Economy of India | India China economy comparison |GDP of India |India globalization |Indian economic sector |Economic indicators
Globalization of India has a glorious history that goes back thousands of years with the Aryans, Hindus, Dravidians, Greeks, Buddhists, Turks, Afghans and Muslims, followed by the Europeans, Portuguese, French, Dutch and of course English. In the 1990s, the economy of India has seen a major shift and that marks the real beginning of the integration of the Indian economy with the global economy. That is when India had shifted to a market-based system from a regulated and protected economy.
The new economic reform of India, popularly termed as the liberalization, privatization, and globalization, or the LPG model, has been adopted to make India globally competitive and also to upgrade the country as the fastest growing economy of the world.
In the recent past, globalization of India has undoubtedly brought about a rapid economic progress of the nation. It has resulted in an enlargement of the job market and the country has seen considerable export-led growth due to this globalization. Globalization has brought about a massive growth in the outsourced IT and Business Process Outsourcing (BPO) services. Last few years have seen a considerable increase in the number of Indian professionals employed by local and foreign companies.
Globalization of India has seen the advent of so many international ventures within the country. These flourishing companies have given rise to a new level of social strata in the country, which is thriving and basking in the glory of the success of these industries. These companies are benefiting from the large consumer base of India, the large pool of skilled, educated and knowledgeable English-speaking Indian population and minimal investments and are thus rapidly expanding their operational base in our country. Some companies worthy of mention are McDonalds, Coca Cola, Pepsi, KFC, etc. These international companies have been inspiration enough to the Indian companies, which are now busy expanding their own international horizons.
India has gained highly from implementation of LPG model and has seen a rapid increase in its GDP growth. The merits of Indian globalization are easily recognizable. The consumers have now a wider range of products to choose from. India has seen a substantial growth in the flow of investments from the developed countries. But at the same time, the globalization of India has opened up the country to the threat of the spread of communicable diseases; the country also remains under the threat of its numerous flourishing MNCs dominating the country’s economic scenario with their immense power of ruling the globe.
But it can be pointed out in an optimistic vein that with opening up to world trade, developing advanced systems of communication, internationalization of financial markets, advancement in computer technology, increased number of MNCs, more mobility of people, goods, capital, data and ideas and more efficient handling of infections, diseases and pollution in India, the globalization of India can be said to have been truly realized.