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GLOBALIZATION & GLOBALIZATION OF INDIAN ECONOMY

GLOBALISATION

Globalization in India has allowed companies to increase

their base of operations, expand their workforce with

minimal investments, and provide new services to a broad

range of consumers.The process of globalization has been

an integral part of the recent economic progress made by

India. Globalization has played a major role in export-led

growth, leading to the enlargement of the job market in

India.

WHAT IS GLOBALISATION ?

Globalisation means the integration of national economies into the international

economy through trade, foreign direct investment, capital flows, migration, and the spread of

technology.

According to dictionaries

Globalisation (n) is the "process enabling financial and investment markets to operate

internationally, largely as a result of deregulation and improved communications" (Collins) or -

from the US - to "make worldwide in scope or application" (Webster). The financial markets,

however, are where the story begins.

Globalization is a process of interaction and integration among the people, companies, and

governments of different nations, a process driven by

international trade and investment and aided by information

technology. This process has effects on the environment, on

culture, on political systems, on economic development and




prosperity, and on human physical well-being in societies around the world.Globalization is not

new, though.

For thousands of years, people — and, later, corporations — have been buying from and selling to

each other in lands at great distances, such as through the famed Silk Road across Central Asia that

connected China and Europe during the Middle Ages. Likewise, for centuries, people and

corporations have invested in enterprises in other countries. In fact, many of the features of the

current wave of globalization are similar to those prevailing before the outbreak of the First World

War in 1914.

Globalization is the system of interaction among the countries of the world in order to develop the

global economy. Globalization refers to the integration of economics and societies all over the

world. Globalization involves technological, economic, political, and cultural exchanges made

possible largely by advances in communication, transportation, and infrastructure.There are two

types of integration — negative and positive. Negative integration is the breaking down of trade

barriers or protective barriers such as tariffs and quotas. In the previous chapter, trade protectionism

and its policies were discussed.

You must remember that the removal of barriers can be beneficial for a country if it allows for

products that are important or essential to the economy. For example, by eliminating barriers, the

costs of imported raw materials will go down and the supply will increase, making it cheaper to

produce the final products for export (like electronics, car parts, and clothes).

Positive integration on the other hand aims at standardizing international economic laws and

policies. For example, a country which has its own policies on taxation trades with a country with its

own set of policies on tariffs. Likewise, these countries have their own policies on tariffs. With positive integration (and the continuing growth of the influence of globalization), these countries

will work on having similar or identical policies on tariffs.




MERITS AND DEMERITS OF GLOBALIZATION

THE MERITS OF GLOBALIZATION ARE AS FOLLOWS:

There is an International market for companies and for consumers there is a wider range of

products to choose from.

Increase in flow of investments from developed countries to developing countries, which

can be used for economic reconstruction.

Greater and faster flow of information between countries and greater cultural interaction

has helped to overcome cultural barriers.

Technological development has resulted in reverse brain drain in developing countries.

THE DEMERITS OF GLOBALIZATION ARE AS FOLLOWS:

The outsourcing of jobs to developing countries has resulted in loss of jobs in developed

countries.

There is a greater threat of spread of communicable diseases.

There is an underlying threat of multinational corporations with immense power ruling the

globe.

For smaller developing nations at the receiving end, it could indirectly lead to a subtle form

of colonization.

BENEFITS OF GLOBALISATION

By buying products from other nations customers are offered a much wider choice of goods and

services.

Creates competition for local firms and thus keeps costs down.

Globalisation promotes specialisation. Countries can begin to specialise in those products they are

best at making.

Economic Interdependence among different nations can build improved political and social links.




THE IMPORTANCES OF GLOBALIZATION ARE AS FOLLOWS:-

(a) Proper use of Resources: Globalization leads to

expansion of markets and this enable organization to make

proper use of available resources.

(b) Multiple choices: No country is self sufficient and

every country depends upon other country. Globalization

has solved this problem and people can have better choice

to satisfy their need.

(c) Foreign Exchange: Globalization encourage exports

and discourage imports. This help to earn foreign exchange.

(d) Creates Employment: Globalization helps to provide employment to a large number of people.

Multinational companies such as Business Process Outsource popularly known as Call centre

employs and appoint a large number of personnel with high pay scale and other benefits.

(e) Government incentives: Government also provides various incentives in taxes, custom duties,

pre-shipment finance, post shipment finance and many more. This is done to encourage

globalization.

(f) Technology: Technology is the latest and fruitful outcome of globalization. It is the best even

gift. Technologies not only increase efficiently but the organization and everyone having a little

knowledge can update one and can stand by world. Globalization not only enables competition but

also very much helpful for profit of maximization.




(g)Spreading of Risk of Loss: Business thy name is risk. There may be different types of losses in

every business. Various losses which may be in domestic market can be easily compensated from

international market.

(h) Benefit to the consumers: Globalization encourages free and fair competition at world level.

Due to this, organizations try to supply quality goods and that also at a reduced price. This benefits

consumers.




RESPONSES TO "IMPORTANCE OF GLOBALIZATION"

Globalization is the comprehensive term for the emergence of a global society in which economic,

political, environmental, and cultural events in one part of the world quickly come to have

significance for people in other parts of the world. Globalization tells us about the growing

economic, political, technological, and cultural connections that connect individuals, communities,

businesses, and governments around the world. Globalization also involves the growth of

multinational corporations (businesses that have operations or investments in many countries) and

transnational corporations (businesses that see themselves functioning in a global marketplace). The

international institutions that oversee world trade and finance play an increasingly important role in

this era of globalization.

IT IS EASY TO IDENTIFY THE CHANGES BROUGHT BY GLOBALIZATION.

1. Improvement of International Trade. Because of globalization, the number of countries where

products can be sold or purchased has increased dramatically.

2. Technological Progress. Because of the need to compete and be competitive globally,

governments have upgraded their level of technology.

3. Increasing Influence of Multinational Companies. A company that has subsidiaries in various

countries is called a multinational. Often, the head office is found in the country where the company

was established.

An example is a car company whose head office is based in Japan. This company has branches in

different countries. While the head office controls the subsidiaries, the subsidiaries decide on

production. The subsidiaries are tasked to increase the production and profits. They are able to do it

because they have already penetrated the local markets.Globalization has a lot to do with the rise of

multinational corporations.

4. Power of the WTO, IMF, and WB. According to experts, another effect of globalization is the

strengthening power and influence of international institutions such as the World Trade

Organization (WTO), International Monetary Fund (IMF), and World Bank (WB).

