This website uses cookies to ensure you have the best experience. Learn more

Impact Of Globalization On Indian Economy

1997 words - 8 pages

Globalization is the new notion that has come to rule the world since the nineties of the last century with the end of the cold war. The frontlines of the state with increased reliance on the market economy and renewed belief in the private capital and assets, a process of structural alteration encouraged by the studies and influences of the World Bank and other International organisations have started in many of countries. Also Globalisation has brought in new avenues to developing countries. Greater access to developed country markets and technology transfer hold out promise improved productivity and higher living standard.
Countries around the world have closer over past few decades due to growing integration between economies. The main cause behind this growth has been globalization. There can be various definitions of globalization according to different aspects like economic activities, political, technological, cultural interactions. It brings the countries closer to each other and make them more interrelated through providing unrestrained trade and financial exchange. 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. Opening up the economy to globalization can have both favourable and unfavourable impact on the country’s economic growth, environment, human capital, cultural dominance etc. Since globalization has been a hot topic over last few decades, it becomes imperative to study its impact on the economic growth of the country.
1.2Indian Economy
The case taken in this paper is of India which constitutes about 5th of the population of developing world. The study of globalization is particularly important for a developing nation like India where it has led to a tremendous growth. In 1991, the Indian economy faced a huge cash crunch consisting of high inflation, high and unsustainable fiscal deficit. The foreign exchange crunch of 1991 led India to open up its economy towards other nations. The concurrent processes of liberalization, privatization and globalisation has been going on since
7
then. Major measures initiated as a part of the liberalization and globalization strategy in the early nineties included scrapping of the industrial licensing regime, reduction in the number of areas reserved for the public sector, amendment of the monopolies and the restrictive trade practices act, start of the privatization programme, reduction in tariff rates and change over to market determined exchange rates. Over the years there has been a steady liberalization of the current account transactions, more and more sectors opened up for foreign direct investments and portfolio investments simplifying entry of foreign investors in telecom, roads, ports,...

Find Another Essay On Impact of Globalization on Indian Economy

The Impact of Globalization on Germany

3857 words - 15 pages another reason to associate the problem of corporate downsizing to the process of Globalization. Many Germans feel that globalization has caused ?stockholder value to take precedence over loyalty to workers? (Longworth pg 158-171). On the other hand, there are those who argue that Economic Globalization for Germany is actually a positive thing. Germany?s economy is by far the most powerful economy in all of Europe, and is only second in the

The Impact of Globalization on Culture

1886 words - 8 pages Running head: THE IMPACT OF GLOBALIZATION ON CULTURE 1 THE IMPACT OF GLOBALIZATION ON CULTURE 2 The Impact of Globalization on Culture There are many cultures throughout the world, each with their own different beliefs and values. One culture varies from the other based on these beliefs, which are passed down from generation to generation. Sooner or later the traditions and behavior patterns of these cultures are influenced by globalization

The Impact of Globalization on Poverty

2063 words - 8 pages Economist Newspaper, 23 Sept. 2013. Web. 15 May 2015. "Globalization." Defination & Example. Investing Answers, 2001-2014. Web. 15 May 2015. Olivero, Tina. "Globalization: Understanding the Impact of Globalization on Our World." Global Oil and Gas Industry News. 29 Nov. 2011. Web. 15 May 2015. Ager, Rob. "Collative Learning - Rob Ager." Collative Learning - Rob Ager. N.p., 2007. Web. 22 May 2015. Collins, Mike. "The Pros And Cons Of Globalization." Manufacturing . Net. Saving American Manufacturing, 28 June 2010. Web. 26 May 2015. Fitzpatrick, Liam. "The Best of Asia." Time. Time Inc., 27 Apr. 2007. Web. 26 May 2015.

