3 Review(s)

In India, the move towards globalisation and free trade coincided with the process of structural reforms and economic liberalisation that began in July 1991. Since then the country has seen a significant integration of markets in commodity, services, finance and technology with other countries. Right at the outset of globalisation, some persons in India like those in other developing countries were against this new trend, perceiving it as elite-driven and incapable of bringing qualitative change in peoples’ lives. Fear of lagging behind in the race with the advanced countries, which would ultimately capture a lion’s share in the global market, had further led some people to oppose globalisation. But the present scenario is altogether different. India’s apprehensions about globalisation have been removed to some extent. Economic liberalisation has paved way for rapid technological progress for India while globalisation has given its young talent vast employment opportunities in America and Europe. Today, India has become a big market for multinational giants. There is hardly a big-name company that is not outsourcing to India. India has developed several hubs of Information technology-enabled services, Business Process Outsourcing, Research & Development, Pharmaceuticals and Telecommunication. On the contrary, the advanced countries like the United States are now fearing globalisation because they are losing jobs in the international corporate world to Indian technical experts. Globalisation and liberalisation have brought new opportunities in our country in trade, business, services and employment. The atmosphere is vibrant. The younger generation is educated, talented and ambitious. The opening of international markets has led to earnest endeavours to improve product quality to secure marketing. Internationalisation and privatisation of education has led to updating of curriculum and bring technical manpower that would implement the latest technology in manufacturing and servicing. The globalisation should be made an instrument of rapid economic development in a way that its benefits reach all regions of the country and all sections of society. The Volume has wide coverage including in its spectrum the structural changes in the Indian economy. Contributors to this Volume have not only recognised the reality of globalisation as a process of change but have also comprehensively dealt with the major issues and concerns for India in the context of globalisation. The papers closely examine important implications and impact of liberalisation and globalisation measures taken by the Government in recent years. It is hoped that the book would be found useful by the researchers and students of Economics, businessmen, government executives, parliamentarians and legislators, concerned with the formulation and execution of economic policies, and the general readers interested in knowing the changes that are taking place in our economy.