The Major Impact Of Globalization On Indian Economy Post-1991
QUES 1: What are the major impacts of globalization on Indian economy post 1991?
ANS: Globalization means integrating the economy of the nation with the economies of other countries under conditions of free flow of trade, capital and movement across the borders . it includes increase in foreign trade ,export and import of techniques of production ,flow of capital and finance from one country to another ,migration of people from one country to another.
Globalization means the removal or reduction of trade barriers between nations and the integration of the nations economies through financial flow, trade in goods and services, and corporate investments between nations. Globalization has increased across the world in recent years due to the fast progress that has been made in the field of technology especially in communications and transport. The government of India made changes in their economic policy in 1991 by which it allowed direct foreign investments in the nation. The benefits of the globalization in the Indian Industry are that many foreign companies set up industries in India, especially in the pharmaceutical, BPO, petroleum, manufacturing, and chemical sectors and this helped to provide employment to many people in the country. This helped in reduction of the level of unemployment and poverty in the country. Also the advantage of the Globalization on Indian Industry are that the foreign companies brought in highly advanced technology with them and
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