Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
This document summarizes the history and structure of the Indian economy. It discusses three phases of economic development: pre-colonial, colonial, and post-colonial. The colonial period negatively impacted the economy through exploitation of resources. Currently, the economy has primary, secondary, and tertiary sectors and faces challenges like inflation, infrastructure issues, and debt. However, with continued reforms and growth, India is projected to become one of the largest economies globally by 2035.
The document analyzes India's economy under the LPG (Liberalization, Privatization, and Globalization) model introduced in 1991. It discusses both the benefits and drawbacks of LPG for India's economy. The key benefits mentioned are high economic growth rates, rising stock markets, increasing foreign investment and trade. However, it also notes rising inequality, environmental degradation, and benefits being concentrated among large corporations rather than rural communities. In the current state, India's economy is recovering from the global recession and growing at around 7-8% annually, but faces challenges of sustaining this and reducing poverty and regional disparities.
India has the 11th largest GDP in the world and is a member of the G20 and BRICS. While India's per capita income is low, ranking 129th globally, its economy has grown significantly in recent decades through economic reforms and liberalization. The services sector contributes over half of India's GDP, while agriculture remains an important employer, with over half the population depending on it for livelihood. Infrastructure development, including investments in transportation and energy, remains a government priority to support continued economic growth.
Impact of Inflation and GDP Of India And the United States on Its Foreign Exc...GurpreetSingh1986
- As various countries are now getting global and are opening their market for foreign companies, various
investors are investing in those countries, which means the demand for currency is increasing, affecting the
currency exchange rate.
In this research paper, the author tries to establish the relation between macroeconomic variables like
Inflation and GDP on the currency exchange rate. The author has collected the secondary data of Inflation rate
and GDP and tries to see its relationship with the currency exchange rate system. The author has used a correlation
and regression model to analyze the relationship between the dependent and independent variables.
The document provides an overview of the economy of India. It discusses India's economy from pre-colonial times through British colonial rule to the post-independence period. Some key points:
- India had a sizable economy in pre-colonial times, accounting for about 22.6% of world GDP in 1700 due to trade of spices and textiles.
- British colonial rule negatively impacted India's economy through taxation policies and drain of capital to Britain, reducing India's GDP share to 3.8% by 1952.
- After independence, India followed policies of protectionism, import substitution, and extensive state control and central planning until economic reforms began in 1991.
The document provides an overview of the history and development of the Indian economy from pre-colonial times to the present. It discusses key phases and sectors that have shaped the economy. The pre-colonial economy was well-developed with trade, but the colonial period caused economic depletion as the British extracted resources. Post-independence, planned economic development began, and sectors like agriculture, industry and services now contribute significantly to GDP. The economy has grown substantially but still faces challenges like poverty, unemployment and rural-urban disparities.
This document summarizes the history and structure of the Indian economy. It discusses three phases of economic development: pre-colonial, colonial, and post-colonial. The colonial period negatively impacted the economy through exploitation of resources. Currently, the economy has primary, secondary, and tertiary sectors and faces challenges like inflation, infrastructure issues, and debt. However, with continued reforms and growth, India is projected to become one of the largest economies globally by 2035.
The document analyzes India's economy under the LPG (Liberalization, Privatization, and Globalization) model introduced in 1991. It discusses both the benefits and drawbacks of LPG for India's economy. The key benefits mentioned are high economic growth rates, rising stock markets, increasing foreign investment and trade. However, it also notes rising inequality, environmental degradation, and benefits being concentrated among large corporations rather than rural communities. In the current state, India's economy is recovering from the global recession and growing at around 7-8% annually, but faces challenges of sustaining this and reducing poverty and regional disparities.
India has the 11th largest GDP in the world and is a member of the G20 and BRICS. While India's per capita income is low, ranking 129th globally, its economy has grown significantly in recent decades through economic reforms and liberalization. The services sector contributes over half of India's GDP, while agriculture remains an important employer, with over half the population depending on it for livelihood. Infrastructure development, including investments in transportation and energy, remains a government priority to support continued economic growth.
Impact of Inflation and GDP Of India And the United States on Its Foreign Exc...GurpreetSingh1986
- As various countries are now getting global and are opening their market for foreign companies, various
investors are investing in those countries, which means the demand for currency is increasing, affecting the
currency exchange rate.
In this research paper, the author tries to establish the relation between macroeconomic variables like
Inflation and GDP on the currency exchange rate. The author has collected the secondary data of Inflation rate
and GDP and tries to see its relationship with the currency exchange rate system. The author has used a correlation
and regression model to analyze the relationship between the dependent and independent variables.
The document provides an overview of the economy of India. It discusses India's economy from pre-colonial times through British colonial rule to the post-independence period. Some key points:
- India had a sizable economy in pre-colonial times, accounting for about 22.6% of world GDP in 1700 due to trade of spices and textiles.
- British colonial rule negatively impacted India's economy through taxation policies and drain of capital to Britain, reducing India's GDP share to 3.8% by 1952.
- After independence, India followed policies of protectionism, import substitution, and extensive state control and central planning until economic reforms began in 1991.
The document provides an overview of the history and development of the Indian economy from pre-colonial times to the present. It discusses key phases and sectors that have shaped the economy. The pre-colonial economy was well-developed with trade, but the colonial period caused economic depletion as the British extracted resources. Post-independence, planned economic development began, and sectors like agriculture, industry and services now contribute significantly to GDP. The economy has grown substantially but still faces challenges like poverty, unemployment and rural-urban disparities.
