Ludovico Canovai

1

Assignment Submission Form - Individual Assignment

Student Name:

Canovai Ludovico

Student ID

Number:

Module Title:

B020580 - WORLD HISTORY

Assessment Title:

Globalization in India: consequences and effects

Lecturer(s):

Verga Marcello

Date of the

presentation:

14/07/2015

Signed: Date:

14/07/2015

2

Globalization in India: consequences and effects

Introduction

It is always a delicate topic when it comes to judge a series of events that are currently

shaping today’s international arena. The query regarding “globalization”, and it being

considered truly favourable or not, certainly is one of the most controversial. For this

reason, I find it very interesting to investigate its impact on a historically difficult country as

India. Globalization has certainly impacted events in different parts of the world, surely

being an inevitable, ineluctable occurrence. As aforementioned, this essay addresses the

consequences and effects of globalization.

Initially I will give an introduction to the issue of “globalization” as a worldwide

phenomenon, explaining why and how it is relevant to highlight the unusual impact that

globalization has on a post-colonial country. I will analyse briefly the precedent period of the

independence to understand better the phenomenon in the present era. Later I will

describe the liberalisation in the 1990s when Indian Economy was in a very bad shape.

These decisions have an immediate positive effect. However, globalization has proved to be

a double edged weapon. It did help government temporarily meet its emergent need of

foreign exchange but it has, as by- product, caused some permanent damage to Indian

Economic system and India social structure

Concept of globalization

Globalization has been exposed to a myriad of definitions, but the most comprehensive one

is given by Mittelman. He regards globalization as a syndrome of processes and activities,

rather than a single, unified phenomenon. The processes and activities, in general, refer to

the reduction of barriers between countries. This borderless world is typically referred to as

the global village where distance and space disappear, and in which a single community and

a common pool of resources exist. The process of globalization has necessarily encouraged

closer economic, political, and social interaction. This, in turn, necessitated the activation of

multiplicity of levels of analysis in the fields of economics, politics, society, and culture. In

most basic terms, the globalization of the world economy is the integration of economies

throughout the world through trade, financial flows, the exchange of technology and

information, and the movement of people. The extent of the trend toward integration is

clearly reflected in the rising importance of world trade and capital flows in the world

economy, in addition to the revolution in information, communication and transportation

technology1.

It could be easily said that globalization is characterized by the fact that distance and

national borders do not exist anymore, the ease with which economic, social and political

interaction among different countries is made, and that the nation state is not relevant

1 James H. Mittelman, Globalization: an ascendant paradigm?, University of Colorado Boulder, 2010

3

anymore for economic purposes. This certainly presents a broad set of opportunities,

bringing huge benefits along. However, scepticism towards globalization is continuously

rising.

This economic interaction and interdependence among distant and different members of

the global community is usually defined “economic globalization” and most scholars regard

to it as “the increasing internationalization of the production, distribution, and marketing of

goods and services2”. To be more precise, another curious, complete definition is outlined in

the United Nations Development Program’s Human Development Report (HDR) of 1997,

which acknowledges that the concept of “globalization” has been used to both describe as

well as prescribe the existing system of economic relations in the world today. To cite the

exact words accurately:

“A dominant economic theme of the 1990s, globalization encapsulates both a description

and a prescription. The description is the widening and deepening of international flows of

trade, finance, and information in a single, integrated global market. The prescription is to

liberalize national and global markets in the belief that free flows of trade, finance, and

information will produce the best outcome for growth and human welfare. All is prescribed

with an air of inevitability and overwhelming conviction”3. .

I found both definitions remarkable and clear. However, what it is not precise in either of

those is that when it comes to examine the realities of existing system of economic relations

in the world today, especially in India, it is quite obvious that this system has contributed to

a growth in material wealth and human welfare of only a privileged minority, and this is the

main critics that aforementioned sceptics pose to the issue. The latter ones give a broader

explanation of what globalization stands for, considered to be the latest stage of global

expansion and imperialism4.

The matter of whether globalization is truly “global” or not goes beyond the scope of this

essay, what I can firmly say is that it does undoubtedly have a different impact on the

diverse areas of the world, and that its distribution is surely not even. In the field, India

represents an exceptional case study, as whereas most countries have experienced

globalization as externally imposed, in India it has been largely internally generated by the

state and the major business groups that dominate the economy.

