Global Is at Ion
Global Is at Ion
Global Is at Ion
Introduction
Globalisation is the buzzword that has come to dominate the world since the nineties of the last century. Till 90s the process of globalisation of the Indian economy was constrained by the barriers to trade and investment. Liberalisation of trade, investment and financial flows initiated in the nineties has progressively lowered the barriers to competition and hastened the pace of globalisation.
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. Globalisation has lowered the per capita income of the farmers and increased the rural indebtedness. The agricultural growth of 3.2 per cent observed from 1980 to 1997 decelerated to two per cent subsequently. With more than half the population directly depending on this sector, low agricultural growth has serious implications for the inclusiveness of growth.
Strategy of Globalization
East Asia is witnessing the largest rural-to-urban shift of population in history. Two million new urban dwellers are expected in East Asian cities every month for the next 20 years The market economy seems to be more concerned with the growth of consumerism to attract the high income groups who are mostly in the cities in the developing countries. Rural economy and the agricultural sector were out of focus in the strategy of globalization.
The Modes of service delivery and respective share in world trade in services
Conclusion
Indian economy has made rapid strides in the process of globalisation. Globalisation is increasing the integration of national markets and the interdependence of countries world wide for a wide range of goods, services, and commodities. The most important lesson that we must learn from the crisis is that we must be self-reliant. Indias trade reform programme resulted in strong economic growth in the globalization age. In particular, difficult decisions are to redress the fiscal imbalance, by reducing subsidies, completing the process of tariff and tax reform, and stepping-up privatization of state-owned enterprises. The efforts are needed to balance the trade and consider expansion of trade in other countries of the world.