Recent development in indian economy rivhaMamta Bhaurya
The document summarizes recent developments in the Indian economy from 2007-2012. It describes India's growing middle class and potential for business opportunities. It outlines India's economic growth rates between 2007-2010 and defines the primary, secondary, and tertiary sectors. The key sectors discussed are agriculture, services, telecommunications, and their respective contributions to GDP and employment. The economic survey from 2011-2012 forecasts continued growth in the agriculture, services sectors and increasing savings and trade.
The document summarizes the history and development of the Indian economy from ancient times to present day. It discusses how the economy was negatively impacted during British colonial rule but began to grow after independence through import substitution industrialization and nationalization of key industries. Economic reforms since 1991 opened the economy to foreign investment and global trade, leading to strong growth rates of around 7% annually over the past few decades and positioning India as the 7th largest economy globally. Recent years have seen some slowing but growth is projected to remain around 7-8% through 2016-17.
The document summarizes the current state of the Indian economy based on news from August 15-21, 2013. Key points include:
- Inflation is rising to a 5-month high due to fuel prices and food inflation. The rupee is devaluing against the dollar.
- The government has imposed restrictions on gold imports to curb the current account deficit.
- Tensions are rising between the government and RBI governor over monetary policy. The rupee continues falling despite measures.
- Onion prices have jumped back up due to low domestic supply, prompting the government to float a tender for onion imports.
1. The document provides an overview of the Indian economy, including key economic indicators and statistics from 2015.
2. It outlines the structure and characteristics of the Indian economy, such as its developing status, agricultural base, and economic reforms since the 1990s that have liberalized the economy.
3. The economic reforms have transformed India into one of the fastest growing economies in the world with an average growth rate of 7% over the past two decades.
The Indian rupee has evolved over centuries from silver coins to the current paper currency system. Under British rule in the early 1900s, the rupee was divided into 16 annas, each further divided into smaller units. In 1957, India decimalized its currency, with the rupee divided into 100 paise. The Reserve Bank of India began producing currency in 1938. Current banknotes feature portraits of Mahatma Gandhi and have numerous security features including watermarks, security threads, and optically variable ink. Coins in circulation include the 1, 2, 5, and 10 rupee denominations, though paise coins are rarely used.
Indian Economy - History, Present, and Future ScenarioRavi Teja Reddy
India has had a long history as one of the largest and most advanced economies in the world. While its share of global GDP and trade declined in the late 20th century, economic reforms in the 1990s set India on a path of high growth. However, job creation has not kept pace with GDP growth. The future of India's economy will depend on its ability to generate sufficient employment through support for skills development, labor reforms, and building internationally competitive companies that can create and own intellectual property assets.
Globalization and economic reforms in India began in 1991 in response to a balance of payments crisis. The reforms, known as LPG, liberalized, privatized, and globalized the Indian economy. GDP and foreign investment have increased substantially since then. However, unemployment has remained high, and economic growth has largely failed to benefit the masses due to jobless growth and rising inequality. While India's economy is projected to become one of the largest in the world by 2035, the reforms also increased vulnerability to global shocks and failed to create sufficient secure employment.
The Incredible India Growth Story. Some facts have changed as of today, but rests are pretty accurate.
I am not the author of the Presentation, and It was posted in a public forum. www.tongbram.com
The document provides an overview of the Indian economy, including definitions of key economic concepts like GDP, economic growth, and factors that affect economic development. It then discusses characteristics of the Indian economy, highlighting that it is developing but mixed, with both public and private sectors. It also covers concepts of human development in India like calculating the Human Development Index which considers education, health, and income. Overall it analyzes indicators and trends of the Indian economy.
The document provides an overview of the Indian economy through its history of Five Year Plans from 1951 to present day. It summarizes the objectives, growth targets, and outcomes of each successive plan. Additionally, it outlines the current composition and size of the Indian economy, describing its standing globally in terms of GDP and key sectors including agriculture, industry, services, and others that comprise 57%, 26%, and 17% of the economy respectively.
India has experienced rapid economic growth since liberalizing its economy in 1991. It has transitioned from an agriculture-based economy to one with strong industries like technology. India is now the world's second fastest growing major economy and the 10th largest by GDP. However, growth has slowed recently due to challenges like inflation, the current account deficit, and tight monetary policy. Looking ahead, forecasts indicate India has strong potential to become a leading global economy, with projections that it could become the world's third largest by 2030 due to continued growth of its large middle class.
The document provides information about India's economy and demographics. Some key points:
- India is the 7th largest country by area and has the 2nd largest population in the world at over 1.2 billion people. It is also the largest democracy globally.
- India has a rapidly growing economy, currently ranking as the 10th largest GDP nationally and 4th largest by PPP. It has experienced strong export growth and overtook China in this area in 2011.
- However, India also faces economic challenges like high inflation, unemployment, poverty, and infrastructure deficits. Over 30% of the population lives below the international poverty line.
Presentation on Economics Growth of BangladeshJafor Sadik
The document discusses the economic growth of Bangladesh. It notes that Bangladesh has experienced average GDP growth of 5.4% in recent years, driven by development of microcredit and the garment industry. However, challenges remain including overpopulation, poor infrastructure, corruption, and political instability. Key constraints to improving growth are increasing export competitiveness, developing the financial sector, improving education and rural development, and investing in transportation infrastructure like roads, railways and inland waterways.
The document discusses several key aspects of the economy including production, distribution, consumption, and factors that determine the health of an economy such as GDP, industries, exports, and imports. It compares the GDP of India and China, with China having a GDP over 10 trillion compared to India's 4 trillion. The "Make in India" campaign aims to make India a manufacturing hub and boost domestic production. Crude oil production in the US has increased in recent years, affecting global oil prices.
