Year: 2014 | Month: July | Volume 59 | Special Issue
Globalization and its effect on India
Abstract:
Globalization has many meanings depending on the context and on the person who is talking about. 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. Globalization has played a major role in export- led growth, leading to the enlargement of the job market in India. Indian economy had experienced major policy changes in early 1990s. The new economic reform, popularly known as, Liberalization, Privatization and Globalization (LPG model) aimed at making the Indian economy as fastest growing economy and globally competitive. With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter has dawned for India and her billion plus population. This period of economic transition has had a tremendous impact on the overall economic development of almost all major sectors of the economy, and its globalization on India. Throughout this paper, there is an underlying focus on the impact of globalization on India’s foreign trade and Indian economy.
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