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Introducing Business and Economy

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Document pages: 28 pages

Abstract: Reliance Industries is one of the several companies operating in India that have grown big and are successful. Some of such companies are ITC, Tata Steel, Tata Motors, ONGC, L&T, Infosys and Bharti Airtel. In addition to these big companies, there are a large number of small and medium-size enterprises that employ a large number of people in the country. A majority of business enterprises are owned and managed by the private sector. However, in terms of the total investment in industry in India as a whole, a substantial share is controlled by public sector companies that are owned and managed by the Government of India, such as BHEL, ONGC, BSNL, MTNL and OIL. Some of these companies are engaged in manufacturing tangible products and others off er services. All these companies are engaged in business activities. This raises several questions in our mind: What is business? What types of activities are part of business? How has the technology, especially information and communication technology, given rise to a number of new business activities? How is a business organized by individuals or a group of individuals? What is the purpose of establishing these companies? How do these companies manage their operations to make profit and grow? In what way do the business environment and government policy influence the business activities? How has the Indian business sector evolved over time? What relationship do these enterprises have with the society at large and the economy as a whole?

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