How Economic Reforms Have Affected Globalization In India

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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 investigation made. We will also discuss how worldwide consumer attitudes would affect the trends in the Indian economy.

Note: The timeline is mentioned next to every subtopic in the essay.

Table of Contents

Abstract 2

Table of Contents 3

Introduction 4

What is globalisation? 4

Why is Globalisation important to India? 5

Body 6

Economic reforms introduced for India’s benefit 6

Assessment of the effectiveness these reforms have had 6

Conclusion 6

Evaluation of the effects on the economy in general 6

A foreseen direction for the economy based upon the study. 7

References 8

Introduction

What is globalisation?

(Proposed date of completion: 31st may 2008)

Globalisation is a vast concept. It is mandatory for the survival of almost any nation’s economy. It is the network of interdependence between countries for products, services as well as basic needs. Globalization has its’ myriad advantages as well as disadvantages which we may not have acknowledged yet. I intend on discussing some o...

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To end the essay I will make some comments about the general perceived direction of the nation’s economy based upon the made study. There will be a mention of the industrial sectors that are promising in the future. I will cite a gamut of expert comments in this section to be able to get a wider point of view on the topic.

References

• Das, Dilip K. Economic Dimensions of Globalization.

Gordonsville, VA, USA: Palgrave Macmillan, 2004. p 1.

http://site.ebrary.com/lib/uclan/Doc?id=10076945&ppg=16

• Schirato, Tony. Understanding Globalization.

London, , GBR: Sage Publications, Incorporated, 2003. p 1.

http://site.ebrary.com/lib/uclan/Doc?id=10080853&ppg=5

• Bhagwati, Jagdish (2004). In Defense of Globalization. Oxford, New York: Oxford University Press.

• http://www.bimaljalan.com/speech150102.html cited on 13th May 2008.

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