Has India Benefited From Globalisation?

Globalization is seen as a process defining the growing interdependence between various economies of the world. The term is also used specifically for economic globalisation which stands for aligning regional economies with the global economies through the vehicle of trade, FDI, flow of capital, technological advancement and also wide-scale migration.

When we talk aboutglobalization and the Indian economy, one name strikes our mind, that is, Dr. Manmohan Singh. He was the finance minister in the 1990s when globalization was fully implemented and experienced in India. He was the front man who framed the economicliberalizationproposal. Since then, the nation has gradually moved ahead to become one of the supreme economic leaders in the world.

Benefits of Globalization Impacting India

• Rise in Employment

• Surge in Compensation

• Improved Standard of Living and Better Purchasing Power

Below mentioned are some of the quick reactions which were felt after the introduction of globalization:

• After 1991, the rise in GDP that dropped to 13% in 1991 -92 extended momentum in the following five years (1992-2001). Moreover, the annual average rate of growth in GDP was recorded to be 6.1%.

• Furthermore, export growth skyrocketed to 20% in 1993-94. For 1994-95, the figures were recorded to be 18.4 per cent. Export growth statistics in recent years have been very impressive.