Before the 1990s: quick description of events

2 Nayef R.F. Al-Rodhan , Definitions of Globalization: A Comprehensive Overview and a Proposed Definition , Program on the Geopolitical Implications of Globalization and Transnational Security, Geneva, June 19, 2006. 3 Human Development Report, Published for the United Nations Development Programme (UNDP), New York, Oxford University Press, 1997, available at http://hdr.undp.org/sites/default/files/reports/258/hdr_1997_en_complete_nostats.pdf 4 Hensman Rohini, The impact of Globalization on Employment in India and Responses from the Formal and Informal Sectors, Clara, April 1 2001, UK

4

Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of

quantitative information. The most significant event of this era is the fact that an

appreciable amount of land arrears were brought under the control of a single entity like

the Suris, the Lodhi’s and the Mughals. India, by the time of the arrival of the British, was a

largely traditional agrarian economy with a dominant subsistence sector dependent on

primitive technology.

By all accounts from the 15th to the 18th century India was one of the most prosperous

regions of the world with plentiful supply of highly advanced commercial and industrial

techniques. From 1700, however, Indian GDP per capita started to drop. For more than 400

years now India has had low incomes and low, even negative, rates of economic growth

whereas its population has continued to expand.

The conventional narrative of India's post-World War II economic history begins with a

disastrous wrong turn by India's first Prime Minister, Jawaharlal Nehru, toward Fabian

socialism, central planning, and an unbelievable quantity of bureaucratic red tape. This

"license Raj" strangled the private sector and led to rampant corruption and massive

inefficiency

During the decade of 1980s5 India successfully completed the Sixth (1980-1985) and the

Seventh (1985-1990) Five Year plans and moved on a higher growth path with an average

growth rate of 5.7 per cent per annum compared with a trend rate averaging 3.5 per cent

until the end of 1970s. However, sustainability of the growth process came under serious

doubt due to large and persistent macro economic imbalances manifested in rising fiscal

deficits, precarious balance of payments situation and high inflationary pressures.

During 1980s the overall economic philosophy in India was to liberalize imports to some

extent, promote export-oriented industries, reduce physical controls and regulations in

industry, encourage capacity augmentation and technological up gradation and allow

flexible exchange rate and attract foreign investment in selected sectors on the basis of case

by case approvals. However, these liberalization measures were not carried to full extent

and not supplemented by fiscal prudence, monetary discipline, private participation,

reforms in taxation policies or in monopolistic trade and industrial licenses. India still

adopted a very restrictive policy as regards foreign equity, capacity expansion for economies

of scale and private participation in infrastructure and other strategic sectors6.

The reforms measures in 1990s

Indian economy was in deep crisis in July 1991, when foreign currency reserves had

plummeted to almost billion inflation had roared to an annual rate of 17 percent; fiscal

deficit was very high and had become unsustainable; foreign investors and NRIs had lost

5 Nayak A. K. J. R, Globalization in India: A historical Perspective Since Independence 1947, South Asian Journal of Management, Vol 1297 No 1, 2004 6 Shyamsunder Singh, Globalization and it’s impact on India economy, Arth Prabhand: A Journal of Economics and Management, Vol.1 Issue 1, April 2012, ISSN

5

confidence in Indian economy7. Capital was flying out of the country and we were close to

defaulting on loans. Along with these bottlenecks at home, many unforeseeable changes

swept the economies of nations in Western and Easten Europe, South east Asia, latin

America and elsewhere, around the same time. These were the economic compulsions at

home and abroad that called for a complete overhauling of our economic policies and

compulsions at home and abroad that called for a complete overhauling of our economic

policies and programs. Major measures initiated as a part of the liberalization and

globalization strategy in the early nineties included the following 8.

- Devaluation: the first step towards globalization was taken with the announcement of the

devaluation of Indian currency by 18-19 percent against major currencies in the

international foreign exchange market. In fact this measure was taken in order to resolve

the BOP crisis.

- Disinvestment: in order to make the process of globalization smooth, privatization and

liberalization policies are moving along as well. Under the privatization scheme, most of the

public sector undertaking have been are being sold to private sector.

- Dismantling of the industrial Licensing Regime At present, only six industries are under

compulsory licensing mainly on accounting of environmental safety and strategic

considerations. A significantly amended locational policy in tune with the liberalized

licensing policy is in place. No industrial approval is required from the government for

locations not falling within 25kms of the periphery of cities having a population of more

than one million.

