Globalization is the process of interlinking the national
economy with the world economy.
It is a process by which regional economies, societies, and
cultures have become integrated through a global network of
communication, transportation, and trade.
The term is sometimes used to refer specifically to
economic globalization: the integration of national
economies into the international economy through trade,
foreign direct investment, capital flows, migration, and the
spread of technology.
Globalization aims at expanding business from
domestic/local level to global level.
The purpose of globalization is to exploit global
opportunities for local growth.
The process of globalization gained momentum in INDIA
This i because in 1991 ,the governmsent introduced new
industrial policy (nip) 1991, which introduced a number of
reforms in respect of liberalization,privatisation and
Globalization has closely intertwined economic, political,
cultural and institutional dimensions whose social impact is
often not easy to disentangle.
Some of these processes are driven by the logic of new
technologies or market forces which are difficult to control,
while others may be more amenable to management.
As a result of greater access to markets, new technologies
and new ways of doing business, many aspects of
globalization have stimulated growth and prosperity and
expanded possibilities for millions of people all over the
The actual experience of globalization has, to a great
degree, varied with the level of development at which a
country has engaged with it.
The degree and nature of participation of different
categories of countries in global markets varies substantially.
Although globalization raises particular concern for
developing countries, apprehensions regarding it abound
and have been vocally expressed even in developed
The experience of countries with economies in transition
has been mixed.
Industrial: emergence of worldwide production markets and
broader access to a range of foreign products for consumers
Financial: emergence of worldwide financial markets and
better access to external financing for borrowers.
Economic: the interconnectedness of these
markets, however, meant that an economic collapse in any
one given country could not be contained.
Political: some use "globalization" to mean the creation of a
world government which regulates the relationships among
Informational: increase in information flows between
geographically remote locations.
Ecological: the advent of global environmental challenges
that might be solved with international cooperation
Developed nations have outsourced
Exploitation of labour
Sophisticated weapons enhancing their ability
Bad aspects of foreign cultures
Reduced the government’s ability
As a new Indian middle class has developed
around the wealth that the IT and BPO
industries have brought to the country, a new
consumer base has developed.
Globalization in India has been
advantageous for companies that have
ventured in the Indian market.
Indian companies are rapidly gaining
confidence and are themselves now major
players in globalization through international