Impact of Globalization on Different Sectors of Indian Economy: An Analysis

Shojauddin ., Israr Ahmed

Abstract


Globalization means different things to different people, but a key economic dimension of it is undoubtedly the opening up of economies to international competition, allowing goods, ideas, capital and some people to move more freely between countries. The term globalization means International Integration, Opening up of world trade, development of advanced means of communication, internationalisation of financial markets, growing importance of MNC's, population migrations. It’s a procedure through which the diverse world is unified into a single society. Many countries around the world have embraced these aspects of globalization, because governments have become convinced that a more dynamic economic performance awaits countries that more closely integrate with the global economy. Because it brings more speedy domestic economic change, globalization can be unruly and can generate losers as well as winners. Globalization was adopted by Indian Government during 1990-91 when Indian Economy was in a very bad situation. It was, however, adopted not as a solution to deteriorating Indian economy but to enable itself to get further foreign exchange loans from World Bank. To rectify its ailing financial health, Government simultaneously decided to amend its economic policies and go for privatization & liberalization of its economy. These decisions had immediate positive effect. However, globalization has proved to be a double edged weapon. It did help government temporarily meet its emergent need of foreign exchange but it has, as a by-product, caused some permanent damage to Indian Economic system and Indian social structure. The main objective of this paper is to analysis the impact of Globalization on different sectors of Indian economy whether positive or negative. And we will check that, in which sector, there is positive and in which sector, there is negative effect. And finally we will analyse that whether India is benefited or not from the Globalization.


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ISSN : 2251-1555