Liberalization Privatization And Globalization In India

1490 Words6 Pages
The adoption of liberalization, privatization and globalization policies, in other words the New Economic Policy in 1991 marked a historic event in the history of India. It transformed not only the economic framework of the country but has had a huge impact on the social fabric as well. As a result, the whole social dynamics of the country gained a new outlook. It is widely believed that India started its journey of the economic growth only after adopting the free market policies but what is generally ignored are the implications of this growth on the marginalized sections of the society. Even though India boasts of having the sixth highest number of billionaires in the world but simultaneously maximum numbers of poor also belong to our nation. The gulf between rich and poor is ever widening. All these are due to the fact that the State has changed its stand from pro-people to pro-capitalists and socialism is now considered a thing of the past. The socialist agenda of the constitution is slowly but surely being destroyed by the State and the judiciary instead of resisting this act, is rather providing a helping hand. Defining Globalization The word ‘globalization’ signifies different meaning to different persons. There has been much disagreement among different authors regarding its definition and components. Such has been the extent of this disagreement that to some it represents the triumph of a capitalist world economy tied together by a global division of labor while
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