Indian companies should discard traditional business practices to emerge as major players in the global economy, a recent report said.
The companies, which are rapidly attracting worldwide attention in information technology and other critical areas of business -- need to break free from the country's' "feudal mindset," the report by Conference Board, a US-based management and market research body, suggested.
The report, while acknowledging the achievements Indian firms have made in the global arena, also emphasised the need for these organisations to become less insular.
"Indian executives have traditionally managed a workforce comprised almost entirely of Indians, conducted business almost exclusively in India, and sold products and services to Indian customers," Poonam Barua, director of the body's India operations said in the report.
Going beyond geographic boundaries and operating in other countries means Indian executives managing global operations must now learn to deal with a multi-ethnic, multi-racial, and multi-cultural workforce and consumer while still meeting standards of excellence, ethics, and compliance, it said.
"Indian companies need to develop a new focus on employee issues, corporate social responsibility and ethics -- and meet or exceed acceptable standards to compete globally," Barua said.
Early adoption of technologies that are far ahead of current Indian practices and standards may hold the key to future global competitiveness for local firms, the report said.