The document summarizes recent developments in the Indian economy over the past 10-15 years. It notes that India has experienced rapid economic growth averaging 7% annually since economic reforms in 1991. Key developments include growth in the information technology and services sectors, increased foreign investment, expansion of infrastructure like roads and airports, rising urbanization and literacy rates, and developments in healthcare, education, tourism, and rural development. Military research and development has also increased substantially with large contracts for aircraft and other equipment. The economy has become the 7th largest in the world and is classified as a newly industrialized nation.
Capital formation is a key determinant of economic development according to the document. Higher capital formation leads to greater productive capacity and higher national income. Capital formation depends on income, savings, and investment. Natural resources also play an important role if they are utilized fully. Other factors discussed include marketable agricultural surplus, conditions of foreign trade, economic systems, human capital formation, technical know-how, education, infrastructure, political stability, and reduction of corruption.
This document provides an overview and summary of key economic indicators for India such as GDP, inflation, interest rates, exports, imports, industrial production, and more. Some of the key points include:
- India's GDP was worth $1729 billion in 2010 and grew at an annual rate of 5.3% in the first quarter of 2012.
- India reported a trade deficit of $13.5 billion in April 2012 and a current account deficit of 3.7% of GDP in 2011.
- Inflation was at 7.23% in April 2012, while the benchmark interest rate was 8%.
- Exports were worth $24.5 billion in April 2012, led by gems
The indicators of indian economy ppt @ mba 2009Babasab Patil
The document discusses various leading economic indicators of the Indian economy such as GDP growth trends, inflation rates, interest rates, credit levels, exports, imports, foreign investment, stock market performance, monsoon rainfall, and development indicators. Leading indicators can provide useful insights into the future direction of the economy by signaling turning points in business cycles ahead of changes in broader economic conditions. Monitoring a basket of leading indicators allows for more accurate forecasting of the overall performance of the Indian economy.
The document provides an overview of the Indian economy, including key sectors. It discusses the history of the Indian economy from ancient times through British colonial rule to the present. Some key points:
- Agriculture has historically been the largest employment sector but its contribution to GDP has declined as other sectors have grown.
- Manufacturing, especially in industries like petrochemicals, pharmaceuticals, automotive and engineering, has increased significantly since economic reforms in the 1990s.
- The services sector now contributes the largest share (57%) to India's GDP, with industries like IT and business outsourcing among the fastest growing.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
This document provides an overview of globalization and its impact on India. It defines globalization and discusses how India opened its economy in the early 1990s, lowering trade barriers and tariffs. This increased integration led to higher GDP growth rates, with India becoming the 4th largest economy. However, India still lags other countries in terms of factors like foreign direct investment and trade. The document also examines the relationship between globalization and poverty, consequences for national economies, and concludes that sustainable agricultural growth is still important for development.
Recent development in indian economy rivhaMamta Bhaurya
The document summarizes recent developments in the Indian economy from 2007-2012. It describes India's growing middle class and potential for business opportunities. It outlines India's economic growth rates between 2007-2010 and defines the primary, secondary, and tertiary sectors. The key sectors discussed are agriculture, services, telecommunications, and their respective contributions to GDP and employment. The economic survey from 2011-2012 forecasts continued growth in the agriculture, services sectors and increasing savings and trade.
The document summarizes the history and development of the Indian economy from ancient times to present day. It discusses how the economy was negatively impacted during British colonial rule but began to grow after independence through import substitution industrialization and nationalization of key industries. Economic reforms since 1991 opened the economy to foreign investment and global trade, leading to strong growth rates of around 7% annually over the past few decades and positioning India as the 7th largest economy globally. Recent years have seen some slowing but growth is projected to remain around 7-8% through 2016-17.
The document summarizes the current state of the Indian economy based on news from August 15-21, 2013. Key points include:
- Inflation is rising to a 5-month high due to fuel prices and food inflation. The rupee is devaluing against the dollar.
- The government has imposed restrictions on gold imports to curb the current account deficit.
- Tensions are rising between the government and RBI governor over monetary policy. The rupee continues falling despite measures.
- Onion prices have jumped back up due to low domestic supply, prompting the government to float a tender for onion imports.
1. The document provides an overview of the Indian economy, including key economic indicators and statistics from 2015.
2. It outlines the structure and characteristics of the Indian economy, such as its developing status, agricultural base, and economic reforms since the 1990s that have liberalized the economy.
3. The economic reforms have transformed India into one of the fastest growing economies in the world with an average growth rate of 7% over the past two decades.
The Indian rupee has evolved over centuries from silver coins to the current paper currency system. Under British rule in the early 1900s, the rupee was divided into 16 annas, each further divided into smaller units. In 1957, India decimalized its currency, with the rupee divided into 100 paise. The Reserve Bank of India began producing currency in 1938. Current banknotes feature portraits of Mahatma Gandhi and have numerous security features including watermarks, security threads, and optically variable ink. Coins in circulation include the 1, 2, 5, and 10 rupee denominations, though paise coins are rarely used.
Indian Economy - History, Present, and Future ScenarioRavi Teja Reddy
India has had a long history as one of the largest and most advanced economies in the world. While its share of global GDP and trade declined in the late 20th century, economic reforms in the 1990s set India on a path of high growth. However, job creation has not kept pace with GDP growth. The future of India's economy will depend on its ability to generate sufficient employment through support for skills development, labor reforms, and building internationally competitive companies that can create and own intellectual property assets.
Globalization and economic reforms in India began in 1991 in response to a balance of payments crisis. The reforms, known as LPG, liberalized, privatized, and globalized the Indian economy. GDP and foreign investment have increased substantially since then. However, unemployment has remained high, and economic growth has largely failed to benefit the masses due to jobless growth and rising inequality. While India's economy is projected to become one of the largest in the world by 2035, the reforms also increased vulnerability to global shocks and failed to create sufficient secure employment.