5. Greater Mobility of Human Resources across Countries. Globalization allows countries to

source their manpower in countries with cheap labor For instance the manpower shortages in




Taiwan, South Korea, and Malaysia provide opportunities for labor exporting countries such as the

Philippines to bring their human resources to those countries for employment.

6. Greater Outsourcing of Business Processes to Other Countries. China, India, and the

Philippines are tremendously benefiting from this trend of global business outsourcing. Global

companies in the US and Europe take advantage of the cheaper labor and highly-skilled workers that

countries like India and the Philippines can offer.

7. Civil Society. An important trend in globalization is the increasing influence and broadening

scope of the global civil society.

Civil society often refers to NGOs (nongovernment organizations). There are institutions in a

country that are established and run by citizens. The family, being an institution, is part of the

society. In globalization, global civil society refers to organizations that advocate certain issue or

cause.There are NGOs that support women's rights and there are those that promote environment

preservation. These organizations don't work to counter government policies, but rather to establish

policies that are beneficial to all. Both the government and NGOs have the same goal of serving the

people.

One of the major forces of globalization in India has been in the growth of outsourced IT and

business process outsourcing (BPO) services. The last few years have seen an increase in the

number of skilled professionals in India employed by both local and foreign companies to service

customers in the US and Europe in particular. Taking advantage of India‘s lower cost but educated

and English-speaking work force, and utilizing global communications technologies such as voice-

over IP (VOIP), email and the internet, international enterprises have been able to lower their cost

base by establishing outsourced knowledge-worker operations in India.

As a new Indian middle class has developed around the wealth that the IT and BPO industries have

brought to the country, a new consumer base has developed. International companies are also

expanding their operations in India to service this massive growth opportunity.

Notable examples of international companies that have done well in India in the recent years

include Pepsi, Coca-Cola, McDonald’s, and Kentucky Fried Chicken, whose products have

been well accepted by Indians at large.




ECONOMIC GLOBALIZATION

Economic globalization refers

to increasing economic

interdependence of and

national economies across the

world through a rapid increase

incross-border movement of

goods, service, technology and

capital. Whereas globalization

is centered around the rapiddevelopment of science and

technology, and increasing

cross-border division of labor

economic globalization is

propelled by the rapid growing significance of information in all types of productive activities and

marketization, and the advance of science and technologies. Depending on the paradigm, economic

globalization can be viewed as either a positive or a negative phenomenon.

Economic globalization comprises the globalization of production, markets, competition,

technology, and corporations and industries. While economic globalization has been occurring for

the last several hundred years (since the emergence of trans-national trade), it has begun to occur at

an increased rate over the last 20 – 30 years under the framework of General Agreement on Tariffs

and Trade and World Trade Organization which made countries to gradually cut down trade barriers

and open up their current accounts and capital accounts.This recent boom has been largelyaccounted by developed economies integrating with less developed economies, by means of foreign

direct investment, the reduction of trade barriers, and in many cases cross border immigration.

It can be argued that economic globalization may or may not be an irreversible trend. There are

several significant effects of economic globalization. There is statistical evidence for positive

financial effects as well as proposals that there is a power imbalance between developing and

developed countries in the global economy. Furthermore, economic globalization has an impact on

world cultures.

http://en.wikipedia.org/wiki/Cross-border

http://en.wikipedia.org/wiki/Globalization

http://en.wikipedia.org/wiki/International_trade

http://en.wikipedia.org/wiki/General_Agreement_on_Tariffs_and_Trade


http://en.wikipedia.org/wiki/World_Trade_Organization

http://en.wikipedia.org/wiki/Developed_country

http://en.wikipedia.org/wiki/Developing_country

http://en.wikipedia.org/wiki/Foreign_direct_investment


http://en.wikipedia.org/wiki/Trade_barrier

http://en.wikipedia.org/wiki/Trade_barrier



http://en.wikipedia.org/wiki/Developing_country

http://en.wikipedia.org/wiki/Developed_country

http://en.wikipedia.org/wiki/World_Trade_Organization




http://en.wikipedia.org/wiki/Globalization

http://en.wikipedia.org/wiki/Cross-border




HISTORY

International commodity markets, labor markets, and capital

markets make up the economy and define economic

globalization. Beginning as early as 4000 BC, people were

trading livestock, tools, and other items as a means of

money. People residing in Sumer, an early civilization in

Mesopotamia, came up with a token system that was seen as

one of the first forms of commodity money. Labor markets

consist of workers, employers, wages, income, supply, and

demand. Labor markets have been around as long as commodity markets. Labor markets grew out

of commodity markets because labor was needed to grow the crops and tend to the livestock. The

growth of commodity and labor markets grew into a capital market where companies and

governments handle longstanding funds. The process of this blending of markets in the economy

took thousands of years to become what it is today.

By the early 1911s, it was rare to come across a town that was not influenced by foreign markets —

whether it be in labor, prices, or any other policy of business. With advances in ship building

technology and the inventions of the railroad and telephone, communication with other parts of the

country and world was readily available. Towns were no longer limited to what they alone could

produce and what the next two towns over would trade with them. People everywhere had the

accessibility and resources to obtain goods from the other side of the world. However, these great

advances in economic globalization were disrupted by World War I. Most of the global economic

powers constructed protectionist economic policies and introduced trade barriers that slowed

economic growth to the eventual point of stagnation which can be seen as a precursor to the Great

Depression in the late 1920s. This caused a slowing of world-wide trade and even led to other

countries introducing immigration caps. Globalization of the economy didn‘t fully resume until the

1970s. Today, advances in technology and computer networks, both as a way of sending and

receiving information, have led to a worldwide globalization of the economy.

http://en.wikipedia.org/wiki/Commodity_markets

http://en.wikipedia.org/wiki/Labor_markets

http://en.wikipedia.org/wiki/Capital_markets


http://en.wikipedia.org/wiki/Sumer

http://en.wikipedia.org/wiki/World_War_I

http://en.wikipedia.org/wiki/Great_Depression




http://en.wikipedia.org/wiki/World_War_I

http://en.wikipedia.org/wiki/Sumer



http://en.wikipedia.org/wiki/Labor_markets

http://en.wikipedia.org/wiki/Commodity_markets




There are three suggested factors that accelerated economic globalization, and they are advancement

of science and technology, market oriented economic reforms and finally contributions by

Multinational Corporations.

