MUMBAI, JAN 8: Dr C K Prahalad, one of the world's best known corporate strategists did not supply solutions, but gave a jolt to a packed audience of corporate captains in Mumbai, pointing out some very hard truths.Giving a talk on "Competing in the New Economy", Prahalad played true to his image as one of the world's best teachers by provoking the audience into staring the business issues right in the face. Outline the characteristics of the new economy of the world, the professor went on to list out the implications of the new paradigm for the Indian businessmen, and for the Indian industrial leadership.Prahalad's main contention was that given a host of global trends affecting India, the industry should rethink solutions to tap the resultant opportunities. Adding that industry in India is yet to become part of the global industry network, the professor stressed that corporate houses should actually worry that India was not impacted by the South-east Asian crisis.His explanation was that the country is insular to such a crisis not on basis of economic strength, but due to its sheer absence on a global business map.
