Globalization-A Reinforcement of Indian Economy

The advent of globalization as a result of liberalization and privatization has both positive and negative on our economy. while one group of people argue that globalization provides greater opportunities , opens up new markets,promotes the use of better technology and increase the efficiency of production, another group of people feel it does not protect the domestic industries particularly in developing nation. From India’s perspective, globalization has improved our condition of living and opened up employment in fields like entertainment ,IT,telecommunication, hospitality and e-commerce.

Now that India is in the process of restructuring her economy, with aspirations of elevating herself from her present desolate position in the world, the need to speed up her economic development is even more imperative. And having witnessed the positive role that Foreign Direct Investment (FDI) has played in the rapid economic growth of most of the Southeast Asian countries and most notably China, India has embarked on an ambitious plan to emulate the successes of her neighbors to the east and is trying to sell herself as a safe and profitable destination for FDI.

This era of reforms has also ushered in a remarkable change in the Indian mindset, as it deviates from the traditional values held since Independence in 1947, such as self reliance and socialistic policies of economic development, which mainly due to the inward looking restrictive form of governance, resulted in the isolation, overall backwardness and inefficiency of the economy, amongst a host of other problems. This, despite the fact that India has always had the potential to be on the fast track to prosperity….

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