Indian Institute of Management Rohtak

Course Outline

Course Title : Society, Business and the Indian Economy (SBIE)

Credits : 0.75
Type : Compulsory
Session Duration : 17.5 hours (14 Sessions of 1 hour 15 minutes each)
Term :I
Year : 2021
Faculty : Dr. Rima Mondal, Dr. Rupika Khanna and Dr. Shweta Bahl

Introduction
Increasing interdependence between economies, businesses, and consumers has made the study of
sociocultural aspects meaningful and necessary in the context of internationalization of businesses
in form of increasing foreign direct investment, the establishment of a foreign subsidiary, joint
venture, or direct/indirect trade with other countries India, being a developing economy, has been in
the headline since last 25 years. From manufacturing growth to the reduction of poverty, India has
achieved some remarkable feet across sectors. Simultaneously, this economy is facing some
contrasting issues like inequality, land acquisition issues, basic human rights problems, prevalence
of child labor, declining capital inflow and various micro social and economic issues across states.
This course is designed to update the students to look into the various typical issues and challenges
of the Indian economy. It will be helpful for the students to know the challenges, various local
economic issues and India’s stand globally at several economic fronts.

Course Objectives
Learning Goal: The course aims to offer students with understandings of socio-cultural and
economic components that may affect a business activity. With the help of specific reading material
and cases, students will be able to familiarize themselves with cultural components of varied
societies around the world. Sufficient emphasis will also be laid on India.

1) To update the students with present Indian economic issues and problems like poverty,
inequality, FDI inflows, industrial development, trade, Indian business scenario, monetary
policy, black money and parallel economy.
2) To analyze the contemporary Indian economy issues from managerial perspectives
3) To analyze the past trend of India’s economic plans, budgeting structures and compare it
with the present scenario regarding changes

Pedagogy
The pedagogy would be a mix of Lecture, classroom Discussion, and Case Analysis.

Evaluation Scheme
1. Mid-term – 30 Marks
2. End Term – 30 Marks

1
 3. Quizzes – 20 Marks
4. Project Presentation – 10 Marks
5. Assignment – 10 Marks
Notes
Everybody has to prepare and submit the projects for SBIE. Project has to be submitted online at
the end of 14th class. The very last class (14th class) is assigned for the project presentation. Students
can present in group with not more than 3 students. If any student wants to give individual
presentation, then he/she can do it. Failing to submit and present assignments on the 14 th class will
automatically lead to zero marks. No extension will be given for this.

References (Main Text Books)

1. Mitchell Charles, “Short Course in International Business Culture”. World Trade Press.
2008.
2. Mishra S.K & V.K Puri (2017). Indian Economy and –Its Development Experience.
Himalaya Publishing House.
Reference Books
1. Singh, Ramesh (2016), Indian Economy- Tata McGraw-Hill Publication, New
Delhi.
2. Mahajan, Madhur (2020), Indian Economy – Pearson Publication.

Special Instructions
Read the suggested material, including cases if any, before the class. Pre-preparation for
every session is compulsory.

Session Plan
Topic Session Topic and Sub-topics Reference (Chapter / Instructor Case /
No. No. Page numbers from Exercise /
the Assignment
documents/Additional
readings)
Introduction
1. 1. Introduction to socio-cultural system: a few R1 & R2 RM/SB C1
nomenclatures from India
2. 2. Components of Social and Cultural R3 RM/SB C2
Differences between societies
3. 3. Types of Social & Cultural Differences. R4 & R5 RM/SB C3
Cross Cultural Issues concerning Businesses
4. 4. Cross-Cultural Product Introduction … RM/SB C4 & C5

5. 5. … RM/SB C6
Aligning Companies’ culture with a new
society’s culture
Indian Economy
6. 6. Overview of Monetary Policy R6 RM/RK
7. 7. Indian economy – Human Capital, Ch-5 RM/RK C7, C8, C9, C10
structure and composition Mishra and Puri
*Development and Growth
2
  * India’s Economic Reforms in 1991 –
genesis of the crisis, the remedy, recovery
and transformation

8. 8. The Agrarian economy of India Ch-17 and 22 of Mishra RM/RK C11, C12
• Agriculture Sector, Agri-Finance & and Puri
Marketing
• Issues in Agriculture sector in India
• land reforms Green Revolution
• Role of NABARD and other financial
institutions
• Role of Regional Rural Banks
Agriculture Growth Concerns
9. 9-10 Industrial policy and strategy – the past Ch-32 and 33 Mishra & RM/RK C13, C14
and the present Puri
* Globalization of Indian industry,
Industry environment – India Vs
China
*Industrial development,
*Industrial Policy
* Public Sector and Private Sector
*Industrial Sickness
* Make in India Scheme
11. 11 Black Money and Parallel Economy C15, C16
12. 12 Foreign trade and BOP Ch-36 and 37, Mishra RM/RK C17
*India’s foreign trade situation and Balance and Puri
of Payments
13. 13 Challenges of business innovation in India Materials from The RM/RK C18
*Indian Start-ups Report of Ministry of
* Elevating India’s Innovation Commerce and Industry
on Evolution of Startup
India
14. 14 Presentations