- Allowing foreign Direct Investment (FDI) across a wide spectrum of industries and

encouraging non-debt flows. The department has put in place a liberal and transparent

foreign investment regime where most activities are opened to foreign investment on

automatic route without any limit on the extent of foreign ownership. Some of the recent

initiatives taken to further liberalise the FDI regime, inter alias, include opening up of

sectors such as Insurance (upto 26%) development of integrated townships (upto 100%)

defence industry (upto 26%) tea plantation (upto100%) subject to divestment of 26% within

five years to FDI ) enhancement of FDI limits in private sector banking, allowing FDI up to

100% under the automatic route for most manufacturing activities in SEZs; opining up B2B

e-commerce3; Internet service provides (ISPs) without gateways; electronic mail and voice

mail to 100% foreign investment subject to 26% divestment condition; etc. The department

has also strengthened investment facilitation measures through foreign investment

implementation Authority (FIIA)

- Non Resident Indian Scheme the general policy and facilities for foreign direct investment

as available to foreign investors / Companies are fully applicable to NRIs as well. In addition

7 Ojha. A. K. , Globalization & Liberalization – prospects of new world order, Third concept – An International Journal of Ideas, August-2002 8 Prakash Somalkar, Impact of globalization on India Econony, Sardar Patel College, Chandrapur, Volume N. 1, Isue N. 8, ISSN 2211-1182, 2011

6

Government has extended some concessions specially for NRIs and overseas corporate

bodies having more than 60% stake by NRIs

- Throwing open industries reserved for the public sector to private participation. Now there

are only three industries reserved for the public sector

- Abolition of the (MRTP) Act, which necessitated prior approval for capacity expansion

- The removal of quantitative restrictions on imports.

- The reduction of the peak customs tariff from over 300 per cent prior to the 30 per cent

rate that applies now.

- Severs restrictions on short-term debt allowing external commercial borrowings based on

external debt sustainability.

- Wide-ranging financial sector reforms in the banking, capital markets, and insurance

sectors, including the deregulation of interest rates, strong regulation and supervisory

systems, and the introduction of foreign/private sector competition

Indian economy had experienced major policy changes in early 1990s. The new economic

reform, popularly known as, Liberalization, Privatization and Globalization (LPG model)

aimed at making the Indian economy as fastest growing economy and globally competitive.

The series of reforms undertaken with respect to industrial sector, trade as well as financial

sector aimed at making the economy more efficient9.

With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter

has dawned for India and her billion plus population. This period of economic transition has

had a tremendous impact on the overall economic development of almost all major sectors

of the economy, and its effects over the last decade can hardly be overlooked (Jalan, Bimal

1996)10. Besides, it also marks the advent of the real integration of the Indian economy into

the global economy.

This era of reforms has also ushered in a remarkable change in the Indian mindset, as it

deviates from the traditional values held since Independence in 1947, such as self reliance

and socialistic policies of economic development, which mainly due to the inward looking

restrictive form of governance, resulted in the isolation, overall backwardness and

inefficiency of the economy, amongst a host of other problems. Now that India is in the

process of restructuring her economy, with aspirations of elevating herself from her present

desolate position in the world, the need to speed up her economic development is even

more imperative11. And having witnessed the positive role that Foreign Direct Investment

(FDI) has played in the rapid economic growth of most of the Southeast Asian countries and

9 Gupta, S. P. (1993) Liberalization: Its Impact on the Indian Economy, Indian Council for Research on International Economic Relations (ICRIER), Macmillan India Limited, Delhi, 1993 10 Jalan, Bimal 1996. India’s Economic Policy: Preparing for the Twenty-First Century. Penguin Books, New Delhi. 11 Kumar, Nagesh (2000) Indian Economy under Reforms: An Assessment of Economic and Social Impact, Bookwell, New Delhi, 2000

7

most notably China, India has embarked on an ambitious plan to emulate the successes of

her neighbors to the east and is trying to sell herself as a safe and profitable destination for

FDI12.

India’s Performance Post Liberalization

India’s economic performance in the post-reforms period has many positive features. The

average growth rate in the ten year period from 1992-93 to 2001-02 was around 6.0

percent, as shown in Table, which puts India among the fastest growing developing

countries in the 1990s. This growth record is only slightly better than the annual average of

5.7 percent in the 1980s, but it can be argued that the 1980s growth was unsustainable,

fuelled by a buildup of external debt which culminated in the crisis of 1991. In sharp

contrast, growth in the 1990s was accompanied by remarkable external stability despite the

East Asian crisis. Poverty also declined significantly in the post-reform period, and at a faster

rate than in the 1980s.’