The Incredible India Growth Story. Some facts have changed as of today, but rests are pretty accurate.
I am not the author of the Presentation, and It was posted in a public forum. www.tongbram.com
The document provides an overview of the Indian economy, including definitions of key economic concepts like GDP, economic growth, and factors that affect economic development. It then discusses characteristics of the Indian economy, highlighting that it is developing but mixed, with both public and private sectors. It also covers concepts of human development in India like calculating the Human Development Index which considers education, health, and income. Overall it analyzes indicators and trends of the Indian economy.
The document provides an overview of the Indian economy through its history of Five Year Plans from 1951 to present day. It summarizes the objectives, growth targets, and outcomes of each successive plan. Additionally, it outlines the current composition and size of the Indian economy, describing its standing globally in terms of GDP and key sectors including agriculture, industry, services, and others that comprise 57%, 26%, and 17% of the economy respectively.
India has experienced rapid economic growth since liberalizing its economy in 1991. It has transitioned from an agriculture-based economy to one with strong industries like technology. India is now the world's second fastest growing major economy and the 10th largest by GDP. However, growth has slowed recently due to challenges like inflation, the current account deficit, and tight monetary policy. Looking ahead, forecasts indicate India has strong potential to become a leading global economy, with projections that it could become the world's third largest by 2030 due to continued growth of its large middle class.
The document provides information about India's economy and demographics. Some key points:
- India is the 7th largest country by area and has the 2nd largest population in the world at over 1.2 billion people. It is also the largest democracy globally.
- India has a rapidly growing economy, currently ranking as the 10th largest GDP nationally and 4th largest by PPP. It has experienced strong export growth and overtook China in this area in 2011.
- However, India also faces economic challenges like high inflation, unemployment, poverty, and infrastructure deficits. Over 30% of the population lives below the international poverty line.
Presentation on Economics Growth of BangladeshJafor Sadik
The document discusses the economic growth of Bangladesh. It notes that Bangladesh has experienced average GDP growth of 5.4% in recent years, driven by development of microcredit and the garment industry. However, challenges remain including overpopulation, poor infrastructure, corruption, and political instability. Key constraints to improving growth are increasing export competitiveness, developing the financial sector, improving education and rural development, and investing in transportation infrastructure like roads, railways and inland waterways.
The document discusses several key aspects of the economy including production, distribution, consumption, and factors that determine the health of an economy such as GDP, industries, exports, and imports. It compares the GDP of India and China, with China having a GDP over 10 trillion compared to India's 4 trillion. The "Make in India" campaign aims to make India a manufacturing hub and boost domestic production. Crude oil production in the US has increased in recent years, affecting global oil prices.
The document summarizes recent developments in the Indian economy over the past 10-15 years. It notes that India has experienced rapid economic growth averaging 7% annually since economic reforms in 1991. Key developments include growth in the information technology and services sectors, increased foreign investment, expansion of infrastructure like roads and airports, rising urbanization and literacy rates, and developments in healthcare, education, tourism, and rural development. Military research and development has also increased substantially with large contracts for aircraft and other equipment. The economy has become the 7th largest in the world and is classified as a newly industrialized nation.
Capital formation is a key determinant of economic development according to the document. Higher capital formation leads to greater productive capacity and higher national income. Capital formation depends on income, savings, and investment. Natural resources also play an important role if they are utilized fully. Other factors discussed include marketable agricultural surplus, conditions of foreign trade, economic systems, human capital formation, technical know-how, education, infrastructure, political stability, and reduction of corruption.
This document provides an overview and summary of key economic indicators for India such as GDP, inflation, interest rates, exports, imports, industrial production, and more. Some of the key points include:
- India's GDP was worth $1729 billion in 2010 and grew at an annual rate of 5.3% in the first quarter of 2012.
- India reported a trade deficit of $13.5 billion in April 2012 and a current account deficit of 3.7% of GDP in 2011.
- Inflation was at 7.23% in April 2012, while the benchmark interest rate was 8%.
- Exports were worth $24.5 billion in April 2012, led by gems
The indicators of indian economy ppt @ mba 2009Babasab Patil
The document discusses various leading economic indicators of the Indian economy such as GDP growth trends, inflation rates, interest rates, credit levels, exports, imports, foreign investment, stock market performance, monsoon rainfall, and development indicators. Leading indicators can provide useful insights into the future direction of the economy by signaling turning points in business cycles ahead of changes in broader economic conditions. Monitoring a basket of leading indicators allows for more accurate forecasting of the overall performance of the Indian economy.
The document provides an overview of the Indian economy, including key sectors. It discusses the history of the Indian economy from ancient times through British colonial rule to the present. Some key points:
- Agriculture has historically been the largest employment sector but its contribution to GDP has declined as other sectors have grown.
- Manufacturing, especially in industries like petrochemicals, pharmaceuticals, automotive and engineering, has increased significantly since economic reforms in the 1990s.
- The services sector now contributes the largest share (57%) to India's GDP, with industries like IT and business outsourcing among the fastest growing.
Challenges And Opportunities Of Globalisationloveleenchawla
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-income countries managed to increase their share in world trade mainly due to the opening up of economies because of globalization. The middle-income countries had invited more Foreign Direct Investment during the period and the per capita GDP of the low-income countries was marginally increased. This resulted into the economic inequality, which widened between different income groups. In other words globalization has been confined to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income countries. These countries suffered from internal problems like rapid rise in population, infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns and larger markets for foreign investors. To get a share of global capital, technology and output, developing countries had to upgrade their social and economic institutions through administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to produce equality of outcome but it produces equality of opportunity for those with right mindset. Therefore developing countries require focusing on economic restructuring, developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance and a support mechanism so as to facilitate their participation in the process of globalization. The challenge of the hour is to make globalization work towards global prosperity through disaggregate development. The critically necessity in this context are the collective and cooperative actions which should be realized by all countries of the world and particularly the developed ones.
