The Concept of Globalization & India
India is now in a developing stage get released from the term 3rd World Country. Between few years it became develop so much that it tries to get fame & position in other countries, in socio, economic & other fields. So it make hand with other nations worldwide.
The concept of Globalization
Globalization we means, make a place in international market in the socio, economic political field. The concept of Globalization came into existence by the formulation of new industrial policy in 1991. In this year, Mr. Manmohan singh introduced the concept of Globalization, privatization of all sectors, when he was the Finance Minister. He want free flow of marketing and want to bring all Nations within one Umbrella.
The main Features of Globalization
- Adjustment of Indian economy with World economy
- Conversion of National market to International ones, which will facilitate free mobility of capital, labour & consumer goods.
- It’s called market reform policy, which is otherwise known as Manmohan economics or Manmohanics. It replaces socialistic pattern of society.
The positive side of Globalization
- Dismentaling of Industrial licensing system
- Invitation & propmotion of foreign capital
- Partial privatization of public sector
- Making various sectors of Indian economy comperative on Global Scale
- Provides an opportunity to learn from others to excel
- Generate more Income & Employment
- Provides opportunity for Direct Foreign Investment (DFI)
- Provide opportunities for Industries to produce cost effective product
- Removes the monopoly practices & rigidity in socio-economic system
- Reduce the concept of dualism & dichotomy
- Give raise to degradation of Local Industries
- Leads to exploitation by the foreign market
- Globalization is a challenge to Gandhian concept of economy
- Loss Governmental autonomy
- Give raise to scam & scandal