The Impact of Globalization on Indian Economy

Abstract

“Globalisation” may means integration of economies and society as through cross country flow of information, ideas, technologies, goods, services, capital, finance and people. It may benefit even within a country those who have the skill and the technology. Since the economic reforms of the early 1990s, the Indian economy has witnessed a rapid rise in the economic growth and simultaneously, has brought about an increase in the economic efficiency. With the globalization of Indian economy, India has moved from a highly protected market to a free market economy with severe competition from international manufacturers. Attention to the quality of product in terms of functionality, reliability, dependability and cost has increased in several industrial sectors. Globalization in India was to make the Indian economy one of the fastest growing economies in the world.