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PRIVATE, PUBLIC AND GLOBAL ENTERPRISES 73 (ii)  Access to new markets and to get quality products for their global distribution networks: When a requirements. India is becoming an business enters into a joint venture important global source and extremely with a partner from another country, competitive in many products. it opens up a vast growing market. For There are many reasons for this, example, when foreign companies form low cost of raw materials and labour, joint venture companies in India they technically qualified workforce; gain access to the vast Indian market. management professionals, excellent Their products which have reached manpower in different cadres, like saturation point in their home markets lawyers, chartered accountants, can be easily sold in new markets. engineers, scientists. The international They can also take advantage of the established distribution channels partner thus, gets the products of required quality and specifications i.e., the retail outlets in different loat a much lower cost than what is markets. Otherwise, establishing their own retail outlets may prove to be prevailing in the home country. very expensive. (vi) Established brand name: When (iii) Accesstotechnology:Technology two businesses enter into a joint venture, one of the parties benefits from is a major factor for most businesses to enter into joint ventures. Advanced the other’s goodwill which has already techniques of production leading to been established in the market. If the superior quality products saves a lot joint venture is in India and with an of time, energy and investment as Indian company, the Indian company they do not have to develop their own does not have to spend time or money technology. Technology also adds in developing a brand name for the to efficiency and effectiveness, thus product or even a distribution system. leading to reduction in costs. There is a ready market waiting for (iv)  Innovation: The markets are increasingly becoming more the product to be launched. A lot of investment is saved in the process. demanding in terms of new and innovative products. Joint ventures 3.7 Public Private Partnership (PPP) allow business to come up with something new and creative for The Public Private Partnership model the same market. Specially foreign allocates tasks, obligations and risks partners can come up with innovative among the public and private partners products because of new ideas and in an optimal manner. The public technology. partners in PPP are Government (v) Low cost of production: When entities, i.e., ministries, government international corporations invest in departments, municipalities or India, they benefit immensely due to the state-owned enterprises. The private lower cost of production. They are able partners can be local or foreign Reprint 2026-27