Globalisation in india essay

To summarize, the process of globalization has changed the industrial pattern social life of global people and it has immense impact on Indian trade system. The globalization of the economic, social and cultural structures happened in all ages. Previously, the pace of process was slow. Today with the start of the information technology, new ways of communication have made the world a very small place. With this process, there is a big market place. Globalization has resulted in increase in the production of a range of goods. MNCs have established manufacturing plants all over the world. It has positive effects and India will overcome many obstacles and adopt global policies to expand business at international scale. India is gaining international recognition and strengthening in economic and political areas.

A number of changes were approved on the FDI policy to remove the caps in most sectors. Fields which require relaxation in FDI restrictions include civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining. But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing. FDI inflows into India reached a record US$ in fiscal year 2006/07 (April–March), according to the government's Secretariat for Industrial Assistance. This was more than double the total of US$ in the previous fiscal year. The FDI inflow for 2007-08 has been reported as $24bn [21] and for 2008-09, it is expected to be above $35 billion. [22] A critical factor in determining India's continued economic growth and realising the potential to be an economic superpower is going to depend on how the government can create incentives for FDI flow across a large number of sectors in India. [23] In September 2012 the government approved 51% FDI in multi-brand retails despite a lot of pressure from coalition parties. [24]

Globalisation in india essay

globalisation in india essay


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