A reduction of transportation and communication costs is what initiated globalization economies

around the world, and this was possible mainly due to the advancement of science and technology.

Ocean shipping costs half, airfreight costs 1/6th, and telecommunications costs 1% of what it did

cost in the 1930s. This improvement has facilitated and encouraged international trade and

investment. Under the GATT and WTO framework, many countries have cut down their tariff and

non-tariff barriers. Along with this external influence, governments within its borders have shifted

its economies from central planned economies to market economies. These internal reforms have

provided commonalities among different world economies and thus helped integrate as a

whole. [14]

Multinational Corporations that expand their businesses worldwide organize production

and allocate resources all over the world. Not only are Multinational Corporations responsible for

international financial transactions, but also for workforce distributions. By setting up branch

offices, factories, and even outsourcing its services, MNCs are contributing to economic

globalization.

IRREVERSIBILITY

According to China's prominent economist Gao Shanguan, economic globalization is an irreversible

trend due to the fact that the world markets are in great need of science and information

technologies. With the growing demands of science and technology, Shanquan states that with

world markets take on an "increasing cross-border division of labor" that works its way down to

every facet of globalized markets from both developed and developing nations.

Nevertheless, Princeton University professor Robert Gilpin argues that though economic

globalization seems to be irreversible, nations' various economic policies have suppressed the

impetus for their own economies to move forward, which he states has been shown in the past, thus

debunking Shanquan's theory of economic globalization as a primarily irreversible phenomena.


http://en.wikipedia.org/wiki/Economic_globalization#cite_note-13



http://en.wikipedia.org/wiki/China

http://en.wikipedia.org/w/index.php?title=Gao_Shanguan&action=edit&redlink=1

http://en.wikipedia.org/wiki/Princeton_University

http://en.wikipedia.org/wiki/Robert_Gilpin

http://en.wikipedia.org/wiki/Robert_Gilpin

http://en.wikipedia.org/wiki/Princeton_University

http://en.wikipedia.org/w/index.php?title=Gao_Shanguan&action=edit&redlink=1

http://en.wikipedia.org/wiki/China






EFFECTS OF ECONOMIC GLOBALIZATION

POSITIVE EFFECTS

There are at least three positive financial

effects of economic globalization. "Per capita

GDP growth in the post-1980 globalizers

accelerated from 1.4 percent a year in the

1960s and 2.9 percent a year in the 1970s to

3.5 percent in the 1980s and 5.0 percent in the

1990s. This acceleration in growth is evenmore remarkable given that the rich countries

saw steady declines in growth from a high of

4.7 percent in the 1960s to 2.2 percent in the

1990s. Also, the non-globalizing developing countries did much worse than the globalizers, with the

former's annual growth rates falling from highs of 3.3 percent during the 1970s to only 1.4 percent

during the 1990s. This rapid growth among the globalizers is not simply due to the strong

performances of China and India in the 1980s and 1990s — 18 out of the 24 globalizers experienced

increases in growth, many of them quite substantial."

Despite many analysts' concerns about the inequality

gap between developed and developing nations, there

is no evidence to suggest that inequality increases as

international trade increases. Rather, growth benefits

of economic globalization are widely shared. Whileseveral globalizers have seen an increase in inequality,

most notably China, this increase in inequality is a

result of domestic liberalization, restrictions on

internal migration, and agricultural policies, rather than a result of international trade.

The final positive effect to be mentioneding is the narrowing gap between the rich and the poor.

Evidence suggests that the growth of globalizers, in relation to rich countries, suggests that

globalizers are narrowing the per capita income gap between the rich and the globalizing nations.

http://en.wikipedia.org/wiki/File:Newest_one_growth_rate.png

http://en.wikipedia.org/wiki/File:Newest_one_growth_rate.png




China, India, and Bangladesh, who were among the poorest countries in the world twenty years ago,

have greatly influenced the narrowing of worldwide inequality due to their economic expansion.

NEGATIVE EFFECTS AND SOLUTIONS

The Economic Commission for Latin America and the Caribbean (ECLAC) has proposed an agenda

to support conditions for developing countries to improve their standing in the global

economy.Economists have theories on how to combat the disadvantages faced by developing

countries. However, the advantaged countries continue to control the economic agenda. In order to

rectify the social injustice dilemma, international economic institutions (such as the World Bank and

the International Monetary Fund) must give voice to developing countries. A solution is to issue

global rules that protect developing countries. It is still difficult for leaders of developing nations toinfluence these global rules.

In his article, Gao Shangquan elaborates this point saying that economic globalization has in fact

expanded rather than reduced the gap between the North and South. He is referring to some UN

report in 1999, in order to show that the number of developing countries that have benefited from

economic globalization is smaller than 20, that the average trade deficit of developing countries in

1990‘s increased by 3% as compared with that in 1970s, and that over 80% of the capital is fl owing

among US, Western European and

EFFECTS ON WORLD CULTURES

Economic globalization may have various strong impacts on different world cultures. Populations

may mimic the international flow of capital and labor markets in the form of immigration and the

merger of cultures. Foreign resources and economic measures may impact different native cultures

and may cause assimilation of a native people. Researchers are now studying the effects of

economic globalization on the youth in various world populations such as Arab, South American,

South East-Asian, Caribbean, and African populations. As these populations are exposed to the

English language, Computers, western music, and North American culture, changes are being noted

in shrinking family size, immigration to larger cities, more casual dating practices, and gender roles

are transformed.

George Ritzer wrote about the McDonaldization of society and how fast food businesses spread

throughout the United States and the rest of the world, forcing world populations to adopt fast food

culture In this book Ritzer also writes about how other businesses have copied the McDonalds

http://en.wikipedia.org/wiki/Economic_Commission_for_Latin_America_and_the_Caribbean

http://en.wikipedia.org/wiki/World_Bank

http://en.wikipedia.org/wiki/International_Monetary_Fund

http://en.wikipedia.org/wiki/McDonaldization

http://en.wikipedia.org/wiki/McDonald%27s



http://en.wikipedia.org/wiki/International_Monetary_Fund

http://en.wikipedia.org/wiki/World_Bank

http://en.wikipedia.org/wiki/Economic_Commission_for_Latin_America_and_the_Caribbean




Corporation's business model for expansion and influence. In 2006, 233 of 280 or over 80% of the

new McDonalds opened were overseas. In 2007, Japan had 2,828 McDonalds locations and serves

as just one example of the globalized effect of international corporations. The Body Shop, a British

ecologically conscious cosmetic company, represents the process of McDonaldization working in all

directions. Various countries export their own versions of McDonaldization but have the same

influences in standardizing world culture.

