Q1. Briefly discuss the evolution of international business over the past century.

Ans. International business consists of trades and transactions at a global level. These
include the trade of goods, services, technology, capital and/or knowledge. It involves cross-
border transactions of goods and services between two or more countries.

Q3. What are the implications of abiding by the WTO rules in India?

Ans. India has been a WTO member since 1 January 1995 and a member of GATT since 8 July
1948.

Major Implications of abiding by WTO rules in India are as follows:

1. Agreement on subsidies and countervailing measures(SCM) - contains a definition of the
term “subsidy”: a financial contribution by a government or any public body within the
territory of a member which confers a benefit.

2. General Agreement on Trade in Services(GATS) - was inspired by the ideas of creating a

credible system of international trade norms; principle of non-discrimination; stimulating
economic activity through definite policy bindings and progressive liberalisation of trade.
3. Trade-Related Aspects of Intellectual Property Rights (TRIPS) – is an intercontinental
agreement administered by the WTO that lays down the minimum standards for various
types of intellectual property (IP) such as copyright,  Geographical indications,  Industrial
designs, Patents, Trademarks, etc.

4. Agreement on Textiles & Clothing(ATC) -  Since MFA was not in tandem with the
principles of GATT, it was replaced by the Agreement on Textiles on 1 st January, 1995.

5. Sanitary & Phyto-Sanitary Measures(SPS) - agreement sets out the basic rules for food
safety and animal and plant health standards. It allows countries to set their own standards,
based on scientific regulations.

Q4. Discuss the EXIM policy of India briefly.

Ans. Export Import Policy or better known as Exim Policy is a set of guidelines and
instructions related to the import and export of goods. The Government of India notifies the
Exim Policy for a period of five years (1997 2002) under Section 5 of the Foreign Trade
(Development and Regulation Act), 1992. The current policy covers the period 2002 2007.
The Export Import Policy is updated every year on the 31st of March and the modifications,
improvements, and new schemes becomes effective from 1st April of every year. All types of
changes or modifications related to the Exim Policy is normally announced by the Union
Minister of Commerce and Industry who coordinates with the Ministry of Finance, the
Directorate General of Foreign Trade and its network of regional offices.

Q5. Discuss how international business can lead to the concept of Atma Nirbhar in India.

Ans. The Atmanirbhar Bharat (self-reliant India) policy was announced by the central
government, along with the economic package, as a response to the crisis triggered by the
Covid-19 pandemic

In the mid-2021 several global policy experts and those in the Indian diaspora acknowledged
Atmanirbhar Bharat is a good initiative while acknowledging doubts the initiative still
carries.

India's International Businesses such as in case of manufacturing, its products are low and
that through this program, competitive, valuable products would lead to export-led growth
that can lead to the concept of atma Nirbhar.

Q7. Discuss your views on the effect of COVID 19 on international business.

With businesses in every sector forced to close and most of the remaining workforce
telecommuting, the effect of COVID 19 on international business are as follows:
1. By making remote working a necessity, COVID-19 has created a more diverse and
creative workforce.
2. Unemployment rates have risen.
3. Even in the International Businesses, Hospitality & travel were among the hardest-hit
industries.
4. International Outsourcing has seen a spike post COVID, as Businesses in the
countries like US are outsourcing cost-effective services, contract-based employees
from countries like India.
5. during the planning stage of a foreign expansion, employee wellbeing is now a top
priority for organization heads.