Years GDP Growth Rate Average Percent

1990-1950

1950-1980

1980-2002

2002-2006

2008

2010

1.0

3.5

6.0

8.0

9.5

9

Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990- 2000:

Census of India (2001), 2000-2005 Finance Ministries.

There are numerous implications of globalization on the national economy. The

phenomenon has intensified competition and interdependence between economies in the

global market. In India, the economic reforms have resulted in the overall economic growth.

The growth in the Gross Domestic Product has improved the global position of India. The

direction of growth has also been shifted within the sectors. Initially, the primary sector

generated a large percentage of the GDP. Due to globalization, the service sector is now the

main driver of Indian economy, but we can consider also other sector as agriculture. It

acquired 17% of India's GDP in 2008. The 60% of population still depends on agriculture for

their livelihood (occupied the 43% of India's geographical areas). In this sector agricultural

Scientists are applying new technologies and instruments in growing crops. Different state

government of India are taking initiative to tolerate the farmers.

12 M. Dhanabhakyam & Sakthipriya M.R.G., India’s Economic Performance- Globalisation As Its Key Drive, Bharathiar University, Coimbatore, India, International Journal of Global Business, 5 (1), 1-16, June 2012

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Anyway the overall rate of growth of India’s economy is one of the major advantages of

globalization in India owing to the fact that during the 1970s, its rate of growth was as low

as 3 percent. Countries like Mexico, Brazil, Korea and Indonesia had their GDP doubling that

of India. Even though the 1980s saw the India’s growth rate doubling, it was still lower than

that of Indonesia, China and Korea. As such, India’s position in the global arena has been

improved from the time that it became part of the globalized world. In 1991, India was

ranked fourth with regard to its economy. However, with the increase in the rate of growth

that it experienced with the liberalization of its economy, it moved to the fourth place in

2001. Foreign direct investment has also increased due to globalization in India. There are

also other sectors that have experienced growth owing to globalization apart from the

above mentioned area. These include India’s imports and exports. As such, globalization has

resulted in fiscal consolidation, growth in foreign exchange reserve, increased foreign

investment and to a considerable extent, control of inflation. All these have helped the

speeding up of growth of Indian economy. Ad example Big international companies (Walt

Disney, 20th Century Fox, Columbia Pictures) are investing in this sector. Furthermore

Famous International brands (Armani, Gucci, Nike, Omega, and so on.) are investing in the

India market with the changing of fashion statement of Indias.

Globalization has seen an increase in the number of fortune companies in India. The

implication is that there are more employment opportunities than before. This also means

that the standards of living have been raised with more wealthy people being created due

to the numerous opportunities that exist within the country. The liberalization of trade

which consequently led to flexibilities in business policies to allow for equal opportunities

for multinational companies has therefore resulted in desirable impacts for the overall

Indian economy. New technologies and products have been introduced in India and this has

created new opportunities. The multinational companies have made big investments and

set up research and development centres which have brought about positive impacts in the

lives of Indian people. As a result, India is among the lading countries in information

technology, business processing and research and development investments. Globalization

has also had positive impacts on the social and cultural realm. By opening new opportunities

for employment, globalization has improved both economic and social life of individuals.

The standard of living has been raised and more Indians can now enjoy the luxuries that

were not known to them before. The perceptions of ordinary Indians have also been

changed through increased cultural interaction through mediums. Access to television grew

from 20% of the urban population (1991) to 90% of the urban population (2009). Even in the

rural areas, satellite television has a grown up market. In the cities, Internet facility is

everywhere13. Extension of internet facilities even to rural areas. Furthermore, big shopping

malls and high-rise residential are seen in every cities. In addition, the telecommunication

and Software Industries are booming. We can consider also the impact of the globalization

13 Dernè Steve, The limited effect of cultural globalization in India: implications for culture theory, Elsevier, NY, 2005

9

on education: the literacy rate in India at present is 74.04% and the Foreign Universities are

collaborating with different Indian Universities.

Indian companies are now gaining more recognition in the global arena than before.

Products from other parts of the world are also finding their way into the Indian market

with more people being in a position to purchase them owing to improved economic

conditions. More Indians can also access goods from other parts of the world owing to

reduced prices. Generally, globalization has improved the economic life of Indians due to

more job opportunities as people are no longer worried about government jobs; there are

numerous multinational companies that pay more attractive salaries than the government.

As such, Indians have gained more from globalization in ways that are beneficial to both the

state and the individuals within the state.

