12. DEGREE OF INTELLECTUAL PROPERTY PROTECTION IN INDIA Trade-Related Intellectual Property Rights (TRIPS) agreement is the culmination of efforts of WTO in protecting Intellectual property rights across the world. Coming in to effect on 1 January 1995, is to date the most comprehensive multilateral agreement on intellectual property (Overview of TRIPS 2006). Under the TRIPS agreement areas of copyright, trademarks, industrial designs, patents, layout designs of IC’s and undisclosed information are protected. 12.1 Implementation of TRIPS in India India has implemented the TIPS agreement within the January 2005 deadline and new ordinances have been issues to bring in many areas under compliance (Indian trips compliance 2005). Benefits of compliance to the TRIPS agreement lies in respected credibility as a member of WTO and improved investor and trader sentiments. However costs of implementations include adverse effects on industries such as pharmaceuticals where initially only the process was patented but now requires product patenting. Its well known that countries such as China are in the forefront of pirating and duplicating products and other intellectual property material which has given them high cost competitiveness. By implementing the TRIPS developing countries will be at a disadvantage against developed countries that can afford costly R&D , especially with government support. 13. RECOMMENDATIONS & CONCLUSION India is one of the largest markets in the world in terms of its size and with the growing GDP, the spending propensity too will increase within the next decade. Although there is a certain degree of political and business risks involved in Indian investments, these do not surpass that of any other developing nation. In terms of its tourism industry, the local market is equally important as the foreign tourist inflows and the industry competitiveness is currently placed in average scale though forecasted for high growth during next decade. India has changed its stance from a closed economy to a open economy with much success with a short span of time and its ranking in global trade and FDI is very promising. Many new initiatives and policy measures have been recently introduced to promote international trade and tourism industry in particular as well as creating favourable FDI climate. However the country is still saddled with bureaucratic red tape and administrative restrictions. Membership in WTO and being party to many regional integration agreements place India in a reliable perspective in the eyes of potential investors. The country is also extending a high regard for intellectual property rights and has already implemented WTO’s TRIPS agreement. Closely managed Indian monetary system is one of the key deterrence and hindrances faced by many international investors and the close scrutiny of profit repatriation needs to be noted. The pegged currency policy is similar to that of home country China’s and will reduce the currency devaluation risks. Close similarities can be noted in some of the cultural determinants of the two countries but there are some aspects where differences exist. In view of conclusions drawn on all above areas, which bears upon the attractiveness of the investment opportunity it can be noted that investing in Indian tourism industry with a FDI option is a high potential medium risk decision. Sha Ella, which is a aggressive growth seeker with innovative and sound management talent and establish process excellence will benefit by extending its presence to India, which will be a major tourist destination within the next decade. Therefore, it is recommended that the company tentatively decide upon choosing India for a FDI venture in operating a resort hotel and engage in an in-depth feasibility study to establish commercial viability of such a project. References Hofsted, G. (2001) Cultures Consequence: Comparing Values, Behaviors, Institutions and Organisations across nations. Sage Publications Ltd., London. Weiss, J.W. (2001) Organisational Behavior & Change, 2nd ed. South-Western Collage Publishing, Ohio. Hill, C.W.L. (2003) International Business: Competing in the Global Marketplace 4th ed. McGraw-Hill, New York. Cundiff, E. & Hilger, M. T. ( 1988) Marketing in the International Environment, 2nd ed.: Prentice-Hall, Inc. Englewood Cliffs, N.J. “India Economy Overview” 2006. economywatch.com. Retrieved on 06/01/2007 from http://www.economywatch.com/indianeconomy/indian-economy-overview.html “Indias Trading Partners” (2006) Economywatch.com Retrieved on 05/01/2007 from