DEFINITION 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;
•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.
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
•Agriculture was the predominant occupation
•Raw materials for hand based industries like textile, food
processing and crafts.
•The first metallic coins were minted around 6th century BC by
the Mahajanapadas of the Gangetic plains.
•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.
•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.
•Similar kind of scenario existed during the reign of the
•The business and the economy prospered .
•India became the richest economy when compared to China
and other European Countries.
•The British colonial rule created an institutional environment.
•It brought in the effects of the Industrial Revolution.
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
Effects of Globalization
• Industrial • Competition
• Financial • Ecological
• Economic • Cultural
• Political • Social
•Informational • Technical
• Language •Legal/Ethical
Negative Effects of Globalization
• Environmental Degradation
• Lowering Quality of Life
• 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
• Division of labor
• Requirement of machinery increased its demand
• 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
•Large number of new industrial centers have
•The Government has built the
infrastructure and made massive investments to
provide the much-needed facilities of
power, communications, roads etc.
Role of Industrialization in India’s
• Raising Income
• Generation of Productive employment
• Strengthening the economy
• Achievement of Self reliance
• Improvement of Foreign Trade
• Broadening social outlook
INDUSTRIAL GROWTH IN INDIA
• Indiais 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
o Second one lasted till the end of seventies - Two structural
retrogression of the Indian economy
o Thirdwitnessed by the late 70’s and 80’s - Revival of
o Fourthphase was between 1991 to 1994 -
Marked by stagnation.
o Current period from 1994.