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Globalization in India

In: Social Issues

Submitted By sharuts
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Introduction
Globalization can be defined in many ways. Globalization is when people come together to find a solution for better financial and business activities. The rapid changes happening in a country due to trade foreign or non- foreign can also be referred to as globalization. This word has been there since the 19th century. Globalization has enabled creation of new opportunities for the developing countries. It has also brought about problems like the unequal growing rate all over the world in the market and environmental development. Most developing countries are out of the globalization process. If we look at India as a country, the globalization process was prevented due to many factors. India was known to have the world’s largest economy. This means that globalization was not new to them and Indian products were being exported to other countries outside India.
Impact of globalization in India
In the 19th century India had already opened up to economy. But it experienced a downfall in their economy so badly almost turning to loans to save them. New policies were created to enable a more open market economy. Certain things in the early nineties were introduced due to globalization. They included introduction of privatization program, number of public sectors that were reserved reduced, practice of restrictive trades was altered and exchange rates were determined by falling in the rate of tariffs. Regular liberation has been experienced over the years. Many new sectors came up for foreign investments in airports, roads, insurance, ports and many more major sectors. The countries tariff rates dropped from an average of 72.5% to 24.6% from 1991 to 1997. However, these rates rose slightly to 35.1% in 2001-2002. India is doing its best to reduce tariff rates.
Global India: Domestic economy’s liberalization and the rising integration of the country have...

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