Globalization Impact On Indian Economy

IMPACT OF GLOBALISATION ON INDIAN ECONOMY POST 1991

Globalization (or globalization) depicts a process by which local economies, social orders, and societies have turned out to be incorporated through a worldwide system of correspondence, transportation, and exchange. Globalization for the most part implies coordinating economy of our country with the world economy. The monetary changes started have dramatically affected the general development of the economy. It likewise proclaimed the mix of the Indian economy into the worldwide economy. The Indian economy was in real emergency in 1991 when outside money saves went down to $1 billion. Globalization had its effect on different areas including Agricultural, Industrial, Financial, Health segment

This is a whopping 1388 percent jump. However, there’s nothing to be euphoric about the number. As RBI governor Raghuram Rajan says, with this number we are nowhere near ending poverty. “...We are still a $1,500 per capita economy. All the way from $1,500 per capita to $50,000, which is where Singapore is, there is a lot of things to do. We are still a relatively poor economy and to wipe the tear from every eye, one would at least want to be middle-income around $6,000-7,000 which, if reasonably distributed, will have dealt with extreme

Foreign trade accounted for 48.8% of India's GDP in 2015. Globally, India accounts for 1.44% of exports and 2.12% of imports for merchandise trade and 3.34% of exports and 3.31% of imports for commercial services trade. India's major trading partners are the European Union, China, the United States and the United Arab Emirates In 2006–07, major export commodities included engineering goods, petroleum products, chemicals and pharmaceuticals, gems and jewellery, textiles and garments, agricultural products, iron ore and other minerals. Major import commodities included crude oil and related products, machinery, electronic goods, gold and silver. In November 2010, exports increased 22.3% year-on-year to ₹850.63 billion (US$13 billion), while imports were up 7.5% at ₹1,251.33 billion (US$20 billion). The trade deficit for the same month dropped from ₹468.65 billion (US$7.3 billion) in 2009 to ₹400.7 billion (US$6.2 billion) in