Globalization in India

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Submitted By turtleshell30
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Human being have travelled, traded and interacted across borders and great distances for thousands of years. Globalization is the term ascribed to the interaction of economics and societies all over the world. Globalization involves technological, economic, political and cultural exchanges made possible largely by advances in communication, transportation and infrastructure[1]. Globalization bring people are the world more choices and opportunities and can have a significant impact in developing countries such as India. India has made a substantial amount of progress in the last two decades in terms of its economic development. Development is a qualitative measure of progress in an economy and closely linked with globalization. It refers to development and adoption of new technologies, transition from agriculture-based to industry-based economy and general improvement in living standards[2]. Although in some cases, globalization has not held true to benefit in India’s development, it has undoubtedly improved overall economic growth and living standards since 1990. This paper will explore the following question: how has social and economic development in India been affected by the implementation of the structural adjustment program (SAP) and its policies over the past twenty years? It will examine the effects of the SAP; more specifically how its policies have benefited social and economic development. Through the exploration of foreign direct investment (FDI), I will examine how direct investment in India by other nations has allowed for growth in trade and industry and greater employment opportunities. Because the SAP has had both positive and negative effect on economic development in India, I have an opportunity to determine whether the benefits outweigh the detriments, and to discuss how the modernization theory has affected the type of policies and economic…...

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