Journal Press India^®

With the recent developments and changes in the dynamics of international relations and the global economic landscape, nations across the world are confronted with various pertinent issues related to business and multinational enterprises. This issue of FOCUS includes papers that invoke discussion on some of these contemporary issues along with papers that explore dimensions that are conventionally central to international business activity.

A topical paper by Rupali Satsangi, Jyoti Gogia and Satwik Gupta focuses on the Russia- Ukraine conflict that has massively impacted global trade and derailed efforts to realise the UN Sustainable Development Goals (SDGs). Employing a mixed-methods approach, the paper assesses the impact of the conflict on global trade, particularly in the food supply chain, and its impact on economic stability across the globe. The authors underscore the need for nations to collaborate to mitigate the adverse effects of the conflict on attaining the SDGs. Another dimension of international trade that has gained prominence in the wake of global events like the Covid-19 pandemic and the Russia-Ukraine war is the need for trade diversification. In this context, the paper by Debapriya Banerjee and Soumitra Sarkar on ‘Economic diversification: Saudi Arabia’s shift from oil dependency to tourism’ examines how it would be beneficial for Saudi Arabia to shift its focus from oil to tourism. Although oil continues to significantly impact the Saudi economy, the tourism industry is increasingly playing a pivotal role. Utilizing secondary data, the findings indicate promising prospects for Saudi Arabian tourism, as all stakeholders actively contribute to the development of the tourism sector.

Ali Mohammed Bodaya and Prasanta Sharma examine the determinants of private investment in Africa by conducting a systematic literature review using the PRISMA model. The review reveals that while GDP growth, trade openness, public investment, credit availability, and good governance practices have positively influenced private investment; in contrast, high inflation, real interest rates, political instability, and corruption have been shown to have a detrimental impact on investment decisions. Another paper that delves into investment aspect of international business is by Rajni and Gagan Malik that looks into the role of tax structure and tax treaties in foreign direct investment inflows in India. By analyzing the upward trend of FDI equity inflows and total tax collections, this paper highlights the effects of key policy reforms, particularly the implementation of the Goods and Services Tax (GST) in 2017 and amendments to tax treaties of India with both tax haven and non-tax haven countries. The findings of the study suggest that these reforms have fostered a more investor-friendly economic environment, leading to increased FDI and enhanced tax revenue. The study underscores the importance of a structured and transparent tax system in driving economic stability, attracting foreign investment, and reinforcing India’s position in global trade.

An interesting dimension of healthcare financing has been examined by Archita Nayak and Kanti Paul in their paper ‘Assessment of healthcare financing across BRICS Nations: A comparative study’. Comparing healthcare financing across BRICS nations, Russia occupies the top spot followed by South Africa, China, Brazil and India. In terms of the share of out-of-pocket healthcare expenditure out of total healthcare expenditure, India is at the highest position, followed by China, Russia and South Africa. The authors incorporate some economic theories relevant to healthcare financing to set the theoretical context and also recommend policies to improve healthcare financing in India and South Africa.

There are two papers in this issue that delve into the conceptual depth of important IB concepts. The paper by Vikas Kumar, Siddharth Chandel and Kulbhushan Chandel, explore the concept of global commerce through the lens of the ancient Indian philosophy of ‘Vasudhaiva Kutumbakam’ (the world is one family). It explores how this inclusive worldview can influence modern business practices, promote sustainability, and foster international cooperation. The authors, through case studies, reveal its successful application across sectors, yielding benefits such as improved stakeholder relations and long-term economic stability. The paper suggests that adopting this philosophy can create a framework for harmonious and sustainable economic practices, aiding businesses and policymakers in fostering an inclusive and ethical global economy. Another paper on ‘Relationship between competitiveness and innovation: An international business perspective’ by Merian Tete and Sunil Sharma investigates the relationship between competitiveness and innovation. The paper also discusses the concept of competitiveness based on price and non-price related determinants and the evolution of the definition of competitiveness over a period of time.

A paper exploring the ever-relevant concept of corporate social responsibility (CSR) is by Jas Bahadur Gurung and Top Lal Panthi that examines the impact of CSR on the net profit in Nepalese Banks and Financial Institutions (BFIs). Employing 15 years’ panel data set of 31 BFIs, the authors conduct empirical analysis to examine the CSR-performance relationship comprehensively. The study reveals a transition from philanthropic to strategic CSR initiatives among Nepalese BFIs and the results demonstrate a significant positive correlation between CSR and net profit. The paper provides interesting insights into CSR dynamics within Nepalese BFIs, guiding stakeholders in enhancing CSR influence and contributing to societal advancement in Nepal.

With an interesting amalgam of exploratory, empirical and philosophical papers on diverse aspects of international business activity, we hope this issue of FOCUS would make for an interesting and insightful reading

Prof. (Dr.) Niti Bhasin
Editor-in-chief