Scope of International Business in India
- In the world of globalization the concept of foreign trade as well as international business has become a reality with countries openly doing trade with each other in a mass scale. No longer are businesses on the basis of simple barter and trade, international businesses are now providing for job opportunities for people around the world. With the aid of the worldwide Web, job opportunities can be seen in various parts of the world where the culmination of all culture from around the globe.
- Foreign Trade involves the direct barter concept of economics where goods from one country are traded in another while international finance involves finer aspects of foreign trade.
- Foreign trade and international business are vital for the sustenance of a country as the gross domestic product or the GDP is dependent on good foreign business. Import and export with foreign countries is vital for the overall growth of the country in modern times otherwise by closing off one’s economy with other countries would mean trading within one’s own boundaries which is not only harmful but also restricts the development of the country. Hence there is great importance which is given to foreign trade and commerce. Nowadays, there are special zones which are being set up so as to encourage foreign trade and commerce.
- Foreign laws, relating to foreign business have been set up under the United Nations, World Bank and other financial institutions to protect foreign businesses. There is a separate International legal body where foreign disputes in respect of business are resolved. Hence foreign trade and international business has grown beyond simple barter and has become a global phenomenon which is to be embraced and accepted.
- To take Foreign Trade and International Business as a career, the candidate has to complete their 10+2 in any stream preferably with a combination of economics, mathematics and statistics and then apply for any course.
- Forundergraduate courses like any stream can be pursued but preferably a degree in commerce subjects, economics, business administration or management or even accounts enables the candidate in the said field.
- Forpostgraduate courses, one is required to pursue an MBA degree in International Business after appearing for All India Entrance Exams like CAT, XAT, MAT, ATMA, etc.
- One can pursue a executive MBA course in the field.
Those with a degree in Foreign Trade and International Business can apply to:
- Multi National Companies
- Utility departments
- Corporate houses
- Financial Institutions
- Private sector Industries
- Government industries
- Port authorities
- Foreign Banks
- Foreign Financial Institutions
- EXIM bank
Those who have a law degree can apply to international law agencies which include jobs at the World Bank, World Trade Organization, International Monetary Fund, Mineral companies, Trade block unions and other international bodies which include the International Council of Justice.
To be in the field of Foreign Trade and International Business, one must have few basic skills. They are as follows:
- The person should have excellent communication skills.
- He should know at least one foreign language
- Good observation skills are required
- The person should be a team player.
- A candidate must be calm, constructive and collected as they have to deal with different types of people and temperaments.
- Must possess excellent administrative skills.
- Must be aware of the legalities which are involved with the foreign institution or company
- A candidate must be open and should a thorough knowhow of foreign policies
- Those in this field must be patient while dealing with crisis.
- The candidate must be very perceptive and eager
- One should be aware of the markets in various countries and understand the current trend in which the markets are going
- There should be proficiency in planning, organizing and coordinating between the team
- Must be confident as well as persuasive with a keen business acumen
- To pursue a career in Foreign Trade and International business, the candidate must have completed their 10+2 in any stream preferably in economics. Thereafter must apply for any course during graduation and thereafter pursue a master’s course in International Business.
The person who is interested in Foreign Trade and International Business must understand the following:
- He has to have a good idea of the present market scenario which include the Sensex of different countries and the impact on the present market
- He needs to a good idea of the foreign economic policies
- The candidate must have a knowhow of the working of the foreign businesses and multinational companies
- A candidate must have a global temperament as one is required to interact with people from all over the world
Those having a degree in international business have a flourishing career. Various job opportunities are there in this field.
- A fresher from a reputed business school can get a salary approx. Rs.1lacs/- to Rs. 1.5lacs /- per annum.
- An experienced candidate who has been an intrinsic part of a company can earn in lakhs.
- An individual consultant can charge for various packages as per demands.
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