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Impacts of Globalisation on Indian Economy

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IMPACTS OF GLOBALIZATION ON INDIAN ECONOMY

INTRODUCTION TO GLOBALIZATION:

Globalization has many meanings depending on the context and on the person who is talking about. It refers to the increasing global relationships of culture, people and economic activity.
Guy Brainbant: says that the process of globalisation not only includes opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC’s, population migrations and more generally increased mobility of persons, goods, capital, data and ideas but also infections, diseases and pollution. The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also through mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labour.
The United Nations Economic and Social Commission for Western Asia defines globalization as:
"a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labour... although considerable barriers remain to the flow of labour... Globalization is not a new phenomenon. It began towards the end of the nineteenth century, but it slowed down during the period from the start of the first World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward-looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century.
INDIAN ECONOMY:
Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly knownas,...

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