IMPORTANCE OF ECONOMIC GLOBALIZATION

This is the main reason why you need to know and understand

all about economic globalization and what exactly it entails.

The economic globalization actually refers to the various

processes that concerns exchange of goods, services,

technological advancements, investment ca pitals, water, and

food through the means of communication, transportation, and

trade. It has really become a significant part of the daily lives

of all people. It basically balances the overall economic

structures all over the world in different countries and societies involve. It has helped a lot of

individuals who are tremendously lacking in several resources such as water, oil, sugar, electronic

discoveries, and the like.

These are the things that you must consider when learning about economic globalization. It may

seem unimportant to you but it is actually one of the most crucial topics that all people need to learn.

It truly helps all businesses and their industries to fight the current economic crisis. Now what are

you waiting for? Start educating yourself with this particular subject if you sincerely want to make

your life a whole lot better in all the right senses.


http://en.wikipedia.org/wiki/McDonalds


http://en.wikipedia.org/wiki/The_Body_Shop





http://en.wikipedia.org/wiki/The_Body_Shop







PROS AND CONS OF ECONOMIC GLOBALZATION

Pros :

- More foreign goods. In Canada, with

economic globalization, we are able to eat

fresh fruits and vegetables in winter. Make

lives easier for us.

- With the trade happening around the world,

there is more diversity. While we are in

Canada, we can go out and eat Chinese, Thai,

Greek foods, and watch US's movie.

- Helping developing countries. Transnational

corporations setup in developing countries

offering jobs for the people in developing

countries, help those countries to recover from

poverty.

Cons: :-

Threat to local markets. When a transnationalcorporation opens up, people tends to go shop

at the transnational corporation because there

is varieties of goods to choose from. Cause

local markets' business to go downwards, and

eventually close up.

- When economic globalization is bring us

diversity, its also destroying peoples' culture.

Most movies, and TV shows that we watch

and music we listen to in Canada is produced

in US.American's culture is dominating the

world and assimilate other cultures.

- Countries become too interdependent with

each other .When one country's economic

system crashes, it will cause a huge impact to

world. It will be like the Great Depression all

over again, but this time it will happen to the

world not just America.

- When the governments of the developing

countries trying attack transnational

corporation, it causes a lot human rights

problems like child labour.



GLOBALIZATION & GLOBALIZATION IN INDIANECONOMY

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EFFECTS OF GLOBALIZATION: According to economists, there are a lot

of global events connected with globalization and integration.

The main positive effect of globalization:Globalization has opened up broader

communication lines and brought more companies as well as different worldwide

organizations into other countries. This provides opportunities for not only

workingmen, but also women, who are becoming a larger part of the workforce.

With new jobs for women, there are opportunities for higher pay, which raises

self-confidence and brings about independence. Also the positive effects are a

sharing of basic knowledge, technology, investments, resources, and ethical

values.

The main negative effect of globalization:The main negative effect of

globalization is that it's not an equal process, and often the link is only one way,

ex. resources going out of Iraq, India ect, with nothing of equal value going back

EFFECTS OF

GLOBALIZATION

NEGATIVE

EFFECT OF

GLOBALIZATION

POSITIVE EFFECT

OF

GLOBALIZATION




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in. Also the negative effects are the rapid spread of diseases, illicit drugs, crime,

terrorism, and uncontrolled migration.

GLOBALIZATION HAS VARIOUS ASPECTS WHICH AFFECT

THE WORLD IN SEVERAL DIFFERENT WAYS SUCH AS:

Industrial - emergence of worldwide

production markets and broader access

to a range of foreign products for

consumers and companies.

Particularly movement of material and

goods between and within national

boundaries.

Financial - emergence of worldwide financial markets and better access

to external financing for borrowers. As these worldwide structures grew

more quickly than any transnational regulatory regime, the instability of the global financial infrastructure dramatically increased, as evidenced by

the financial crises of late 2008.

Economic - realization of a global common market, based on the freedom

of exchange of goods and capital. The interconnectedness of these

markets however meant that an economic collapse in any one given

country could not be contained.




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Political - some use "globalization" to mean the creation of a world

government which regulates the relationships among governments and

guarantees the rights arising from social and economic globalization.

Politically, the United States has enjoyed a position of power among the

world powers, in part because of its strong and wealthy economy. With

the influence of globalization and with the help of The United States‘

own economy, the People's Republic of China has experienced some

tremendous growth within the past decade. If China continues to grow at

the rate projected by the trends, then it is very likely that in the next

twenty years, there will be a major reallocation of power among theworld leaders. China will have enough wealth, industry, and technology

to rival the United States for the position of leading world power.

Informational - increase in information flows between geographically

remote locations. Arguably this is a technological change with the advent

of fiber optic communications,

satellites, and increased availabilityof telephone and Internet. Indeed, the

new information and communication

technologies are dramatically

changing the way people in many

parts of the world live, learn, work or

think about work. This trend of

globalization has, in combination

with technological developments,

affected the world population in different and unequal ways. It has

resulted in rapid economic benefits for some countries while causing

acute social problems for others. In the developed countries, there have




18

been massive changes in the work content of most occupations as well as

an overall diminution of work and employment opportunities in the

industrial sector. Computer software developers and telephone service

providers in developing countries are significantly less expensive than

their counterparts in developed countries and are being employed in

increasing numbers by transnational corporations that obtain their

services while they live in their home countries.

Language - the most popular language is English.

Competition - Survival in the new global business market calls for

improved productivity and increased competition. Due to the market

becoming worldwide, companies in various industries have to upgrade

their products and use technology skillfully in order to face increased

competition.

Ecological - the advent of global environmental challenges that might besolved with international cooperation, such as climate change, cross-

boundary water and air pollution, over-fishing of the ocean, and the

spread of invasive species. Since many factories are built in developing

countries with less environmental regulation, globalism and free trade

may increase pollution. On the other hand, economic development

historically required a "dirty" industrial stage, and it is argued that

developing countries should not, via regulation, be prohibited from

increasing their standard of living.




