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Foreign Direct Investment and Development in India

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Foreign Direct Investment and Development in India Transnational Corporations Review: • Published in English and Chinese • Supported by international experts and partners • Focuses on TNC, FDI, Innovation, and Development • Provides opportunities to recent graduates and young professionals in the fields of policy and economics It’s Easy to Ask for a Copy! Just write to [email protected] and we will respond to you immediately Visit the Website to Learn More! To learn more about Transnational Corporations Review and relevant information, please visit the website at www.tnc-online.net Ottawa International Students Entrepreneurship: • Supported by the Ottawa United Learning Academy • Managed by a group of senior students and professionals • Assists students with their studies and career development • Reduces the cost of education for international students FOREIGN DIRECT INVESTMENT AND DEVELOPMENT IN INDIA Guest Editor Jaya Prakash Pradhan Transnational Corporations Review Ottawa United Learning Academy, Canada June 2011 Transnational Corporations Review www.tnc-online.net [email protected] i-ii Editorial Statement Transnational Corporations Review (TNCR), published by the Ottawa United Learning Academy (OULA) and Denfar Transnational Development (Denfar), is a modern media journal dedicated to providing economic, policy, and business analysis of current issues related to transnational corporations (TNCs), foreign direct investment (FDI), institutional innovation, and international development. The journal puts emphasis on China's growing involvement in the global economy. FDI by TNCs is the most dominant and dynamic element of the world economy in terms of production value; TNCR fills the urgent need for a journal on the topic that is available in both English and Chinese. It is the only journal published in the West that addresses the topic from modern theoretical and practical including knowledge management perspectives. The journal particularly serves the needs of globally dispersed young professionals and senior graduate students majoring in Chinese business and international economics. Special Advisors Dr. Manfred Bienefeld, Carleton University, Canada Dr. Someshwar Rao, Industry Canada (Government of Canada) Dr. Anne Miroux, United Nations Conference on Dr. Karl Sauvant, Vale Columbia Center on Sustainable Trade and Development (UNCTAD) International Investment, Columbia University, USA Dr. Elinor Ostrom, Indiana University, USA Dr. Yongding Yu, Chinese Academy of Social Sciences, China Dr. Vincent Ostrom, Indiana University, USA Dr. Yanzhong Zhang, Aviation Industry Corporation of China Editorial & Review Board Dr. Connie Carter, School of Business, Royal Roads University, Canada Dr. Arthur Cheung, City University of Hong Kong Dr. Xinjian Cui, School of Business, Central University of Finance and Economics, China Dr. Michael Hansen, Copenhagen Business School, Denmark Dr. Manqing He, Research Center on Transnational Corporations, MOFCOM, P.R. China Dr. Hafiz Mirza, United Nations Conference on Trade and Development (UNCTAD), Geneva Dr. Val Samonis, The Web Professor of Global Management(SM), Lansbridge University, Canada Dr. Jianmin Tang, Productivity and Competitiveness Analysis Directorate, Industry Canada Dr. Theo Toonen, Delft University of Technology & Leiden University, The Netherlands Dr. Tim Wang, Chinese eBusiness Association of Canada (CeBA) Dr. Hong-Xing Wu, Public Health Agency of Canada (Government of Canada) Dr. Guomin Xian, Center for Transnationals’ Studies, Nankai University, China Dr. George Xue, School of Management, Fudan University, China Dr. Zhizhong Yao, Chinese Academy of Social Scienences, P.R. China Dr. Joe Zhao, School of Economics and Management, Northwest University, China Development & Management Hugh Dang, Managing Editor Val Samonis, Special Editor (knowledge) Denny Liao, Online Manager Gloria Yuan, Communications Manager Someshwar Rao, Special Editor Helen Zhang, Consultant Editor Karl Sauvant, Editor (Honorary) Joe Zhao, Associate Editor (China) i Editorial Statement Copyright and Disclaimer This journal retains copyright to all published documents in order to circulate as widely as possible the work of those authors selected for the publication. The opinions expressed in this publication are those of the authors and do not necessarily reflect the views of the publisher and relevant partners. While every effort has been made to ensure that the information is accurate, TNCR does not accept any liability for error of fact or opinion present. Publisher’s Information ISSN 1918-6444 (Print); 1925-2099 (Online) Indexes ALJC, AMICUS, EBSCO, EconLit, SSCI/SCI (under review) Production Printed on acid-free paper (required) Printing Merriam Print Canada − Visit our Web sites: For more information www.tnc-online.net, www.tnc-online.org − Contact us by mail: 58 Rideau Heights Dr. Ottawa, ON K2E 7A6 Canada To submit an inquiry − Send us an e-mail at: [email protected] To submit an article − Send us an e-mail at: [email protected] To subscribe to TNCR − Print only: US$168; Electronic only: US$100 (yearly) − Print and electronic: US$150 Acknowledgements ii Transnational Corporations Review Volume 3, Number 2 June 2011 www.tnc-online.net [email protected] TABLE OF CONTENTS In This Issue ………………….