- Others socio-cultural important aspects

It is globalization and globalization alone, which is responsible for changing people’s outlook

and life style. To highlight the fact that their established socio culture systems have been

severely affected, we examine here below some of the changes in various established

practices:

- Indian society has always been a male dominated society. Male members have been sole

bread earners and have been the sole face of family to outside world. Women folk have

been only managing the family within four walls of their home. Globalization has struck a

fatal blow to this established practice. To-day women are working in all spheres of Indian

Economy. They have challenged male domination in all respects. To-day men are normally

not free to take any family decision without consent of women folk.

- Indian joint family system has been appreciated world over for strong relationships which

provided support to everybody to face hard times and old age periods. Western culture has

given new meaning to life to Indian youth. They want to lead an independent life. They are

getting more and more blunt in breaking relations with elders and in building nuclear

families. Old & handicapped persons in the families are being forced to support themselves

without any support from their children. These nuclear families are getting further divided

due to strained relations of partners or due to displacement of one or the other partner to a

far off place in pursuit of his/her employment.

- Earlier, well defined religious practices were being blindly followed by one and all. But

globalization has now brought in the spirit of reasoning which has weakened established

practices. Secondly, work place integration of different cultures has inter-mixed the religions

practices. This way old age religious practices which differentiated people from different

religions are getting blurred.

- Earlier life partners were searched from local areas and from within their caste. Now inter-

caste marriages i.e. marriages within families with totally different social systems are quite

common. Majority of such marriages are getting fructified either in the study institutions or

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at their work place. Globalization has thus greatly affected our social fabric. The shared

experience is giving new meaning to our life and is leading to changes in our culture,

religious practices and spirituality14.

- Negative aspects of the Globalization

I will try to analyse some important consequences of the globalization in India. One

important point is how developed nations have outsourced manufacturing and white collar

jobs. That means less jobs for their people. This has happened because manufacturing work

is outsourced to developing nations like India or China where the cost of manufacturing

goods and wages are lower. Programmers, editors, scientists and accountants have lost

their jobs due to outsourcing to cheaper locations like India. The companies move in India

not only for the low wage but also they have set up industries with poor regulation of

pollution (lower cost). In this way the local industries are being taken over by foreign

multinationals and many times eliminates the national identity with a flow of money

abroad. Multinational Companies and corporations which were previously restricted to

commercial activities are increasingly influencing political decisions.

Another of the consequences of the globalization is that has led to exploitation of labour.

Prisoners and child workers are used to work in inhumane conditions. Safety standards are

ignored to produce cheap goods. Youth group of India leaving their studies very early and

joining call centres to earn easy money thereby losing their social life after getting

habituated with monotonous work.

Furthermore there is the theme of the Job insecurity. Earlier people had stable, permanent

jobs. Now people live in constant dread of losing their jobs to competition. Increased job

competition has led to reduction in wages with an increase in prices so a lower standards of

living. Furthermore, the increase in prices has reduced the government’s ability to sustain

social welfare schemes in developed countries.

Another important point is how the benefits of globalization are not universal. In India the

rich are getting richer and the poor are becoming poorer also for the strong presence of

corruption. Some section of people in India, basically poor and very poor, tribal groups, they

did not feel the heat of globalization at all. They remain poor and poorest as they were.

Increased gap between rich and poor fuels potential terrorist reaction.

Conclusion

To summarize, at the beginning I analyse the concept of the globalization and I try to give a

clear definition of this complex concept. I analyse the period before the 1990s with a quick

description of events. After that, I describe the reforms measures in 1990s and the impact in

14 Jyoti Jindal, Globalization – It’s socio-economic Impact in India, GGS College for women, Chandigarh, India, December 2013

11

the Indian society. Therefore, in this concept I describe the India’s Performance Post

Liberalization, in particular the economic and a socio-cultural aspects. At the end I analyse

the negative aspects of the globalization in India.

The process of globalization has changed the industrial pattern social life of global people

and it has immense impact on Indian trade system. The globalization of the economic, social

and cultural structures happened in all ages. Previously, the pace of process was slow.

Globalization has resulted in increase in the production of a range of goods and MNCs have

established manufacturing plants all over the world. It has positive effects and India will

overcome many obstacles and adopt global policies to expand business at international

scale. Important is that India is gaining international recognition and strengthening in

economic and political areas.

