In the global economy, anyone can buy and sell anything using the advanced technologies. Globalization increases the interaction, cooperation and communication among different countries. A successful globalization will not only provide economic prosperity and development but also will provide social justice and equality to all kinds of people of the society. It should bring success for the poor people also. When some of the countries are working together for a common goal then it is called internationalization. But globalization is a broader term where there is no border, no barriers for people to do trade. Globalization is the process of converting the national economy into a global economy. Critics sometimes said that globalization is only good for the developed nations as it does not create positive impacts on the developing countries. India is one of the examples of developing countries and the effect of globalization in India will be discussed in this report. From the discussion of globalization in India, it will be clear how far the globalization has created positive as well negative impacts in Indian socio-economic and cultural platform.
India opened up their economy in the early nineties after facing an exchange crunch. As a result, Indian economy felt the necessity of the presence of the multinational companies for overall growth and development. In 1991, the liberalization and globalization policies marked the beginning of a new era in Indian history.
Indian economy from the time of independence was a close economy. The different political parties came into the power but the type of economic inclination was same for India. In 1991, the new era in Indian economy started with three key words - Liberalization, Globalization and privatization. With the globalization process the restructuring of Indian economy started and some major reforms were observed. Globalization brings a favorable impact