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Cultural - growth of cross-cultural

contacts; advent of new categories of

consciousness and identities which

embodies cultural diffusion, the desire to

increase one's standard of living and enjoy

foreign products and ideas, adopt new

technology and practices, and participate in

a "world culture". Some bemoan the resulting consumerism and loss of

languages. Also see Transformation of culture. Culture is defined as

patterns of human activity and the symbols that give these activitiessignificance. Culture is what people eat, how they dress, beliefs they

hold, and activities they practice. Globalization has joined different

cultures and made it into something different. As Erla Zwingle, from the

National Geographic article titled ―Globalization‖ states, ―When cultures

receive outside influences, they ignore some and adopt others, and then

almost immediately start to transform them.‖

One classic culture aspect is food. Someone in America can be eating

Japanese noodles for lunch while someone in Sydney, Australia is eating

classic Italian meatballs. India is known for their curry and exotic spices.

France is known for its cheeses. America is known for its burgers and

fries. McDonalds is an American company which is now a global

enterprise with 31,000 locations worldwide. Those locations include

Kuwait, Egypt, and Malta. This company is just one example of food

going big on the global scale.




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Technical

Development of a global telecommunications infrastructure and greater

transborder data flow, using such technologies as the Internet,

communication satellites, submarine fiber optic cable, and wireless

telephones

Increase in the number of standards applied globally; e.g., copyright laws,

patents and world trade agreements.

Legal/Ethical

The creation of the international criminal court and international justicemovements.

Crime importation and raising awareness of global crime-fighting efforts

and cooperation.

The emergence of Global administrative law.

SOME TOHER EFFECTS :

Some important facts about Indian education:The Indian education is notnew, some of the facts about Indian education are: Indian Ayurveda is the earliestschool of medicine known to the world and 'charaka' is known as the father of Ayurveda. He developed this system some 2500 years back. Takshila was the firstuniversity of world established in 700 B.C. Indian Nalanda University, built in 4AD, was considered to be the honor of ancient Indian system of education as itwas one of the best Universities of its time in the subcontinent. Indian languageSanskrit is considered to be the mother of many modern languages of world.Similarly place value system was developed in India in 100 B.C. India was thecountry, which invented number system. Aryabhatta, the Indian scientist, invented

digit zero. Trigonometry, algebra and calculus studies were originated in India.SoIndia seems to be an education centre since ancient days.




21

Indian technical education : In India there were 2942 degree level engineeringinstitutions approved by AICTE with an intake of about 10 lakh students. It is believed that there is an excess supply of unemployable engineers. According toone of study of NASSCOM about 25 % of total graduates engineers passing outevery year are employable in MNCs and rest of these have to undergo some kindof training to overcome their skill deficit. Some of the NITs have started finishingschools to bridge the skills gap of their students. In metro cities, private sectorscompanies have come forward to organize finishing schools for the students of theself financing engineering colleges in specific areas like VLSI Design, Embeddedsystem, computer added SAP, Advance computing etc. of 3 to 6 months durationto make these students employable

Challenges to technical education:Globalization has resulted in many new

challenges to the technical education system. Till recently technologies weremostly imported and the training needed for these technologies were generallycarried abroad. Globalization has opened the economy to global players in theindustry and service sectors. New products and services are being introducedcontinuously with improved quality and customer focus. The key input to thesuccess of this new brand of industries and service units is a group of highlymotivated and meticulously trained forces. The knowledge and technical skills of this work force have to be regularly updated. The engineer coming out of our institution should be capable of meeting the challenges of the modern industry.They should be up- to- date in their technical know-how. They must have a deep

sense of quality, work ethics and motivation and be conversant with the skills,interpersonal skills, team work skills,, self esteem, goal setting skills,, leadershipand creative thinking. Development of these skills are a part of curriculum inmany foreign universities.




22

GLOBALIZATION AND ITS IMPACT ON INDIAN ECONOMY:

DEVELOPMENTS AND CHALLENGES

Globalization (or globalization) describes a process by which regional economies,

societies, and cultures have become integrated through a global network of

communication, transportation, and trade. The term is sometimes used to refer

specifically to economic globalization: the integration of national economies into

the international economy through trade, foreign direct investment, capital flows,

migration, and the spread of technology. Globalization as a spatial integration in

the sphere of social relations when he said ―Globalization can be defined as the

intensification of worldwide social relations which link distant locations in such a

way that local happenings are shaped by events occurring many miles away and

vice – versa.‖ Globalization generally means integrating economy of our nation

with the world economy. The economic changes initiated have had a dramatic

effect on the overall growth of the economy. It also heralded the integration of the

Indian economy into the global economy. The Indian economy was in major crisis

in 1991 when foreign currency reserves went down to $1 billion. Globalization

had its impact on various sectors including Agricultural, Industrial, Financial,

Health sector and many others. It was only after the LPG policy i.e. Liberalization,

Privatization and Globalization launched by the then Finance Minister Man

Mohan Singh that India saw its development in various sectors.

ADVENT OF NEW ECONOMIC POLICY

After suffering a huge financial and economic crisis Dr. Man Mohan Singh brought a new policy which is known as Liberalization, Privatization and

Globalization Policy (LPG Policy) also known as New Economic Policy,1991 as it




23

was a measure to come out of the crisis that was going on at that time. The

following measures were taken to liberalize and globalize the economy:

1. Devaluation: To solve the balance of payment problem Indian currency were

devaluated by 18 to 19%.

2. Disinvestment: To make the LPG model smooth many of the public sectors

were sold to the private sector.

3. Allowing Foreign Direct Investment (FDI): FDI was allowed in a wide range of

sectors such as Insurance (26%), defense industries (26%) etc.

4. NRI Scheme: The facilities which were available to foreign investors were also

given to NRI's.

The New Economic Policy (NEP-1991) introduced changes in the areas of trade

policies, monetary & financial policies, fiscal & budgetary policies, and pricing &

institutional reforms. The salient features of NEP-1991 are (i) liberalization

(internal and external), (ii) extending privatization, (iii) redirecting scarce Public

Sector Resources to Areas where the private sector is unlikely to enter, (iv)

globalization of economy, and (v) market friendly state.

CONSEQUENCES OF GLOBALIZATION:

The implications of globalisation for a national economy are many. Globalisation

has intensified interdependence and competition between economies in the world

market. This is reflected in Interdependence in regard to trading in goods and

services and in movement of capital. As a result domestic economic developments

are not determined entirely by domestic policies and market conditions. Rather,

they are influenced by both domestic and international policies and economic

conditions. It is thus clear that a globalising economy, while formulating and




24

evaluating its domestic policy cannot afford to ignore the possible actions and

reactions of policies and developments in the rest of the world. This constrained

the policy option available to the government which implies loss of policy

autonomy to some extent, in decision-making at the national level.

