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Impact Of Globalization On Indian Economy

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Ques – Briefly explain the impact of globalization on Indian economy post 1991?
Globalization means how nations or countries are coming together as one big global economy and making international trade more easily. Globalization is the interaction of the local market with the international market. Globalization can be defined as a process associated with increasing openness for world ,growing economic interdependence and developing economic integration in the world economy. Economic reforms aims at integrating the Indian economy with the global economy, as a result, there will be unrestricted flow of goods and services, technology and expertise between India and rest of the world. It is expected that the capital and technology will flow from …show more content…

Indian markets are now increasingly shedding its monopolistic market and becoming more and more competitive in nature. For example: - a couple of years ago products like cars, refrigerators, ACs and PCs were the monopoly markets of select brands only. Now a variety of these products are available at competitive market.
Disadvantages of Globalization to the Indian economy were:-
1 Neglect of agriculture: - Growth of GDP has primarily been triggered by the growth of secondary and tertiary sector. Agriculture sector has suffered a serious neglect and its growth rate has been reduced to 2-3% annum. India is witnessing a widening gap between rural and urban economies.
2 Focus only on urban areas: - All MNCs are focusing only on urban areas; they do not want to work in rural areas which are creating a gap between rural and urban areas
3 Negative impact on Indian local market :- Due to globalization, many Indian local market was taken over by the international market which led to huge loss to local market such as toy market taken over by the Chinese …show more content…

The per capita production and steel consumption is the depth of any country’s economic infrastructure. Increase in the use of steel and iron leads to infrastructural development and rapid industrialization of the country. In 1956 it was stated that steel industry can only be reserved for public sector but due to shortage of steel production forced government to liberalize their polices in 1980s and after 1991 government opened iron and steel industry from public sector to private sector. The trade policy has been liberalized for this industry with the exemption of compulsory licensing and with the abolition of pricing and distribution controls. After 1991 steel industry in India has made a progress which shows an increasing trend in production of finished steel which reached to 31 million tons in 2002 and in 2007 it was around 49.39

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