Table of Contents
Sl. No. Reading / Case Title Session No.
1 Social System (Based on Charles P. Loomis’ concept of social system) 1
(IIMA) (R1)
2 Introducing Some Sociological Terms for a study of the Indian Socio- 1
Political Environment (IIMA) (R2)
3 Chapter 1- Understanding Cultural Differences by Mitchell Charles (p. 2
1-13) from the title, “Short Course in International Business Culture”.
World Trade Press. (R3)
4 Chapter 2- Basic Cultural Types by Mitchell Charles (p. 14-25) from the 3
title, “Short Course in International Business Culture”. World Trade Press.
(R4)
5 Additional Reading: Hofstede, G. (2011). Dimensionalizing Cultures: 3
The Hofstede Model in Context. Online Readings in Psychology and
Culture, 2(1). https://doi.org/10.9707/2307-0919.1014. (R5)
6 Seven Ages of India’s Monetary Policy, Shri Shaktikanta Das, Governor, 6
Reserve Bank of India, Jan, 2020 (R6)

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 https://www.rbi.org.in/scripts/BS_SpeechesView.aspx?Id=1092
7 C1. How McDonald's conquered India? 1
Source: http://www.bbc.com/news/business-30115555

8 C2. “Your Time Is Up!: A Case of Cultural Differences in Communication 2

Cues and Perception of Time” by Stone & Stone (Published
in International Management and Intercultural Communication, pp. 75-83,
Palgrave Macmillan, London)
9 C3. Google and the Government of China: A Case Study in Cross-Cultural 3
Negotiations (Kellogg-available on Emerald)
10 C4. Can IKEA adapt its service experience to India? 4
(Emerald Emerging market case Studies)
11 C5. IKEA Regrets Cutting Women From Saudi Ad (The Wall Street 4
Journal)
12 C6. Vodafone Egypt (B), managing corporate cultural change and 5
organizational performance (Emerald Emerging market case Studies)
13 C7. India And The Philippines Will Beat China Over The Next Decade 8
The Forbes Analysis on the developing economies, 2018.
C8. Indian Economy: UP, Right but Slow, IIM-A by Mohan Pandey,
2002, IIM-A Case Study.
C9. Demographic Transition, savings, and economic growth in China
and India, Joe, William, Atish Kumar Dash and Pradeep Agrawal,
Working Paper No. 351, Institute of Economic Growth, Delhi, 2015.
C10. Nayyar, Gaurav, “Inside the black box of services: evidence from
India”, Cambridge Journal of Economics, vol.37, pp. 143-170, 2013.
14 C11. Pulapre Balakrishnan, Ramesh Golait and Pankaj Kumar, 8
“Agricultural Growth in India Since 1991”, DRG Study No. 27,
DEAP, Reserve Bank of India, Mumbai, 2008.
C12. Nadkarni, M V, “Crisis in Indian Agriculture – Can it be
Overcome?”, Economic and Political Weekly, Vol. LIII (17), 2018.
15 C13. Challenges to Indian micro small scale and medium enterprises 9-10
in the era of globalization by Sonia Mukherjee, Springer Open, Journal
of Global Entrepreneurship Research (2018)
C14.Union Steel Industries (A)- Dixit and Kanitkar (1990), IIM-A Case
Study, Reference No: BP0217(A).
16 C15. Kumar, A. (2016). Estimation of the size of the black economy in 11
India, 1996-2012. Economic and Political Weekly, 51(48), 36-42.
C16.Does black money boost economic growth?, Roshan Kishore, Nov.
2016
(https://www.livemint.com/Politics/UsV14CNXyP7xqoAaZoLRZJ/Does-
black-money-boost-economic-growth.html)
17 C15. Exports shrink as global tariff war takes toll on Indian trade. 12
The Economic Times Article, 2019
18 C16. Singh, Lakshya (2021), “Failed Startups In India - Case Study of 15 13
Promising Indian Startups That Tanked”, Startup Talky
https://startuptalky.com/why-startups-fail-case-study/

Note: ‘R’ and ‘C’ in the second column stand for ‘Reading’ and ‘Case’ respectively.