This document provides an overview of globalization and its impact on India. It defines globalization and discusses how India opened its economy in the early 1990s, lowering trade barriers and tariffs. This increased integration led to higher GDP growth rates, with India becoming the 4th largest economy. However, India still lags other countries in terms of factors like foreign direct investment and trade. The document also examines the relationship between globalization and poverty, consequences for national economies, and concludes that sustainable agricultural growth is still important for development.
Globalization has had a highly positive impact on the Indian economy. It has led to high economic growth, booming exports, reduced poverty, increased employment, decreased inflation, and improved quality of products. The service sector is a major driver of India's social and economic growth. It has grown due to urbanization, privatization, and increased demand for intermediate and consumer services. While globalization has benefited India, its policies must be customized to each country and have adequate safety nets and regulatory frameworks to balance economic development with social costs.
The document discusses the impact of globalization on the Indian economy and service sector. It notes that globalization has had a highly positive impact on India's economic growth, reducing poverty and increasing employment, exports, and competitiveness. The service sector is a major contributor to India's social and economic growth, and has grown significantly due to factors like urbanization and privatization. India's GDP growth rate has increased from 5.6% in 1980-1990 to over 8% in some years since the 1990s. India has also improved its global economic position and is now a top exporter of services. However, the document cautions that policies like liberalization and privatization must be properly sequenced and paced to provide safety nets and avoid
The document discusses the rise of emerging economies and shifting global economic realities. It notes that emerging economies like China, India, Brazil and others have contributed significantly to stabilizing global growth during recessions, while their share of global GDP, trade and investment is increasing. It argues that partnerships between advanced and emerging economies are needed to support shared and balanced global growth going forward. India is positioned to leverage new opportunities from these changes through economic reforms and improved competitiveness.
Globalization has had a tremendous impact on India's economic development over the past decade since market reforms began in 1991. The reforms aimed to make India's economy more efficient and globally competitive by liberalizing trade and industry and privatizing state-run companies. This opened India's economy to foreign investment and integration with the global economy. Initial measures included devaluing the rupee to address a balance of payments crisis and launching privatization and liberalization programs to sell state assets to private investors. Overall globalization marked a significant shift away from India's previous self-reliant and socialist-style policies toward embracing free markets and international trade.
This document summarizes India's economic reforms that began in 1991 in response to a fiscal crisis. It describes how prior to reforms, India had a closed, licensed economy with slow growth. The reforms aimed to liberalize trade and investment. Key measures included cutting tariffs and import restrictions, encouraging foreign investment, and reducing the bureaucracy. The reforms accelerated GDP growth. However, issues remained around fiscal deficits, poverty reduction, uneven growth across regions, and sustaining growth impulses. Further "second generation" reforms were needed focused on competitiveness, infrastructure, education, and involving all economic sectors.
Business Environment - Unit-4 - IMBA - Osmania UniversityBalasri Kamarapu
Business Environment - Unit-4 - IMBA - Osmania University
Liberalisation, Privatisation, and Globalisation (LPG) in Indian Economy:
Concept of LPG
Process of LPG followed in India
Globalization and role of WTO
Regional Trading Blocks
India’s Foreign Trade and Agreements with Trading Blocks.
Highlights of the LPG Policy
Foreign Technology Agreements
Foreign Investment
MRTP Act 1969 (Amended)
Industrial Licensing
Deregulation
Beginning of Privatisation
Opportunities for overseas trade
Steps to regulate inflation
Tax reforms
Abolition of License-Permit Raj
Advantages of Globalisation in India
Industrial Licensing
Deregulation
Beginning of Privatisation
Opportunities for overseas trade
Steps to regulate inflation
Tax reforms
Abolition of License-Permit Raj
Advantages of Globalisation in India
Types of Regional Trading Blocs
Trade blocs can be stand-alone agreements between several states (such as the North American Free Trade Agreement (NAFTA) or part of a regional organization (such as the European Union).
Depending on the level of economic integration, the trade blocs can fall into the 6 different categories, such as preferential trading areas, the free trade areas, the customs unions, the common markets, the economic union and monetary unions & the political union.
Preferential Trade Area: Preferential Trade Areas (PTAs) exist when countries within a geographical region agree to reduce or eliminate tariff barriers on selected goods imported from other members of the area. This is often the first small step towards the creation of a trading bloc.
Globalization has significantly impacted India's agricultural sector in several ways. It has changed the structure of the economy so that the services sector now contributes the largest portion of GDP compared to agriculture previously. Globalization has also increased India's overall economic growth rate and position in the global economy. However, it has also led to issues like marginalization of small farmers in India as larger farmers have benefited more from economic reforms. Continuing this trend could create future problems if not addressed properly. Overall, globalization presents both opportunities and challenges that India must navigate carefully to achieve continued development.
This document is a project report on globalization in India submitted by a student. It includes a certificate verifying the work, acknowledgements, table of contents, abstract, and sections on the introduction of economic reforms in India, strategies initiated, the process of globalization in India, and objectives of the study. The report provides an overview of India's economic liberalization and opening to globalization in the 1990s, the key policy changes introduced, and analyzes the impact and implications of globalization on the Indian economy.
