Globalization in India: a Dream to Destroy

Topics: Economics, Globalization, World Bank Pages: 4 (1279 words) Published: August 23, 2013
INTRODUCTION
According to Legal Services India, globalisation is defined as “A process by which regional economies, societies, and cultures have become integrated through a global network of communication, transportation and trade”. As the researcher can infer from the above definition, globalisation can have two distinct perspectives. One, the economic perspective involving FDI, trade, capital flows, technology transfers etc, whilst the second perspective is social and societal, i.e. the happenings in one globally integrated location in the world has an impact on other globally integrated locations (legalservicesindia.com, 2012). One such globally integrated location in the world which has felt these affects of globalisation is India. INDIA: A NEW AGE

In 1991, under the guidance of P. V. Narasimha Rao and Manmohan Singh, India introduced its LPG policy i.e. Liberalization, Privatization, and Globalisation (Goyal, S, 1996). They followed the Washington Consensus model whilst doing so (Naim, M, 2000). At that time India’s economy was in shambles and LPG was the only feasible way out. With time we even saw that not only was this an emergency exit of sorts, it was also a stimulus for further growth (managementparadise.com, 2010). Globalisation led to foreign companies setting up shop in India, especially when it came to sectors like pharmaceutical, petroleum, and BPO’s. Furthermore we even saw advanced technology, information and investments flowing into our country (buzzle.com, 2010). Consumers enjoyed a wider range of products to choose from, whilst reaping the benefits of international quality. With economic proliferation and high GDP growth, India was emerging as a world power (indiastudychannel.com, 2010). FAULT LINES

However, this growth was largely quantitative. Cracks soon began to emerge. With the growth of South East Asia via the alternate developmental model, the Washington Consensus model began to lose its sheen (Naim, M, 2000). Qualitatively,...

References: INTERNET
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http://www.tradingeconomics.com/india/unemployment-rate
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1) Washington Consensus or Washington Confusion?
- Naim M (2000)
3) Environment and Globalization: Five Propositions
- Adil Najam, David Runnalls, Mark Halle (2007)
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