Globalisation And Globalization

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Globalization has opened up fresh and incredible prospects for worldwide developers. Inspired from the concept of globalization, in 1991 India made changes to the economic policy and integrated with the other economies in the world. “Globalization in India arrived just before the end of the cold war. India introduced changes in industrial and trade policies to improve its efficiency, productivity and competitiveness of its economy. Besides, it also brought changes in industrial licensing, foreign collaborations, investment by NRIs, portfolio investment by foreign institutional investment, reduction in tariff rate and simplification of export-import procedures, opening of the IT-sector, reducing public expenditure investment norms to attract inflow of capital from both the domestic and foreign enterprises in sectors like banking, insurance, retailing etc.”(1CCCCCCC)India 's economy has witnessed a shift from low to high growth as a result leading to increase in domestic savings. In the world economic scenario, Indian economy has become much more open and competitive as the annual average growth rate of five to seven percent has been maintained. Globalization has extensive implications on India 's relations with the countries of the world as India’s economic accomplishment over the last two decades has attracted other regional and global forces to integrate with India. Henry Kissinger predicts that, “In the twenty-first century, the international system will be

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