Impact of Globalization on Indian Economy

Globalization is a new concept that has dominated the world since the end of the Cold War in the 1990s. The forefront of the country is increasingly dependent on market economy, new beliefs on private capital and assets, and structural change processes promoted by the research and influence of the World Bank and other international organizations. Globalization has also brought new ways to developing countries. Expansion of access to developed country markets and technology transfer is expected to lead to improved productivity and improved living standards.

Satyendra S. Nayak (2009) is investigating the impact of globalization on the Indian economy in a book titled "Globalization and Indian Economy: Transition Rupee Road Map". He also considers trade, investment and finance. In the first part of the book - he mentioned the role of the United States in the process of globalization, and he also provided a detailed analysis of the currency system. The second part of the book - the author explains the Indian economic system and its response to globalization and briefly explains the situation of economic reform and liberalization in India. Finally, the authors studied whether Indian currency rupees can be converted completely freely.

The main problem is the impact of globalization on the Indian economy. After the 19th century, globalization became the mainstream of the world. Globalization has various meanings depending on the way people think about it. However, "globalization" means economic and social integration through ideas, technology, services, finance, and human exchanges. The reason for globalization in India is that the GDP of some East Asian companies has suddenly declined and the foreign exchange markets of developing and developed countries are not growing. For the above reasons - India's inflation rate rose sharply from 1998 to 1999, reached 8% in September 1998, and fell in January 1999.