Abstract
As we enter the 21st century, the world becomes smaller, and the fierce competition among nations has directed enormous importance to the quality and cost awareness features of any product. The philosophy of TQM has helped Japan in reversing its image of junk merchants 40 years back to its current undisputed emerging status of industrial leadership in the world. With the collapse of USSR and emergence of European Commission and NAFTA, ASEAN, SAARC and formation of WTO, India needs to analyze the mess she has made of its resources in comparison to other nations of the world. Since 1991 Indian economy has been liberalized but there are managerial challenges ahead of improving of life. This can be achieved by disciplining large labour force, moving into more thrust areas like tourism and exports.
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