Economic Research:
Paving way for better Business Decisions
India is one of the most prominent emerging economies of the world. For any business global or home grown opportunities are galore. But for policy makers as well as Corporates it is necessary to match different opportunities with different approaches.
Any growing economy has its boons and banes. All of these needs must be carefully addressed and understood before any concrete business decision can be taken. An Economic Research which is impartial and objective can have lasting impression for any key decision making. It allows all factors to be incorporated in its research allowing for better understanding of any economy, industry and its sectors.
In India, most of business decisions are done on in-house research which can be biased many times. These biases can creep in due to various reasons such as: imperfect sample size, lack of understanding of the research being done, narrow horizon of researcher etc. The responsibility and the cost associated with a business decision increases significantly as we move up the hierarchy pyramid of an organization. Given the massive costs that can result from suboptimal decision making, it is critical for organizations to focus increased effort on improving their knowledge about strategies that can lead to better decisions.
Economic Research which forms integral part of strategic decision making is a very important component. In the case of a growing yet complex economy like India, any organization which would want to make investment in India, first would like to gauge the economic scenario in the country.
A research which is done by Think Tanks of India, Economic Research firms etc. is impartial and highly objective in nature still are not used for decision making. There is some disconnect somewhere between the Academia and Corporate in India. If we compare India against advanced economies such as U.S.A, Germany, Japan we find both these important segments go hand in hand.
So why is there a discord in India, what could be the reasons and solutions to these problems.
Any growing economy has its boons and banes. All of these needs must be carefully addressed and understood before any concrete business decision can be taken. An Economic Research which is impartial and objective can have lasting impression for any key decision making. It allows all factors to be incorporated in its research allowing for better understanding of any economy, industry and its sectors.
In India, most of business decisions are done on in-house research which can be biased many times. These biases can creep in due to various reasons such as: imperfect sample size, lack of understanding of the research being done, narrow horizon of researcher etc. The responsibility and the cost associated with a business decision increases significantly as we move up the hierarchy pyramid of an organization. Given the massive costs that can result from suboptimal decision making, it is critical for organizations to focus increased effort on improving their knowledge about strategies that can lead to better decisions.
Economic Research which forms integral part of strategic decision making is a very important component. In the case of a growing yet complex economy like India, any organization which would want to make investment in India, first would like to gauge the economic scenario in the country.
A research which is done by Think Tanks of India, Economic Research firms etc. is impartial and highly objective in nature still are not used for decision making. There is some disconnect somewhere between the Academia and Corporate in India. If we compare India against advanced economies such as U.S.A, Germany, Japan we find both these important segments go hand in hand.
So why is there a discord in India, what could be the reasons and solutions to these problems.
Expecting Speakers:
and many more expected.
- Chief Economist, India Ratings ( A Fitch Co.)
- Sr. Fellow, ICRIER
and many more expected.