http://www.economywatch.com/database/india-trading-partner.html “Investment Risks in India” (2006) Indiaserver.com. Retrieved on 05/01/2007 from http://business.indiaserver.com/investment-risks-india.html “Tourism Overview in 2005-06” (2006) economywatch.com. Retrieved on 04/01/2007 from http://economywatch.com/business-and-economy/tourism-in-2005-06.html Pathnaik, I. (2003) “India’s policy stance on reserves and the currency.” Working Paper 108 Indian Council for Research on International Economic Relations. Bankk, N. (2002). FDI Conundrum. Business Line. Monday, Apr 22. Retrieved 06/01/2007 from http://www.thehindubusinessline.com/2002/04/22/stories/2002042200110800.htm World Investment Report (2006) United Nations Conference on Trade & Development. Retrieved on 06/01/2007 from http://www.unctad.org/en/docs/wir2006overview_en.pdf “Indian Trips-Compliance Legislation Under Fire.” (2005) Bridges Weekly. International Center for Trade and Sustainable Development (ICTSD). “Overview of TRIPS” (2005) World Trade Organisation. Retrieved on 05/01/2007 from http://www.wto.org/english/tratop_e/trips_e/intel2_e.htm “China to pursue stable currency policy in 2007” (2007) Iris News Digest 02 January. Retrieved on 06/01/2007 from http://myiris.com/newsCentre/storyShow.php?fileR=20070102204101091&dir=2007/01/02&secID=economy&code1=&code= Neogi, S. “Indias incredible tourism story only gets better” (2006). Hindustani Times. October 16. “Foreign Tourist Arrivals and Foreign Exchange Earnings” (2006). Economywatch.com. Retrieved on 05/01/2007 from http://www.economywatch.com/database/external-sector/foreign-tourist-arrivals-and-exchang “India’s major trading partners for year 2005” (2006) CIA Fact Files. Retrieved 05/01/2007 from https://www.cia.gov/cia/publications/factbook/geos/in.html Appendix I Table 2 – India’s major trading partners for year 2005 Exports Imports Trading Partners Share of Total % Trading Partners Share of Total % USA 16.7% China 7.3% UAE 8.5% USA 5.6% China 6.6% Switzerland 4.7% Singapore 5.3% UK 4.9% Hong Kong 4.4% Source : CIA Fact Files Appendix II Table 3 - The major trading partners of India over 2000-05 Country 2000-01 2002-03 2003-04 2004 2005 USA 13.0 13.4 11.6 10.3 10.0 UK 5.7 4.6 4.4 3.7 3.7 Belgium 4.6 4.7 4.1 3.7 3.4 Germany 3.9 4.0 3.8 3.5 3.6 Japan 3.8 3.2 3.1 2.7 2.4 Switzerland 3.8 2.4 2.6 3.3 3.3 Hong Kong 3.7 3.1 3.3 2.8 3.0 UAE 3.4 3.8 5.1 6.2 5.4 China 2.5 4.2 4.9 6.4 6.4 Singapore 2.5 2.5 3.0 3.4 3.7 Malaysia 1.9 1.9 2.1 1.7 1.4 Source : Indias Trading Partners. Economywatch.com Appendix III Table 4 – Five Year Data Of Tourist Arrivals To India. Year Foreign Tourist   Estimated Foreign Exchange Earnings No. in Lakh Growth Rate Million US Dollar Growth Rate 1999-00 25.05 4.5 3036 1.4 2000-01 26.99 7.7 3168 4.3 2001-02 24.28 -10 2910 -8.1 2002-03 24.54 1 3029 4.1 2003-04 28.79 17.3 3945 30.2 Source : “Foreign Tourist Arrivals and Foreign Exchange Earnings” (2006). Economywatch.com. Appendix IV Table 6 - Main Sources of FDI Inflows to India for the past 5 years. Share of Top Investing Countries in FDI Inflows Amount in Rupee Crore (Millions of US Dollar) Rank Country August 1991 - March 00 2000-01 2001-02 2002-03 2003-04 2004-05 Upto Nov. Total Inflows Percentage of Total Inflows 1 Mauritius 13272 (3608) 4111 (942) 1006  (2182) 3766 (788) 2609 (567) 3730 (811) 37551 (8898) 34.49 2 USA 8956 (2450) 1544 (356) 1748 (382) 1504 (319) 1658 (360) 2401 (522) 17811 (4389) 17.08 3 Japan 3314 (898) 977 (224) 809 (178) 1971 (412) 360 (78) 466 (101) 7897 (1891) 7.33 4 Netherlands 2260 (628) 706 (162) 890 (196) 836 (176) 2247 (489) 906 (197) 7845 (1847) 7.16 5 UK 2286 303 (70) 1673 (366) 1617 (340) 769 (167) 361 (78) 7009 (1692) 6.56 Total FDI Inflows 60604 (16701) 12645 (2908) 19361 (4222) 14932 (3134) 12117 (2634) 11726 (2549) 131385 (32290) ASSESMENT OF INTERNATIONAL BUSINESS PROSPECTS IN INDIA FOR PROPOSED SHA ELLA RESORT EXPANSIONS FROM : TO : Deli Yang – CEO Sha Ella Hotels DATE : TABLE OF CONTENT Content Page 1. INTRODUCTION 01 2. OVERVIEW OF PROSPECTIVE HOST COUNTRY – INDIA 01 3. GLOBALISATION OF TRADE AND INVESTMENT 01 4. POLITICAL ECONOMY OF INDIA 02 5. INTERNATIONAL TRADE & NATIONAL COMPETITIVENESS 03 6. IMPLICATIONS OF THE POLITICAL ECONOMY OF INDIA 05 7. FOREIGN DIRECT INVESTMENT CLIMATE IN INDIA 07 8. POLITICLA FRONT OF FDI IN INDIA 08 9. IMPLICATIONS OF WTO & REGIONAL INTEGRATION 09 10. MONETARY SYSTEM OF INDIA 10 11. IMPLICATIONS OF SOCIAL CULTURAL FACTORS ON 10 INTENATIONAL BUSINESS 12. DEGREE OF IP PROTECTION IN INDIA 12 13. RECOMMENDATIONS & CONCLUSION 13 REFERENCES 15 APPENDIX I 17 APPENDIX II 18 APPENDIX III 19 APPENDIX IV 20 Read More