Essay.Doc
Globalization and North East India: Challenges and Opportunities[1]
N. Bhupendro Singh
I. Introduction Ever since the term ‘globalization’ appeared for the first time in the second half of twentieth century no other word has meant so many different things to different people and has evoked as much emotions. The forces of globalization affect virtually every country in the world. It has opened the door of many new opportunities as well as formidable challenges. All spheres of life–social, political, cultural and economic–have been subjected to both the positive and negative elements of globalization. With all its promises on the overall qualitative improvement of life and social harmony, some see it as the saviour of universal peace and prosperity. On the other hand, rising mercury of its negative elements some condemn it as a new kind of chaos. While everyone welcomes the new opportunities that has emerged one cannot simply leave those negative elements unattended. Therefore, the main task now is to analyze, understand and manage globalization doing our best to harness its benefits and keep those negative consequences at bay.1 India joined the club of globalized economy in 1991when its economy is under the spell of fiscal and balance of payment crisis which compel her to initiate several structural adjustment programme and economic liberalization. Since then, India’s share to the global economy is getting larger. Today, looking at overall health of the economy and growth performance2, India seems to have struck the right note of the globalization string. With its vast natural and human resources and ability to synchronize the speed of change taking place in the international market, many have considered the India’s economy as one of the most resilient economy in the world. Now, the most pertinent question arises in the recent years is; has the benefits of globalization disbursed to all the regions of the Indian union? Certainly the answer is NO. India’s
N. Bhupendro Singh
I. Introduction Ever since the term ‘globalization’ appeared for the first time in the second half of twentieth century no other word has meant so many different things to different people and has evoked as much emotions. The forces of globalization affect virtually every country in the world. It has opened the door of many new opportunities as well as formidable challenges. All spheres of life–social, political, cultural and economic–have been subjected to both the positive and negative elements of globalization. With all its promises on the overall qualitative improvement of life and social harmony, some see it as the saviour of universal peace and prosperity. On the other hand, rising mercury of its negative elements some condemn it as a new kind of chaos. While everyone welcomes the new opportunities that has emerged one cannot simply leave those negative elements unattended. Therefore, the main task now is to analyze, understand and manage globalization doing our best to harness its benefits and keep those negative consequences at bay.1 India joined the club of globalized economy in 1991when its economy is under the spell of fiscal and balance of payment crisis which compel her to initiate several structural adjustment programme and economic liberalization. Since then, India’s share to the global economy is getting larger. Today, looking at overall health of the economy and growth performance2, India seems to have struck the right note of the globalization string. With its vast natural and human resources and ability to synchronize the speed of change taking place in the international market, many have considered the India’s economy as one of the most resilient economy in the world. Now, the most pertinent question arises in the recent years is; has the benefits of globalization disbursed to all the regions of the Indian union? Certainly the answer is NO. India’s