Abstract
A comprehensive study of the immigrant Indian business community in Singapore has been overdue. While its sociological significance, as an instance of diaspora, is primarily focused on the process of adaptation and internalisation, the economics too has changed. The economics of this community tends to suggest that it had played and is playing today an interesting mediatory role in the promotion of Indian business in South East Asia. Perhaps this aspect is not being truly realised even today in India. It is true that a couple of other studies have predated Bhattacharya’s study. However, this book may claim to be the first systematic narration of the history of the Indian diaspora in Singapore and a comprehensive survey of their emergence as a business elite.
The study has been arranged in two parts. The first part, spread over three chapters, has dealt with the early Indian immigrants, changing dynamics and shift in business activities and transformation of the Indian business into corporate enterprise. The second part has been devoted to the study of the Indian business associations, their organisational networks and three case studies. It is perceptive of the scholar to have classified the Indian migrants in terms of the regions of their origin presumably to establish linkage between tradition and its modern incarnation. The Gujratis, the Sindhis, the Punjabis, the Parsees from the northern states, and the Tamil muslims and Chettiars from the south were prominent. The imperatives of the colonial era and the First and the Second World Wars and subsequent attainment of self-governance caused basic change in business dynamics. A great deal of diversification of business interest has taken place. Besides, the emergence of new participants has shifted the focus from adherence to traditional paternal business strategies to corporate business and new commodities. Bhattacharya has observed: ‘The new generation….chose to be Singaporean in mind and soul…’. The new dynamics which she observes are on the following lines: (1) Asian markets attracted investment essentially due to cheap labour and abundance of resources, (2) technological innovations have shrunk geographical distances and created global opportunities, (3) pricing and profit margins of enterprises have become extremely competitive, (4) rise of global capitalism has led to the rethinking of foreign policy of different states and increased regional cooperation.
Being influenced by the operation of the above forces the Indian business community too has altered policies and destinations. Bhattacharya has sought to classify them in the following terms viz. (a) Emergence of new generation of Singaporean entrepreneurs, (b) Indian companies which have acquired, invested and collaborated with Singaporean companies and (c) Indian professionals who have turned into the first generation of entrepreneurs.
Consequently, more Indian companies have entered into the business world of the ‘nation island’. The trend has gained in momentum in the post-CEDA phase through merger and acquisition, collaboration and representative and branch offices, subsidiary companies and headquarters of the Asia-Pacific region. A quantum jump is noticed in Indo-Singapore import and export trade. The Indian population covers 8.9 per cent of the total Singapore population in 2008. The average household income of the Indians is 4,556 Singapore dollars as compared to the national average of 4,943 Singapore dollars.
Another important aspect of the study is to trace the genesis of the different merchant associations and the biographical portfolio of three Indian business houses. The scholar has enlisted all the important associations such as The Indian Merchant Association (1924), The Chettiar Chamber of Commerce (1928) and Singapore Indian Chamber of Commerce which later came to be known as Singapore Indian Chamber of Commerce and Industries (SICCI). The number of members of the SICCI has escalated from 389 in 2003 to 800 in 2009. Besides three business houses are studied by the author in depth. By extensive field-work and by the application of sociological analysis to historical data Jayati Bhattacharya has deftly explored the changing aspiration and endeavour of the Indian diaspora.