The International conference on “Globalisation – The Way Ahead” is organized by Xavier Institute of Management and Research, St. Xavier’s College, Mumbai. It was an enriching experience where representations from academia and industry were invited to challenge the paths of globalization, the way ahead which would help to enhance the scope of business.
Conference was initiated by the conference co-chairs Fr. Paul Vaz S.J., Director General, Xavier Institute of Management and Research and Fr. Conrad Pesso S.J., Xavier Institute of Management and Research followed by keynote address by . Ravindra Dey, Head of OB, Xavier Institute of Management and Research.
As the twenty-first century progresses, the threats to global stability are likely to become more serious. But many of these threats are unlikely to become critical in the next 30 years and so are beyond the scope of political estimates, yet they require attention so that we identify the relevant variables and act accordingly. Approximately 100 Papers were presented discussing the prospect of averting and mitigating the potential threats of globalization.
The conference was an attempt to reframe the debate in a way to address real concerns to build broader, deeper and more concerned economies. The paper presented by me and co authored by Prof. Manas Chakravarty was an attempt to redefine political instability. The paper “Taking an expansive view on what constitutes political instability for global operations” aims to highlight the need to take a broader view of what could constitute adversarial political circumstances by examining a few recent cases of foreign operations in India and Indian operations in a neighboring country which have been devastatingly affected by unanticipated political situation, though in the environment there were no elements that commonly define political instability.
Whether it is the Vodafone case, the issue of FDI in multi-brand retail, Male airport matter or instances cited by Ninan, all of them fail the test suggested in the Supreme Court judgment that “investors should know where they stand.” The uncertainties in these cases were essentially due to the political situation of such natures that may not wholly attract the definitions of political instability commonly propounded. Some of the definitions do come close but not close enough to generate actionable insight that could guide decisions on global operations in related geographies. There is therefore need for taking a more expansive view on what could contribute to political instability as far as the interests of business organizations in global operations are concerned. This expanded view must include legitimately evolving political scenario that could lead to action paralysis or policy reversal or truncation of the target geography.
The paper was acclaimed and awarded as the best paper presented. It also encouraged me to pursue further research in the same area.