The document is a project report on the impact of economic liberalization on the Indian economy. It discusses India's pre-liberalization period of protectionism and licensing. In 1991, India faced an economic crisis and introduced reforms like opening to foreign investment and trade. This led to changes in the direction and composition of India's foreign trade, with exports and imports shifting away from developed countries. Liberalization also worsened India's net factor income from abroad, though it has been unable to significantly impact the agricultural sector.
The document provides a SWOT analysis of India's New Economic Policy introduced in 1991 in response to a balance of payments crisis. The three main strengths are: 1) High economic growth increasing GDP and reducing poverty; 2) Increased foreign investment and integration in the global economy; 3) Dismantling of licensing and opening private industry. The key weaknesses are reduced government spending and increased inequality. Main opportunities are foreign investment, technology transfer, and improving competitiveness. Primary threats include increased economic fluctuations, challenges for agriculture and rural populations, and uneven distribution of benefits.
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Impact of globalisation on indian economyShiney Lakha
Globalization has increased integration of the Indian economy with the global economy since the early 1990s. Major reforms opened many sectors to foreign investment and made the economy more market-oriented. These changes fueled rapid economic growth that accelerated India's rise as a global economic power. However, challenges remain in sustaining high growth, reducing poverty and inequality, and creating enough jobs to absorb new entrants to the workforce.
The document discusses the economic reforms in India that began in the early 1990s known as Liberalization, Privatization and Globalization (LPG model). The reforms aimed to make the Indian economy more efficient and globally competitive by liberalizing industries, trade, and the financial sector. This marked India's real integration into the global economy and a shift away from the self-reliant, socialist policies after independence. The reforms have helped spur economic growth but also increased economic disparities.
- Even after 55 years of planned development and 9 Five-Year Plans, India has failed to solve basic economic problems like poverty and unemployment. Poverty has increased and the benefits of development have mostly gone to affluent sections.
- Gandhi advocated for a rural-based, agriculture-focused model of development to uplift rural populations, but this was not implemented. Instead, Nehru adopted a Western model of heavy industrialization through centralized planning.
- While the goals of early plans were to reduce poverty and establish a socialist society, the benefits have not reached poorer sections. Later poverty programs were poorly designed and funds were misused, providing only acknowledgement but not solutions for the poor.
This report gives the different aspects relating the GDP growth of India. GDP rate since independence, reasons for fluctuation in GDP, role of Indian government in growth of GDP, role of public, privet and government in growth of GDP and finally reasons of devaluation of devaluation of rupee in comparison to dollar are outlined in a nutshell.
This document provides an overview of the Indian economy and trade dependencies course taught by Dr. Bhati Rakesh at Sinhgad Institute of Business Administration & Computer Application. The course covers 5 units: introduction to the Indian economy and alternative development strategies since 1991; planning and economic development; Indian industries; foreign trade and capital; and India's role in the global economy. Key topics discussed include trends in national income, growth, and economic structure since India's 1991 economic reforms, the country's shift from a regulated to liberalized economy, and strategies to increase India's national income level and growth rate through developing agriculture, industry, infrastructure, and raising investment.
impact of globalisation on indian economyVidya Sri
Globalization has had a largely positive impact on the Indian economy, especially the service sector. The service sector is a major contributor to both employment and national income in India. India's exports of services have grown rapidly, with the country becoming one of the top five exporters of services among developing countries. However, globalization has also had some negative effects, lowering farmers' incomes and increasing rural debt. While economic growth has increased, the benefits have not always been inclusive and the agricultural sector has faced challenges. Overall, India has progressed significantly but continuing reforms are needed to further develop its economy under globalization.
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Challenges And Opportunities Of Globalisation
1. Author Name: Prof. Loveleen Chawla
Authors Address: Bhagwanganj Sagar
Authors Ph No: 9827051056
About the Author: B.Ed, M.Com, MBA, NET
Article Title: Globalisation: Challenges and opportunities(Indian Perspective)
Globalization: challenges and opportunities
Abstract:
Globalization is a multifaceted phenomenon. The paper identify some of the
Challenges it poses, as well as some of the opportunities it offers. Attention is focused on
three major aspects of globalization namely economic, cultural, and political.
During 1990 to 2003, the volume of world trade has increased and the higher and middle-
income countries managed to increase their share in world trade mainly due to the opening
up of economies because of globalization. The middle-income countries had invited more
Foreign Direct Investment during the period and the per capita GDP of the low-income
countries was marginally increased. This resulted into the economic inequality, which
widened between different income groups. In other words globalization has been confined
to developed countries and developing countries were able to participate in the process.
However, globalization should not be accused for loosing share of the low-income
countries. These countries suffered from internal problems like rapid rise in popu
lation,
infrastructure bottlenecks, weak financial markets and so on.
Globalization and its benefits required a conducive environment to ensure higher returns
and larger markets for foreign investors. To get a share of global capital, technology and
output, developing countries had to upgrade their social and economic institutions through
administrative, legislative and legal reforms.
Globalization merely provides opportunities to flourish. Globalization is not a tool to
produce equality of outcome but it produces equality of opportunity for those with right
mindset. Therefore developing countries require focusing on economicrestructuring,
developing market-supporting institutions and creating efficient regulatory mechanisms.
The low-income countries cannot survive at their own; they require international assistance
and a support mechanism so as to facilitate their participation in the process of
globalization. The challenge of the hour is to make globalization work towards global
prosperity through disaggregate development. The critically necessity in this context are
the collective and cooperative actions which should be realized by all countries of the
world and particularly the developed ones.
