“… (the) integration of national economies into the international economy through trade, direct foreign investment…short-term capital flows, international flows of workers and humanity generally, and flows of technology…” (Bhagwati, In Defense of
The nationality of the owner and controller of productive assets is independent of the nation housing them. For example, Canada's assets are owned by foreigners at the same proportion as foreigners own all world assets. Consequently, only about 3% of Canadian assets would be owned by Canadians. Similarly, Canadian based firms would have roughly 97% of their total assets overseas.
There has been a increase in the violence, particularly against women.
Scientific and technological innovations have made life quite comfortable, fast and enjoyable.
More availability of cheap and filthy material (CD's or DVD's of Hollywood movies, porn movies, sex toys, foreign channels like MTV) in the name of liberalization.
In India, land-line or basic phone was a prestige symbol few years back but now you find people riding bicycle with a mobile in hand, talking or listening music or even clicking cameras of their phones targeting pretty girls or ladies.
Fastest GDP growth of 9.4 percent in 2006-07, since last 18 years Growth in sectors (2006-07): Industry: 10.9% Services: 11% Agriculture: 2.7% The Indian economy has witnessed an unprecedented growth…. Booming Indian services and industry sector are providing the required impetus to the economic growth 4% 8.5% 7.5% 8.4% 9.4%
Share in world exports raise from 0.52% in 1990 to 1% in 2007. In the rate of growth of per capita income there has been a sharp acceleration in the growth of per capita income, almost doubling to an average of 7.2% p.a. (2003-04 to 2007-08).
Corruption, lack of efficiency in work and ineffective management became the common features of public sector. Decreased FDI: The data of FDI shows 50% (approx) gradual upward growth from 90-00. The FDI growth decreased by 20% from period 2000-07.
Our progress in education has been slow and superficial , without depth and quality, to compete the international standards. People depending on agriculture in India is about 60% where as the same for U.K. Is 2% and U.S. Is 2%.
To conclude the benefits of economic reforms on the Indian economy would get achieved, only if the negative impacts are settled or neutralized. Hence, along with globalisation and restructuring the economy, efforts.