The Impact of Globalization on our Society

1865 words - 7 pages not globalization has a positive impact on our society. I agree with Romeo Dallaire comment that we should continue with legacies of globalization and it should continue to be embraced in the world around us. Mr. Dallaire states that all humans should be equal and no one should be placed above one another." If we believe that all humans are humans then how are we going to prove it?" Globalization has also helped to improve many third world

The Impact of Globalization on State Relationships

846 words - 3 pages "Globalization, both as an ideology and process, has become the dominant political, economical and cultural force in the 21st century." Quote from "Globalism: The New Market Ideology" by Manfred D.Steger, Page 6 One of the biggest questions currently asked in international politics seeks to determine the role that globalization plays in world and its effect on state relationships. While there is debate about the extent to which

Impact of Foreclosure Crisis on the Economy

1412 words - 6 pages dream to own their own homes. I have heard people on TV and on the national stage debate the reasons and the impact of the foreclosure crisis on the economy. This debate has been frustrating because people focus too much on arguing who is right or who was wrong; some people claim the foreclosure crisis is from a lack of oversight over mortgage companies that should have been regulated more by the government in how they make their loans. Other

Impacts of Globalization on Swedish Economy and Businesses

2124 words - 8 pages manufacturing as simplistic as possible while trying to enhance their innovation within their limitations. 2.2 Potential future impacts of Globalisation of the Swedish economy. Globalization has also raised concerns on quality of output such as Ericsson and their Joint venture with Sony to launch the Sony Ericsson. Ericsson is a Swedish brand, and their joint venture has lead to outsource their productivity of communication devices on the

Impact Of British Colonialism on the Indian Caste System

2930 words - 12 pages notable feature of Indian social history in this period and involved the adoption of many of these behaviors by groups that had not practiced them before. Under colonialism, caste was made to be pervasive, totalizing and uniform than before; it was also defined as a religious order in the society (Ban & Rao, 2007). Conclusions To understand the British Impact on Indian civilization it is helpful to picture the British presence as an overlying

Impact of increasing crude OIL prices on Indian industries

1566 words - 6 pages Impact of increasing crude OIL prise on Indian industries.India is an energy importing country, primarily of oil and soon of gas. Its imports are growing while its domestic production lags behind the fast pace of demand growth. The Indian government is conscious of the need to diversify its sources of supply and also to boost domestic supply of primary energy as well as final products (LPG, kerosene, natural gas, lubes, etc.). On the exploration

Colonial impact on the indian

2705 words - 11 pages India was a direct colony of the British and the impact of this colonial rule over the economy and society of India has been immense. It must be stated at the outset that direct colonial rule leaves a total impact on the colonized society because every aspect of social life is influenced by colonial policies of the colonizers. A direct colony (as was the case with India) is under the complete control of the colonizers and colonial policies and

Effects of Globalization: Globalization and the Effects on the United States Economy

2136 words - 9 pages globalization creates on the local economy. When businesses become an international entity the home country experiences increased unemployment rates, the human resource department now has to manage across borders, prices of goods fluctuate, and forcing wages to decrease for unskilled workers and increase for skilled ones. To protect businesses and employees from unfair practices, various organizations have been created to enforce the policies set forth

Similar Essays

Impact Of Globalization On People Essay

1576 words - 6 pages disadvantages of globalization are mostly related to the distribution of capital, and technological advances. We can understand from above discussion that the advantages of globalization have great impact on human life, and the advantages are more noticeable than the disadvantages. The disadvantages have also greatly affected the human life, but they are mostly related to the countries advancement or development, that is if the people of the country

Impact Of Globalization On Pakistan Essay

7267 words - 29 pages phenomenon of globalization is controversial and it has influenced various countries in view of their peculiar set of circumstances therefore it seems imperative that its impact whether largely positive or negative be analyzed on overall development and economy of Pakistan. This study will therefore focus on finding the answer to the following questions.What impact has the globalization on the economy of Pakistan with special reference to trade and

Impact Of Globalization On Terrorism Essay

1575 words - 6 pages Globalization is affecting most everything in the world today by mixing cultures, beliefs, people, and ideas together in the melting pot of society. Since terrorism has taken the impact of globalization it is leaving the world in a war of terror and a desperate effort to unite against the growing terrorist groups. After the numerous, tragic world wide events stemmed by terrorism such as: 9/11, bombing of the London subway, and the Beslan school

Impact Of Islam On Indian Culture

910 words - 4 pages Impact of Islam on Indian culture and/or politicsThere is a close relationship between Islam and Indian. Islam is a religion that is based on Quran which explains revelations from god and is believed that it is unaltered throughout the decades. There is about 1.57 billion supporters which is the same number as of 23 percentage of earth's population. It is the second-largest religion in the world and it is still growing fast. The support of Islam