Now for Further analysis we take up Impact of Globalization on various sector of

Indian Economy.

IMPACT OF GLOBALIZATION ON AGRICULTURAL SECTOR:

Agricultural Sector is the mainstay of the rural Indian economy around which

socio-economic privileges and deprivations revolve and any change in its structure

is likely to have a corresponding impact on the existing pattern of Social equity.

The liberalization of India‘s economy was adopted by India in 1991. Facing a

severe economic crisis, India approached the IMF for a loan, and the IMF granted

what is called a ‗structural adjustment‘ loan, which is a loan with certain

conditions attached which relate to a structural change in the economy.

Essentially, the reforms sought to gradually phase out government control of the

market (liberalization), privatize public sector organizations (privatization), and

reduce export subsidies and import barriers to enable free trade (globalization).

Globalization has helped in:

• Raising living standards,

• Alleviating poverty,

• Assuring food security,

• Generating buoyant market for expansion of industry and services, and

• Making substantial contribution to the national economic growth.




25

IMPACT OF GLOBALIZATION ON INDUSTRIAL SECTOR:

Effects of Globalization on Indian Industry started when the government opened

the country's markets to foreign investments in the early 1990s. Globalization of

the Indian Industry took place in its various sectors such as steel, pharmaceutical,

petroleum, chemical, textile, cement, retail, and BPO.

Globalization means the dismantling of trade barriers between nations and the

integration of the nations economies through financial flow, trade in goods and

services, and corporate investments between nations. Globalization has increased

across the world in recent years due to the fast progress that has been made in the

field of technology especially in communications and transport. The government

of India made changes in its economic policy in 1991 by which it allowed direct

foreign investments in the country. The benefits of the effects of globalization in

the Indian Industry are that many foreign companies set up industries in India,

especially in the pharmaceutical, BPO, petroleum, manufacturing, and chemical

sectors and this helped to provide employment to many people in the country. This

helped reduce the level of unemployment and poverty in the country. Also the

benefit of the Effects of Globalization on Indian Industry are that the foreign

companies brought in highly advanced technology with them and this helped to

make the Indian Industry more technologically advanced.

The negative Effects of Globalization on Indian Industry are that with the coming

of technology the number of labor required decreased and this resulted in many

people being removed from their jobs. This happened mainly in the

pharmaceutical, chemical, manufacturing, and cement industries.




26

IMPACT ON FINANCIAL SECTOR:

Reforms of the financial sector constitute the most important component of India‘s

programme towards economic liberalization. The recent economic liberalization

measures have opened the door to foreign competitors to enter into our domestic

market. Innovation has become a must for survival. Financial intermediaries have

come out of their traditional approach and they are ready to assume more credit

risks. As a consequence, many innovations have taken place in the global financial

sectors which have its own impact on the domestic sector also. The emergences of

various financial institutions and regulatory bodies have transformed the financial

services sector from being a conservative industry to a very dynamic one. In this

process this sector is facing a number of challenges. In this changed context, the

financial services industry in India has to play a very positive and dynamic role in

the years to come by offering many innovative products to suit the varied

requirements of the millions of prospective investors spread throughout the

country. Reforms of the financial sector constitute the most important component

of India‘s programme towards economic liberalization.

Growth in financial services (comprising banking, insurance, real estate and

business services), after dipping to 5.6% in 2003-04 bounced back to 8.7% in

2004-05 and 10.9% in 2005-06. The momentum has been maintained with a

growth of 11.1% in 2006-07. Because of Globalization, the financial services

industry is in a period of transition. Market shifts, competition, and technological

developments are ushering in unprecedented changes in the global financial

services industry.




27

IMPACT ON EXPORT AND IMPORT:

India's Export and Import in the year 2001-02 was to the extent of 32,572 and

38,362 million respectively. Many Indian companies have started becoming

respectable players in the International scene. Agriculture exports account for

about 13 to 18% of total annual of annual export of the country. In 2000-01

Agricultural products valued at more than US $ 6million were exported from the

country 23% of which was contributed by the marine products alone. Marine

products in recent years have emerged as the single largest contributor to the total

agricultural export from the country accounting for over one fifth of the total

agricultural exports. Cereals (mostly basmati rice and non-basmati rice), oil seeds,

tea and coffee are the other prominent products each of which accounts fro nearly

5 to 10% of the countries total agricultural exports.

· The number of rural landless families increased from 35 %in 1987 to 45 % in

1999, further to 55% in 2005. The farmers are destined to die of starvation or

suicide.

A COMPARISON WITH OTHER DEVELOPING COUNTRIES:

– India‘s share of world merchandise exports increased

from .05% to .07% over the past 20 years. Over the same period China‘s share has

tripled to almost 4%.




28

times smaller according to IMF estimates.

against 5% for China and 5.5% for Brazil. FDI inflows to China now exceed US $

50 billion annually. It is only US $ 4billion in the case of India.

IMPACT ON INDUSTRIES:

Industrialization is fast picking up in the developing countries whereas in the

developed countries it has almost attained the highest level. Major impacts of

liberalization and globalization on industry are:

- Adverse impact of multinational companies of small industries. It has led to the

closure of many small industries. Several people became jobless.

- Mass Production or large scale manufacturing using mechanization and assembly

line method.

- Fall in the unemployment specially in the developing countries.

- Diversification of industry with several new industies coming up.

- Fast exploitation of minerals due to increasing demand.

- Increasing demand of agricultural raw material for agro based industries.

- Increasing use of technology and it's spread throughout the world.




29

- Development of backward areas with installation of some industries.

- Increasing investment in the industrial sector.

- Increasing pollution and degradation of environment due to over

industrialization.

- New techniques of pollution control made available throughout the world.

- Huge increase in the trade of industrial goods.

- Competitiveness among the industries.

- Consumer oriented shift in the industry.

- Big blow to small industies.

- Better international relations among the countries.

- Public sector ignored at the cost of private sector.