…………….………………………………………….………….…….....I FDI in India Non-Equity Operation of Multinational Enterprises in India: Focus on Outsourcing Jaya Prakash Pradhan…………………………………...………………………………...…..……….…..….1 DOI: 10.5148/tncr.2011.1110 Location of FDI in India: Some Less-Explored Aspects K.S. Chalapati Rao and M.R. Murthy…………………….…………………………....................................12 DOI: 10.5148/tncr.2011.1111 Korean FDI in India: Perspectives on POSCO-India Project Jongsoo Park………………………………………………………………………..…….………………..……….22 DOI: 10.5148/tncr.2011.1112 FDI from India India’s Agriculture and Food Multinationals: a First Look Premila Nazareth Satyanand……………………………………………………………………………..….31 DOI: 10.5148/tncr.2011.1113 Technology Sourcing and Outward FDI: Comparison of Chemicals and Information Technology Industries in India Savita Bhat and K. Narayanan………………………………………………………………………………50 DOI: 10.5148/tncr.2011.1114 Outward FDI from India in the United States Vinod K. Jain……………………………………………………………………….……………………..…...65 DOI: 10.5148/tncr.2011.1115 Economic Liberalisation and Financing Pattern of Indian Acquiring Firms Abroad P.L. Beena……………………………………………………………………………………………………..76 DOI: 10.5148/tncr.2011.1116 Issues in FDI and Internationalization Foreign Equity and Technological Capabilities: a Comparison of Joint-Venture and National Automotive Suppliers Rajah Rasiah…………………………………………………………………………………………………..87 DOI: 10.5148/tncr.2011.1117 Change of Subsidiary Mandates in Emerging Markets: the Case of Danish MNCs in India Michael W. Hansen, Bent Petersen and Peter Wad…………………………………………….……….104 DOI: 10.5148/tncr.2011.1118 Internationalization of India’s Information Technology Sector and its Implications on Market Structure Vinoj Abraham…………………………………………….……………………………………………….....117 DOI: 10.5148/tncr.2011.1119 The Role of Networks in the Accelerated Internationalization of Indian Firms Sumati Varma…………………………………………….……………………………………………..…...128 DOI: 10.5148/tncr.2011.1120 Analysis of Cross-Border and Domestic M&A Deals in Technology Sector in India and China Arindam Das and Sheeba Kapil …………………………………………….…………………………..…...148 DOI: 10.5148/tncr.2011.1121 Book Review How Human Psychology Drives the Economy and Why It Matters for Global Capitalism……..……......164 Call for Submissions Subscriptions Transnational Corporations Review Volume 3, Number 2 June 2011 www.tnc-online.net, [email protected] I-VI Guest Editorial Foreign Direct Investment and Development in India Jaya Prakash Pradhan Central University of Karnataka & Sardar Patel Institute of Social and Economic Research Abstract: This editorial introduction provides an overview of different issues and topics analyzed in the present TNCR special issue. Topics surrounding the rise of India as a host to FDI and a home for emerging Indian TNCs are discussed. The special issue makes a significant contribution to the current debate on internationalization of emerging economies like India. Keywords: Emerging economies, India, FDI, TNCs JEL: O50, F23 1. Introduction The rise of relatively large emerging economies is leading to significant structural transformation of global industries, international institutions and global power arrangements (Pradhan and Lazaroiu, 2011). Accelerated internationalization involving foreign direct investment (FDI) is turning out to be an important medium of these economies’ expanding global influence. Being the sources of higher growth, they are the most sought after destination for global firms from developed countries looking for growth, opportunities and stability of performance. These emerging economies’ share in global FDI inflows has gone up sharply in the past decade with developing and transition economies receiving more than half of global FDI inflows in 2010 (UNCTAD, 2011). Besides, the growth of global firms based in emerging economies is making market competition ever more challenging across sectors and geographies. Outward FDI undertaken by emerging transnational corporations (TNCs) is growing faster as they are on a buying spree of assets and companies abroad. The share of developing and transition economies in global FDI outflows increased to 19 per cent in 2008 and further to 25 per cent in 2009 (UNCTAD, 2010). This changing importance of emerging economies as a host to and source of global FDI flows therefore
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