Essay on How Economic Reforms Have Affected Globalization In India

1091 Words 5 Pages
Abstract

India has seen a drastic metamorphosis over the last century. From being under the British rule to being a global giant in just over 60 years could be termed as a global success story. It has been the last 15 odd years that India’s economy has been growing at a massive rate. In this essay I will attempt to bring out the salient features of the economic reforms introduced to India to have made this growth possible. I would first make some comments about what globalisation is and why it is so important for India. I will also put forth an assessment of the aforementioned reforms from an economic and sociological viewpoint. In the latter part of the essay I will put forth a foreseen direction of the economy based on the
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Some interesting definitions are as follows.
• “Globalization is the `name' that is often used to designate the power relations, practices and technologies that characterize, and have helped bring into being, the contemporary world (Schirato, 2003. pg.1)”.
• “From an economic point of view, globalization represents a process of increasing international divisions of labour and growing integration of national economies through trade in goods and services, cross-border corporate investment, capital flows and migration of human resources (Das, 2004. pg.1)”.
• “Globalization is very often used to refer to economic globalization, that is integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology (Bhagwati, 2004. pg. unknown)”
• The ex-governor of the Reserve Bank of India(RBI) – Mr. Bimal Jalan stated in one of his speeches, that it is crucial in which sense the word globalization is used(www.bimaljalan.com): o “The word may be used in a purely descriptive sense to describe‘shrinkage’ of distance among nation states due to technological changes in transport and communication and closer integration of product and financial markets across the world.” o “Another sense in which the word may be used is the effect of such changes on different countries or groups of countries, such as, developed and developing. In yet another sense, the word may also represent a

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