GLOBALIZATION AND ITS IMPACT ON RETAIL INDUSTRY

IN INDIA

Globalization is the name for the process of increasing the connectivity and

interdependence of the world‘s market, and businesses. This process has speeded

up dramatically in the last two decades as technological advances make it easier

for people to travel, communicate, and do business internationally.(―Investor

words,‖ 2009)

Globalization has increased across the world in recent years due to the fast

progress that has been made in the field of technology especially in

communications and transport. The government of India made changes in its

economic policy in 1991 by which it allowed direct foreign investments in the




30

country. As a result of this, globalization of the Indian Industry took place on a

major scale.(Maps of India, 2011)

The various beneficial effects of globalization in Indian Industry are that it brought

in huge amounts of foreign investments into the industry especially in the BPO,

pharmaceutical, petroleum, and manufacturing industries. As huge amounts of

foreign direct investments were coming to the Indian Industry, they boosted the

Indian economy quite significantly. The benefits of the effects of globalization in

the Indian Industry are that many foreign companies set up industries in India,

especially in the pharmaceutical, BPO, petroleum, manufacturing, and chemical

sectors and this helped to provide employment to many people in the country. On

the other hand, Globalization can affect the economy in india negatively, it couldincreased competition in the Indian market between the foreign companies and

domestic companies, With the foreign goods being better than the Indian goods,

the consumer preferred to buy the foreign goods. This reduced the amount of

profit of the Indian Industry companies. This happened mainly in the

pharmaceutical, manufacturing, chemical, and steel industries. The negative

Effects of Globalization on Indian Industry are that with the coming of technology

the number of labor required decreased and this resulted in many people being

removed from their jobs. This happened mainly in the pharmaceutical, chemical,

manufacturing, and cement industries.

The effects of globalization on Indian Industry have proved to be positive as well

as negative. The government of India must try to make such economic policies

with regard to Indian Industry‘s Globalization that are beneficial and not

harmful.(Maps of India, 2011)




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Positive implication of globalization on education:The following are thefew positive implication of globalization are : India is one of the leadingsupplier of the changing skilled manpower. Students are preparingthemselves to face challenges before them in the global village. Educationsystem getting expert facility and needed financial support frommanagement. Technicians are accepting changing paradigm and are moresecuring facilities. Salaries are now more attractive than in the nineties.Students get selected by the companies through campus recruitment anyear before the date of completion of their technical education. Moreemphasis on performance and not on number of years in the job. Moreflexibilities in timings and work from home arrangements are becomingcommon. Office automation has helped improving effeciency of employees. More and more recruitments are being made using job portals.Earlier ads were placed in the newspapers. Scientific and technological

innovations have made life quite comfortable, fast and enjoyable. Peopleare less worried for government jobs as MNC's and private or public sector are offering more lucrative jobs. Extension of internet facilities even torural areas.

Negative implications of globalization on education:Similarly, thenegative implications are: Movement of skilled students from developingto developed countries. Easy availability of educational loan. Technically better equipped institution and their practical and flexible approach is also

a future for attracting students. Commerlizations and corporate take over of education system. The first major concern is that globalization leads to amore iniquitous distribution of income among countries and withincountries. The second fear is that globalization leads to loss of nationalsovereignty and that countries are finding it increasingly difficult to followindependent domestic policies. More inflow of money has aggravated deeprooted problem of corruption? Top colleges of different streams.




32

Gains from globalization:The gains from globalization can be analyzed inthe context of the three types of channels of economic globalizationidentified earlier.

TRADE IN GOODS AND SERVICES :According to the standardtheory, international trade leads to allocation of resources that is consistent

with comparative advantage. This results in specialization which enhances

productivity. It is accepted that international trade, in general, is beneficial

and that restrictive trade practices impede growth. That is the reason why

many of the emerging economies, which originally depended on a growth

model of import substitution, have moved over to a policy of outward

orientation. However, in relation to trade in goods and services, there is

one major concern. Emerging economies will reap the benefits of

international trade only if they reach the full potential of their resource

availability. This will probably require time. That is why international

trade agreements make exceptions by allowing longer time to developing

economies in terms of reduction in tariff and non-tariff barriers. ―Special

and differentiated treatment‖, as it is very often called has become an

accepted principle.




33

MOVEMENT OF CAPITAL: Capital flows across countries have played an

important role in enhancing the production base. This was very much true in

19th

and 20th

centuries. Capital mobility enables the total savings of the world to be

distributed among countries which have the highest investment potential. Under

these circumstances, one country‘s growth is not constrained by its own domestic

savings. The inflow of foreign capital has played a significant role in the

development in the recent period of the East Asian countries. The current account

deficit of some of these countries had exceeded 5 per cent of the GDP in most of

the period when growth was rapid. Capital flows can take either the form of

foreign direct investment or portfolio investment. For developing countries the

preferred alternative is foreign direct investment. Portfolio investment does not

directly lead to expansion of productive capacity. It may do so, however, at onestep removed. Portfolio investment can be volatile particularly in times of loss of

confidence. That is why countries want to put restrictions on portfolio investment.

However, in an open system such restrictions cannot work easily.




34

FINANCIAL FLOWS : The rapid development of the capital market has

been one of the important features of the current process of globalization.

While the growth in capital and foreign exchange markets have facilitated

the transfer of resources across borders, the gross turnover in foreign

exchange markets has been extremely large. It is estimated that the gross

turnover is around $ 1.5 trillion per day worldwide (Frankel, 2000). This is

of the order of hundred times greater than the volume of trade in goods and

services. Currency trade has become an end in itself. The expansion in

foreign exchange markets and capital markets is a necessary pre-requisite

for international transfer of capital. However, the volatility in the foreign

exchange market and the ease with which funds can be withdrawn from

countries have created often times panic situations. The most recentexample of this was the East Asian crisis. Contagion of financial crises is a

worrying phenomenon. When one country faces a crisis, it affects others. It

is not as if financial crises are solely caused by foreign exchange traders.

What the financial markets tend to do is to exaggerate weaknesses. Herd

instinct is not uncommon in financial markets. When an economy becomes

more open to capital and financial flows, there is even greater compulsion

to ensure that factors relating to macro-economic stability are not ignored.

This is a lesson all developing countries have to learn from East Asian

crisis. As one commentator aptly said ―The trigger was sentiment, but

vulnerability was due to fundamentals‖




35

GLOBALIZATION AND THE INDIAN ECONOMY

Indian markets have been transformed relatively as there is addition of wide range

of goods in the recent years. These rapid transformations can be understood by

analyzing the various aspects like:-

1) PRODUCTION ACROSS COUNTRIES: Before the middle of the twentieth

century, production was largely organized within countries. Raw materials, food

stuff and finished products were crossing the boundaries. Trade was the main

channel connecting distant countries. This was before large companies called

multinational corporations emerged pm the scene. Whence the goods and services

are produced globally and production is organized in increasingly complex ways.