GLOBALIZATION- OPPORTUNITIES AND CHALLENGES
2. (with impact on Indian Economy)
Introduction
Indian economy had experienced major policy changes in early 1990s. The new
economic reform, popularly known as, Liberalization, Privatization and Globalization
(LPG model) aimed at making the Indian economy as fastest growing economy and
globally competitive. The series of reforms undertaken with respect to industrial
sector, trade as well as financial sector aimed at making the economy more efficient.
Globalization has many meanings depending on the context. In context to India, this
implies opening up the economy to foreign direct investment by providing facilities to
foreign companies to invest in different fields of economic activity in India, removing
constraints and obstacles to the entry of MNCs in India, allowing Indian companies to enter
into foreign collaborations and also encouraging them to set up joint ventures abroad;
carrying out massive import liberalization programs by switching over from quantitative
restrictions to tariffs and import duties, therefore globalization has been identified with the
policy reforms of 1991 in India.
Impact of Globalization of Indian Economy
At the present, we can say about the tale of two Indias: We have the best of times; we
have the worst of times. There is sparkling prosperity, there is stinking poverty. We
have dazzling five star hotels side by side with darkened ill-starred hovels. We have
everything by globalization, we have nothing by globalization.
Though some economic reforms were introduced by the Rajiv Gandhi government
(1985-89), it was the Narasimha Rao Government that gave a definite shape and start to
the new economic reforms of globalization in India. Presenting the 1991-92 Budget,
Finance Minister Manmohan Singh said: After four decades of planning for
industrialization, we have now reached a stage where we should welcome, rather fear,
foreign investment. Direct foreign investment would provide access to capital,
technology and market.
In the Memorandum of Economic Policies dated August 27, 1991 to the IMF, the
Finance Minister submitted in the concluding paragraph: The Government of India
believes that the policies set forth in the Memorandum are adequate to achieve the
objectives of the program, but will take any additional measures appropriate for this
purpose. In addition, the Government will consult with the Fund on the adoption of any
measures that may be appropriate in accordance with the policies of the Fund on such
consultations.
The Government of India affirmed to implement the economic reforms in consultation
with the international bank and in accordance of its policies. Successive coalition
governments from 1996 to 2004, led by the Janata Dal and BJP, adopted faithfully the
economic policy of liberalization. With Manmohan Singh returned to power as the
3. Prime Minister in 2004, the economic policy initiated by him has become the lodestar
of the fiscal outlook of the government.
The Bright Side of Globalization
The rate of growth of the Gross Domestic Product of India has been on the increase
from 5.6 per cent during 1980-90 to seven per cent in the 1993-2001 period. In the last
four years, the annual growth rate of the GDP was impressive at 7.5% (2003-04),
8.5% (2004-05), 9% (2005-06) and 9.2%(2006-07). Prime Minister Manmohan
Singh is confident of having a 10% growth in the GDP in the Eleventh Five Year
Plan period.
The foreign exchange reserves (as at the end of the financial year) were $ 39 bn (2000-
01), $ 107 bn (2003-04), $ 145 bn (2005-06) and $ 180 bn (in February 2007). It is
expected that India will cross the $ 200 bn mark soon.
The cumulative FDI inflows from 1991 to September 2006 were Rs.1, 81,566 crores
(US $ 43.29 bn). The sectors attracting highest FDI inflows are electrical equipments
including computer software and electronics (18 per cent), service sector (13 per cent),
telecommunications (10 per cent), transportation industry (nine per cent), etc. In the inflow
of FDI, India has surpassed South Koreato become the fourth largest recipient.
India controls at the present 45% of the global outsourcing market with an estimated
income of $ 50 bn.
In respect of market capitalization (which takes into account the market value of a
quoted company by multiplying its current share price by the number of shares in issue),
India is in the fourth position with $ 894 bn after the US ($ 17,000 bn), Japan ($ 4800
bn) and China ($ 1000bn). India is expected to soon cross the trillion dollar mark.
As per the Forbes list for 2007, the number of billionaires of India has risen to 40
(from 36 last year)more than those of Japan (24), China (17), France (14) and Italy (14)
this year. A press report was jubilant: This is the richest year for India. The combined
wealth of the Indian billionaires marked an increase of 60 per cent from $ 106 bn in 2006
to $ 170 bn in 2007. The 40 Indian billionaires have assets worth about Rs. 7.50lakh
crores whereas the cumulative investment in the 91 Public Sector Undertakings by the
Central Government of India is Rs. 3.93 lakh crores only.
The Dark Side of Globalization
On the other side of the medal, there is a long list of the worst of the times, the foremost
casualty being the agriculture sector. Agriculture has been and still remains the
backbone of the Indian economy. It plays a vital role not only in providing food and
nutrition to the people, but also in the supply of raw material to industries and to export
trade. In 1951, agriculture provided employment to 72% of the population and
contributed 59% of the gross domestic product. However, by 2001 the population
4. depending upon agriculture came to 58% whereas the share of agriculture in the
GDP went down drastically to 24 per cent and further to 22% in 2006-07. This has
resulted in a lowering the per capita income of the farmers and increasing the rural
indebtedness.
The agricultural growth of 3.2% observed from 1980 to 1997 decelerated to two per cent
subsequently. The Approach to the Eleventh Five Year Plan released in December 2006
stated that the growth rate of agricultural GDP including forestry and fishing is likely to be
below two per cent in the Tenth Plan period.
The reasons for the deceleration of the growth of agriculture are given in the Economic
Survey 2006-07: Low investment, imbalance in fertilizer use, low seeds replacement rate, a
distorted incentive system and lo post-harvest value addition continued to be a drag on the
sectors performance. With more than half the population directly depending on this sector,
low agricultural growth has serious implications for the inclusiveness of growth.
The number of rural landless families increased from 35 %in 1987 to 45 % in 1999,
further to 55% in 2005. The farmers are destined to die of starvation or suicide.
