A global titan
Tata Group is one of the world’s most powerful conglomerates. Founded in 1868, for almost 150 years it has dominated Indian business – and, increasingly, the world. With 2014-15 revenue of over $100bn, Tata Group cemented its role as one of the world’s most powerful economic players. The story of Tata Group, is a key part of an enduring narrative, one that charts the rise of the emerging countries. For decades, the roles have been reversing. Countries that were once colonies, and had their natural resources stripped of them for the benefit of a foreign power, are beginning to turn the tables. The announcement of the termination of several jobs at Tata Steel’s UK branches is the most stark example yet of this most dramatic of role reversals.
A sign of the times
1200 job losses in Scotland the north of England at the hands of an Indian company is the clearest sign yet that the 21st century belongs to the emerging world. India, which at the height of the British Empire was its crown jewel, now calls the shots. Tata Group is just one such example.
[via Aurora Sito]
Seven Indian companies are present in the Global Fortune 500 list of the world’s most valuable firms. For China the figure is 98. Companies based in the emerging countries are beginning to have a serious effect on the economies and social reality in much of the West. As the emerging economies continue to advance, Tata Steel’s example will soon be one of many.
The Global Century
Economists and commentators have long predicted the ‘Asian Century’. This idea comes from the view that over the past few centuries, the world has been dominated by a certain culture. Rightly or wrongly, the 19th century, due to the age of empire, was assessed to be the British Century, whereas the 20th, owing to its global economic dominance, was termed the American Century. As China and India take their place as two of the world’s leading economies, there is no doubt that the prediction of the Asian Century is close to fruition. But it would be incorrect to focus on only the Asian giants. The emergence of different countries, each with their own economic areas of expertise, shows that no one nation or continent can lay claim to the 21st century. Nigeria is emerging as a property and construction hotspot, India a new manufacturing giant, Indonesia a communications hub, and the Latin American countries as leading the push for green energy. The 21st century will not belong to one country alone; it will belong to the entire emerging world.
