Humn Recourse Mngement in Indi Essay Example | Topics and Well Written Essays - 4250 words

Humn Recourse Mngement in Indi - Essay Example It occupies strtegic loction in South si for interntionl trde. With n re of 3.3 million squre km, Indi is the second lrgest country in si nd the seventh lrgest in the world. former British colony, Indi hs emerged s the lrgest democrcy in the world since independence in 1947. Indi is the birthplce of three of the world's min religions: Hinduism (bout 7000 yers BC), Buddhism (487 BC) nd Sikhism (1699 D). Indin society comprises six min religious groups: Hindus (83.2 per cent), Muslims (11 per cent), Sikhs (2 per cent), Christins (2 per cent), Jins nd Buddhists (less thn 1 per cent). There re over three thousnd cstes. Indi hs 179 lnguges nd 544 dilects. The Constitution recognises sixteen lnguges, Hindi nd English being the two officil lnguges. Indi hs one of the lrgest English-speking popultions in the si-Pcific region. The litercy rte for those over 15 yers of ge is 51 per cent, but litercy is unevenly distributed (Budhwr, 2000). These fcts show the diverse nture of the Indin workforce. Though rich in culture nd nturl resources, Indi currently fces number of problems: politicl nd religious instbility; ever-incresing levels of popultion; unemployment nd poverty; corruption in government offices; cstism; low per cpit income; instbility of output in griculture nd relted sectors; slow privtistion of the bloted public sector; lck of dequte intellectul property protection; excessive bureucrcy; nd n incresing gp between rich nd poor. The level of corruption in politics is rpidly rising. fter independence, the government set up 'Plnning Commission' in 1950 to formulte ntionl plns. Since then (till erly 1990s) 'mixed economy' pproch (emphsising both privte nd public enterprise) hs been dopted. Economic plnning is minly crried out through the five-yer plns nd industril policies. Presently, the ninth five yer-pln nd the industril policy begun in 1991 re in progress (see Dtt nd Sundhrm, 1999). The next section further highlights the present dynmic business environment nd the chllenges it hs creted for the HR function in Indi. Economic crisis nd liberlistion of Indin economy Despite the formlities of plnning, the Indin economy reched its ndir in 1991. It witnessed double digit rte of infltion, decelerted industril production, fiscl indiscipline, very high rtio of borrowing to the GNP (both internl nd externl) nd dismlly low level of foreign exchnge reserves. Foreign reserves hd become so low tht they were brely sufficient to meet the cost of three weeks' imports (Budhwr, 2001). The Indin government ws forced to pledge gold to the Bnk of Englnd to meet the country's foreign exchnge requirements. The World Bnk nd the IMF greed to bil out Indi on the condition tht it chnged to 'free mrket economy' from regulted regime. To meet the chllenges, the government nnounced series of economic policies beginning with the devlution of the rupee, followed by new industril policy nd fiscl nd trde policies. number of reforms were undertken in the public sector, in trde nd exchnge policy, in the bnking sector, nd foreign investment ws liberlised. Liberlistion of policies hs resulted in huge increse in competition for Indin firms with foreign firms. In ddition, Indin firms re now under gret pressure to chnge from indigenous, costly nd probbly less effective technology to high, more effective nd costly technology (Venkt Rtnm,