Thanks partly to the crisis and to the new economic policies in 1991, the India economy has

knew a new course. For those who predicted otherwise, India is one of the fastest growing

countries today. Its population which was once the most talked about subject has actually

turned the tables for India. With a host of economic advantages, a well educated and young

population India is all set to rule and give the superpowers a run for their money. As far as

the economic scenario is concerned India is surely on a roll. The last twenty years have

really proved extremely beneficial for India. The country now stands only after Brazil as far

as GDP ranking is concerned. India has replaced Russia and grabbed the second position in

the global forefront mostly due to the strategic planning and huge amount of expenditures

on education in India. India GDP 2011 is expected to cross the 8 percent mark and move to 9

percent GDP growth rate. India is the second largest populated country in the world

sheltering over one billion people. Although India has not had a striking 10 percent year

over year economic growth as its neighbour China it has still managed to grow at a nominal

rate. India's GDP growth has been slow but careful. According to trade pundits India will

take the third position as Far as GDP growth in concerned by 2020 replacing Germany, the

UK, and Japan. Only United States and China will be ahead of it.

However, India needs to launch a ‘second generation’ of economic reforms, with a more

human face, if it is to reap their full potential. Politicians and administrators need to display

greater pragmatism while designing and implementing future economic reforms. The

reforms must be based on the long-term vision of transforming India into a global economic

power in the next twenty to twenty-five years. India’s meteoric economic rise in the last two

decades has been impressive. There is however a dark side to it, hidden or ignored that i try

to explain at the end of the paper. Well over half its people have been left behind or

negatively impacted and there have been irreversible blows to the natural environment15.

Globalised development as it is today is neither ecologically sustainable nor socially

equitable, and is leading India to further conflict and suffering. There are, however, a range

of alternative approaches and practices, forerunners of a Radical Ecological Democracy that

can take us all to higher levels of wellbeing, while sustaining the earth and creating greater

equity. Of course it should be said that these challenges also represents opportunities, like

the one to consolidate what was achieved in the 1990s and 2000s and look ahead to further

economic progress in the present one. Making the most of these opportunities requires,

first and fore most, the pursuit of macroeconomic stability linked with pro-growth policies

15 Aseem Shrivastava, Globalization in India: impacts and alternatives, Kalpavriksh, Delhi, 2012

12

by national policymakers, which is something that they did not succeed in doing in the last

20 years in India.

13

Bibliography

- Aseem Shrivastava, Globalization in India: impacts and alternatives, Kalpavriksh, Delhi,

2012

- Dernè Steve, The limited effect of cultural globalization in India: implications for culture

theory, Elsevier, NY, 2005

- Dhanabhakyam M. & Sakthipriya M.R.G., India’s Economic Performance- Globalisation As

Its Key Drive, Bharathiar University, Coimbatore, India, International Journal of Global

Business, 5 (1), 1-16, June 2012

- Gupta S. P. (1993) Liberalization: Its Impact on the Indian Economy, Indian Council for

Research on International Economic Relations (ICRIER), Macmillan India Limited, Delhi, 1993

- Hensman Rohini, The impact of Globalization on Employment in India and Responses from

the Formal and Informal Sectors, Clara, April 1 2001, UK

- Human Development Report, Published for the United Nations Development Programme

(UNDP), New York, Oxford University Press, 1997, available at

http://hdr.undp.org/sites/default/files/reports/258/hdr_1997_en_complete_nostats.pdf

- Jalan, Bimal 1996. India’s Economic Policy: Preparing for the Twenty-First Century.

Penguin Books, New Delhi.

- James H. Mittelman, Globalization: an ascendant paradigm?, University of Colorado

Boulder, 2010

- Jyoti Jindal, Globalization – It’s socio-economic Impact in India, GGS College for women,

Chandigarh, India, December 2013

- Kumar Nagesh (2000) Indian Economy under Reforms: An Assessment of Economic and

Social Impact, Bookwell, New Delhi, 2000

- Nayak A. K. J. R, Globalization in Inida: A historical Perspective Since Independence 1947,

South Asian Journal of Management, Vol 1297 No 1, 2004

- Nayef R.F. Al-Rodhan , Definitions of Globalization: A Comprehensive Overview and a

Proposed Definition , Program on the Geopolitical Implications of Globalization and

Transnational Security, Geneva, June 19, 2006.

- Ojha. A. K. , Globalization & Liberalization – prospects of new world order, Third concept –

An International Journal of Ideas, August-2002

- Prakash Somalkar, Impact of globalization on India Econony, Sardar Patel College,

Chandrapur, Volume N. 1, Isue N. 8, ISSN 2211-1182, 2011

- Shyamsunder Singh, Globalization and it’s impact on India economy, Arth Prabhand: A

Journal of Economics and Management, Vol.1 Issue 1, April 2012, ISSN