Economic Development And Globalization

The new Economic policy has paved the way for development. It is based on
the principles of liberalization, privatization, and globalization. There is a
a close relationship between the process of development and component
principles of new Economic policy.
Like Janus the Roman god of gates and doors implying beginnings and endings,
globalization can be represented with a double-faced head. At present the world
of opportunities opened up by globalization naturally remains for too distant for
these people. The principle of Economic development is a very long journey which
cannot be completed without high government and Economic infrastructure.
The development of the primary sector is related to the extraction of raw materials,
where as Secondary sector development is related to the primary sector as well as service
the sector, but the contribution of the service sector is significant in terms of GDP.
The booming growth scenario in India is dominated by the success of the
the service sector, which today contributes more than half of the country's GDP,
much of these are generated by the IT-related business services (BPOs) and
outsourcing by this sector. These activities also make for more than half of the
value of service exports from the country which today is a major foreign
exchange earner.

It has initiated a massive growth in the other dynamic component of the service
sector of the country, which relates to finance. Transactions cover those in the
banking industries and the stock exchange of the country. At present India has
got a new transformation due to a steady pace of de-regulation which started in
1991.
The process of growth and development needs balanced economic activities in the
whole system. In every economic revolution, the role of the system is very significant.
The grass root property comes along with a stable government.
It can be concluded that the advancement of the economy goes with the doctrine of
globalization and liberalization. The path of industrialization is full of Economic
hindrances.
"To Maintain Sustainable Economic Development, We Need To Shift Our Focus From Speed To Quality"