The emergence of World Trade Organisation (WTO) has changed the world economic order. Economies of the world are opening up and integrating with each other. India too has shelved the earlier protectionist policy and opened up the economy to the world market.      

Globalisation refers to widening and deepening of international flow of trade, capital, labour, technology, information and services. It involves liberalisation of national and global markets in the belief that it will result in higher growth rate and human welfare.  Globalisation is not an end point, but a beginning for an enlarged process. It warrants liberalisation and privatisation of native economies. India too has adopted the path of liberalisation and consequently both positive and negative impacts of globalisation on the economy have been felt. It has been persistently a debatable issue over the losses and gains of globalisation on Indian economy.          

The last decade of the 20th century witnessed the emergence of an all-pervasive global information infrastructure, commonly referred to as the Internet or the World Wide Web. This new medium of information and communication has revolutionized the work culture and living styles of human beings. Marketing of products and services has also been immensely influenced by the Internet. Various marketing activities can be performed more efficiently than ever before with the help of Internet.

Business environment in India is changing fast, bringing new opportunities as well as posing challenges. Economic liberalization and globalization have created keen interest in foreign investors resulting in comfortable foreign currency reserves, stability of Indian Rupee, vibrant stock market and expanding financial and services sector. However, the operations of multinational corporations (MNCs) and policies of (WTO) pose threats to some sectors of the Indian economy, especially to small and medium industries and agriculture. In some sectors of economy like automobiles, communications and entertainment the MNCs have registered their presence in a big way. Their marketing strategies are geared to create a new lifestyle, which is posing challenge to the traditional way of living and thinking.

The present volume contains findings of eminent scholars and young researchers on issues crucial to the contemporary business and economy in India. The book contains 42 articles which have been organised into four parts.

     Part I is devoted to opportunities offered and challenges posed by the globalisation of the world economy. Part II deals with the management of human resources in the wake of new economic order. Part III relates to marketing of services in the context of revolution in information technology. Part IV focuses on the changing face of management functions following liberalization of world economies.

Dr. K.N.S. Kang is an Electrical Engineer with Post-graduation in Business Management and Doctorate in Marketing Management. A unique mix of an intellectual, a sportsman and artist, Dr. Kang has always achieved merit and distinction in education, sports and cultural activities throughout his student life. Fourth position holder in state higher secondary examination, national level athlete and a winner in inter-university culture events, Dr. Kang was conferred with the prestigious Shaheed Bhagat Singh State Youth Award for overall excellence by the then Governor of Punjab, honourable Shri S. S. Ray. Dr. Kang worked as an Assistant Professor in the Department of Business Management, Punjab Agricultural University, Ludhiana and has 14 years of professional experience to his credit. He was advisor to All India Management Association’s Nodal Centre for imparting postgraduate management education in Ludhiana for 4 years. His fields of expertise include marketing management, international business and advertisement management. He has been guiding various research projects on management problems and current business environment.

To spread awareness about industry in Ludhiana, a book titled Business Families of Ludhiana has been published under his editorship. The book includes details regarding 15 reputed business families/groups of Ludhiana. Similarly, another book titled Business Groups in Punjab was published under his guidance which pertained to 10 leading business families/groups operating in Punjab. His latest contribution in the field of management is Modern Business Environment. He is a consultant to various industrial houses in the city of Ludhiana and a member of several committees and associations working in the field of education and business. These include: Executive Member, Ludhiana Management Association; Member, All India Management Association; Chairperson, Technical Sessions in the International Conference of International Digital Business Academy, Las Vegas; Chief Editor, M-World, quarterly journal of Ludhiana Management Association. Dr. Kang has visited leading B-Schools and Universities in England, Malaysia, Singapore, France and Pakistan to deliver lecture on management topics.