The production process is divided into small parts and spread out across the globe.

The advantages o f spreading out production across the borders to the

multinationals can be truly immense.

2) INTERLINKING PRODUCTION ACROSS COUNTRIES: Almost all

MNC‘s set up production where it is close to the markets; where there is skilled

and unskilled labour available at low costs; and where the availability of other

factors of production is assured. The money that is spent to buy assets such as

land, building, machines and other equipment is called investment. Investment

made by MNC‘s is called foreign investment. At times, MNC‘s set up production

jointly with some of the local companies of these countries. MNC‘s provide

money for additional investments like buying new machines for faster production

and they might bring with them the latest technology for production. As a result,

production in these widely dispersed locations is getting interlinked.




36

3) FOREIGN TRADE AND INTEGRATION OF MARKETS Foreign trade

has been the main channel for connecting countries. It is an opportunity for the

producers to reach beyond the domestic markets. Producers can sell their produce

not only in markets located within the country but can also compete in markets

located in other countries of the world. Similarly, for the buyers, import of goods

produced in another country is one way of expanding the choice of goods beyond

what is domestically produced. Therefore, foreign trade results in connecting the

markets of integration of markets in different countries.

4) BY UNDERSTANDING THE MEANING OF GLOBALIZATION:

Globalization means integrating the Indian economy with the world economy. In

the process India becomes economically interdependent with other countries at the

global or international level. It seeks removal of trade barriers.

There are various features of globalization they are:

1. Many producers from other countries can sell their goods and services in India.

2. India can also sell its goods and services in other countries.

3. Businessmen of other countries can establish their enterprises in India, produce

goods for sale within the country or to other countries as export.

4. In the same way entrepreneurs from India can also invest in other countries.

5. Globalization includes not only movement of capital and goods but also allows

exchange of technology experience and laborers from one country to other and

6. In pursuance of this policy government of India has removed restrictions on

imports of goods, reduced taxes .




37

5) FACTORS ENABLED GLOBALIZATION: Rapid improvement in

technology has been one major factor that has stimulated the globalization process.

This has made much faster delivery of goods across long distances possible at

lower costs. There have been remarkable developments in information and

communication technology. Information and communication technology has

played a major role in spreading out production of services across countries.

Removing barriers or restrictions set by the government is what is known as

liberalization. The government imposes much less restrictions than before and is

therefore said to be more liberal.

6) WTO – meaning and its functions: It was set up in 1995 by the member

countries of the United Nation to promote trade among countries. Headquarter is

located in Geneva. It has influenced the liberalization and globalization processes

in most of the developing countries, including India. It aims at conducting

international trade among countries of the world in an open uniform and non-

discriminating manner. WTO allows free trade to all, in practice, in developed

countries. On the other hand, it rules have forced the developing countries to

remove trade barriers.

7) IMPACT OF GLOBALIZATION IN INDIA: Globalization has taken an

important place in the Indian economy for the last fifteen years. Globalization in

combination with greater competition among producers – internal as well as

external, has been of greater advantage to consumers, particularly the well-off

sections in the urban areas. Although the impact of globalization has not been

uniform, because, MNC have increased their investments in India during the last

fifteen years, which has proved to be beneficial to India. Mushrooming of

industries like cell phones, automobiles electronics, soft drinks, fast food or




38

services, via MNCs have created new avenues. It has given an opportunity to the

raw material suppliers to prosper too. On the other hand, the top Indian companies

have been able to benefit from the increased competition by investing in new

technology and production methods and raised their production standards.

Moreover, globalization has enabled some large Indian companies to emerge as

multinationals themselves! Some of the Indian companies which are spreading

their operations world-wide are Tata-Motors (automobiles), Infosys (IT), Ranbaxy

(Medicines), Asian Paints (Paints). It has created new opportunities for companies

providing services, particularly those involving IT. But for a large number of small

producers and workers, globalization has posed major challenges. Globalizationand the pressure have also posed a threat to the worker‘s jobs, as they are not

secure any more. Workers are low and workers are forced to work overtime to

make both ends meet. The workers are sometimes denied their fair share of

benefits which is brought about by globalization.

8) THE STRUGGLE FOR A FAIR GLOBALIZATION: Globalization has not

benefited everyone by way of not giving the best of the new opportunities and

have not shared the proper benefits. Fair globalization would create opportunities

for all and ensure the benefits of globalization are shared better. It is possible if

government takes major steps in this respect. The policies should be framed to

protect the interests of all the people in the country, such as labour laws are

properly implemented and thus the workers get their rights. By supporting small

producers to improve their performance till the time they become strong enough to

compete.




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CONCLUSION :-

India‘s GDP growth has soared from 5-6% a few years ago to 9% today. If this growth is

sustained, as the 11th Plan hopes to do, average living standards will rise and poverty will

be reduced. Mere growth of the GDP and others at the macro level in billions does not

solve the chronic poverty and backward level of living norms of the people at the micro

level. The growth should be sustainable with human development and decent

employment potential. The welfare of a country does not percolate from the top, but

should be built upon development from the bottom.

India gained highly from the LPG model as its GDP increased to 9.7% in 2007-2008. In

respect of market capitalization, India ranks fourth in the world. But even after

globalization, condition of agriculture has not improved. The share of agriculture in the

GDP is only 17%. The number of landless families has increased and farmers are still

committing suicide. But seeing the positive effects of globalization, it can be said that

very soon India will overcome these hurdles too and march strongly on its path of

development. The lesson of recent experience is that a country must carefully choose a

combination of policies that best enables it to take the opportunity - while avoiding the

pitfalls. For over a century the United States has been the largest economy in the world

but major developments have taken place in the world Economy since then, leading to the

shift of focus from the US and the rich countries of Europe to the two Asian giants- India

and China. Economics experts and various studies conducted across the globe envisage

India and China to rule the world in the 21st century. India, which is now the fourth

largest economy in terms of purchasing power parity, may overtake Japan and become

third major economic power within 10 years. To conclude we can say that the

modernization that we see around us in our daily life is a contribution of Globalization.

Globalization has both positive and as well as negative impacts on various sectors of




Indian Economy. So Globalization has taken us a long way from 1991 which has

resultant in the advancement our country.

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