Replying to the Short Duration Discussion on Import of Wheat and Agrarian Distress
on May 18, 2006, Agriculture Minister Sharad Pawar informed the Rajya Sabha that
roughly 1, 00,000 farmers committed suicide during the period 1993-2003 mainly due
to indebtedness.
In his interview to The Indian Express on November 15, 2005, Sharad Pawar said: The
farming community has been ignored in this country and especially so over the last eight to
ten years. The total investment in the agriculture sector is going down. In the last few
years, the average budgetary provision from the Indian Government for irrigation is
less than 0.35%.
During the post-reform period, India has been shining brilliantly with a growing number of
billionaires. Nobody has taken note of the sufferings of the family members of those
unfortunate hundred thousand farmers.
Further, the proportion of people depending in India on agriculture is about 60 %
whereas the same for the UK is 2 %, USA 2 %and Japan 3 %. The developed
countries, having a low proportion of population in agriculture, have readily adopted
globalization which favors more the growth of the manufacturing and service sectors.
About the impact of globalization, in particular on the development of India, the ILO
Report (2004) stated: In India, there had been winners and losers. The lives of the
educated and the rich had been enriched by globalization. The information technology (IT)
sector was a particular beneficiary. But the benefits had not yet reached the majority, and
new risks had cropped up for the losersthe socially deprived and the rural poor. Significant
numbers of non-perennial poor, who had worked hard to escape poverty, were finding
their gains reversed. Power was shifting from elected local institutions to unaccountable
trans-national bodies. Western perceptions, which dominated the globe media, were not
aligned with local perspectives; they encouraged consumerism in the midst of extreme
poverty and posed a threa to cultural and linguistic diversity.
t
5. Social Services: About the quality of education given to children, the Approach to the
Eleventh Five Year Plan stated: A recent study has found that 38 per cent of the children
who have completed four years of schooling cannot read a small paragraph with short
sentences meant to be read by a student of Class II. About 55 per cent of such children
cannot divide a three digit number by a one digit number. These are indicators of serious
learning problems which must be addressed. The less said about the achievements in
health the better. The Approach to the Eleventh Plan concedes that progress implementing
the objectives of health have been slow. The Report gave the particulars of the rates of
infant mortality (per 1000 live births) for India as 60 against Sri Lanka (13), China
(30) and Vietnam (19). The rate of maternal mortality (per 1, 00,000 deliveries) of
India is 407 against Sri Lanka (92), China (56) and Vietnam (130).
Growth of Slum Capitals: In his 2007-08 Budget Speech, Finance Minister Chidambaram
put forth a proposal to promote Mumbai as a world class financial centre and to make
financial services the next growth engine of India. Of its 13 million population, Mumbai
city has 54 per cent in slums. It is estimated that 100 to 300 new families come to
Mumbai every day and most land up in a slum colony.
The cumulative FDI inflows (until September 2006) to the New Delhi region were of Rs.
27,369 crores and to Mumbai Rs. 24,545 crores. The two spots of New Delhi and Mumbai
received 46 per cent of the total FDI inflows into India. The FDI inflows have in no way
assisted in improving the health and environment conditions of the people. On the
other hand, the financial capital of India and the political capital of India are set to become
the topmost slum cities of the world.
To make Globalization Work
Under the phenomenal growth of information technology which has shrunk space and time
and reduced the cost of moving information, goods and capital across the globe, the
globalization has brought unprecedented opportunities for human development for all, in
developing as well as developed countries. Under the commercial marketing forces,
globalization has been used more to promote economic growth to yield profits to some
countries and to some groups within a country.
India should pay immediate attention to ensure rapid development in education, health,
water and sanitation, labor and employment so that under time-bound programmes the
targets are completed without delay. A strong foundation of human development of all
people is essential for the social, political and economic development of the country.
Though at present India appears to be dominant in some fields of development as in IT-
ITES, this prosperity may be challenged by other competing countries which are equipping
themselves with better standards of higher education. As detailed earlier, our progress in
education has been slow and superficial, without depth and quality, to compete the
international standards.
The government should take immediate steps to increase agricultural production and create
additional employment opportunities in the rural parts, to reduce the growing inequality
between urban and rural areas and to decentralize powers and resources to the panchayati
6. raj institutions for implementing all works of rural development. Steps should be taken for
early linking of the rivers, especially in the south-bound ones, for supply of the much-
needed water for irrigation.
It should be remembered that without a sustainable and productive growth of the
agricultural sector, the other types of development in any sphere will be unstable and
illusory. Despite the concerted development in manufacturing and service sectors,
despite the remarkable inflow and overflow of foreign reserves, agriculture is still the
largest industry providing employment to about 60 per cent of the workforce in the
country.
Mere growth of the GDP and others at the macro level in billions does not solve the
chronic poverty and backward level of living norms of the people at the micro level. The
growth should be sustainable with human development and decent employment potential.
The welfare of a country does not percolate from the top, but should be built upon
development from the bottom
References:
1. Globalisation and Poverty: Centre for International Economics, Australia.
2. Globalisation Trend and Issues T.K.Velayudham,
7. 3. Globalisation and India Lecture: Prof .Sagar Jain, University of N.Carolina.
4. Repositioning India in the Globalised World Lecture: V.N.Rai.
5. Globalization of Indian economy by Era Sezhiyan
6. Globalisation and India’s Business prospective Lecture Ravi Kastia.
7. Globalisation and Liberalisation Prospects of New World Order Dr.A.K.Ojha,
Third Concept An International Journal of Ideas, Aug 2002.
8. Globalisation: Imperatives, Challenges and the Strategies.