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Assignment Submission Form - Individual Assignment
Student Name:
Canovai Ludovico
Student ID
Number:
Module Title:
B020580 - WORLD HISTORY
Assessment Title:
Globalization in India: consequences and effects
Lecturer(s):
Verga Marcello
Date of the
presentation:
14/07/2015
Signed: Date:
14/07/2015
2
Globalization in India: consequences and effects
Introduction
It is always a delicate topic when it comes to judge a series of events that are currently
shaping today’s international arena. The query regarding “globalization”, and it being
considered truly favourable or not, certainly is one of the most controversial. For this
reason, I find it very interesting to investigate its impact on a historically difficult country as
India. Globalization has certainly impacted events in different parts of the world, surely
being an inevitable, ineluctable occurrence. As aforementioned, this essay addresses the
consequences and effects of globalization.
Initially I will give an introduction to the issue of “globalization” as a worldwide
phenomenon, explaining why and how it is relevant to highlight the unusual impact that
globalization has on a post-colonial country. I will analyse briefly the precedent period of the
independence to understand better the phenomenon in the present era. Later I will
describe the liberalisation in the 1990s when Indian Economy was in a very bad shape.
These decisions have an immediate positive effect. However, globalization has proved to be
a double edged weapon. It did help government temporarily meet its emergent need of
foreign exchange but it has, as by- product, caused some permanent damage to Indian
Economic system and India social structure
Concept of globalization
Globalization has been exposed to a myriad of definitions, but the most comprehensive one
is given by Mittelman. He regards globalization as a syndrome of processes and activities,
rather than a single, unified phenomenon. The processes and activities, in general, refer to
the reduction of barriers between countries. This borderless world is typically referred to as
the global village where distance and space disappear, and in which a single community and
a common pool of resources exist. The process of globalization has necessarily encouraged
closer economic, political, and social interaction. This, in turn, necessitated the activation of
multiplicity of levels of analysis in the fields of economics, politics, society, and culture. In
most basic terms, the globalization of the world economy is the integration of economies
throughout the world through trade, financial flows, the exchange of technology and
information, and the movement of people. The extent of the trend toward integration is
clearly reflected in the rising importance of world trade and capital flows in the world
economy, in addition to the revolution in information, communication and transportation
technology1.
It could be easily said that globalization is characterized by the fact that distance and
national borders do not exist anymore, the ease with which economic, social and political
interaction among different countries is made, and that the nation state is not relevant
1 James H. Mittelman, Globalization: an ascendant paradigm?, University of Colorado Boulder, 2010
3
anymore for economic purposes. This certainly presents a broad set of opportunities,
bringing huge benefits along. However, scepticism towards globalization is continuously
rising.
This economic interaction and interdependence among distant and different members of
the global community is usually defined “economic globalization” and most scholars regard
to it as “the increasing internationalization of the production, distribution, and marketing of
goods and services2”. To be more precise, another curious, complete definition is outlined in
the United Nations Development Program’s Human Development Report (HDR) of 1997,
which acknowledges that the concept of “globalization” has been used to both describe as
well as prescribe the existing system of economic relations in the world today. To cite the
exact words accurately:
“A dominant economic theme of the 1990s, globalization encapsulates both a description
and a prescription. The description is the widening and deepening of international flows of
trade, finance, and information in a single, integrated global market. The prescription is to
liberalize national and global markets in the belief that free flows of trade, finance, and
information will produce the best outcome for growth and human welfare. All is prescribed
with an air of inevitability and overwhelming conviction”3. .
I found both definitions remarkable and clear. However, what it is not precise in either of
those is that when it comes to examine the realities of existing system of economic relations
in the world today, especially in India, it is quite obvious that this system has contributed to
a growth in material wealth and human welfare of only a privileged minority, and this is the
main critics that aforementioned sceptics pose to the issue. The latter ones give a broader
explanation of what globalization stands for, considered to be the latest stage of global
expansion and imperialism4.
The matter of whether globalization is truly “global” or not goes beyond the scope of this
essay, what I can firmly say is that it does undoubtedly have a different impact on the
diverse areas of the world, and that its distribution is surely not even. In the field, India
represents an exceptional case study, as whereas most countries have experienced
globalization as externally imposed, in India it has been largely internally generated by the
state and the major business groups that dominate the economy.
Before the 1990s: quick description of events
2 Nayef R.F. Al-Rodhan , Definitions of Globalization: A Comprehensive Overview and a Proposed Definition , Program on the Geopolitical Implications of Globalization and Transnational Security, Geneva, June 19, 2006. 3 Human Development Report, Published for the United Nations Development Programme (UNDP), New York, Oxford University Press, 1997, available at http://hdr.undp.org/sites/default/files/reports/258/hdr_1997_en_complete_nostats.pdf 4 Hensman Rohini, The impact of Globalization on Employment in India and Responses from the Formal and Informal Sectors, Clara, April 1 2001, UK
4
Assessment of India's pre-colonial economy is mostly qualitative, owing to the lack of
quantitative information. The most significant event of this era is the fact that an
appreciable amount of land arrears were brought under the control of a single entity like
the Suris, the Lodhi’s and the Mughals. India, by the time of the arrival of the British, was a
largely traditional agrarian economy with a dominant subsistence sector dependent on
primitive technology.
By all accounts from the 15th to the 18th century India was one of the most prosperous
regions of the world with plentiful supply of highly advanced commercial and industrial
techniques. From 1700, however, Indian GDP per capita started to drop. For more than 400
years now India has had low incomes and low, even negative, rates of economic growth
whereas its population has continued to expand.
The conventional narrative of India's post-World War II economic history begins with a
disastrous wrong turn by India's first Prime Minister, Jawaharlal Nehru, toward Fabian
socialism, central planning, and an unbelievable quantity of bureaucratic red tape. This
"license Raj" strangled the private sector and led to rampant corruption and massive
inefficiency
During the decade of 1980s5 India successfully completed the Sixth (1980-1985) and the
Seventh (1985-1990) Five Year plans and moved on a higher growth path with an average
growth rate of 5.7 per cent per annum compared with a trend rate averaging 3.5 per cent
until the end of 1970s. However, sustainability of the growth process came under serious
doubt due to large and persistent macro economic imbalances manifested in rising fiscal
deficits, precarious balance of payments situation and high inflationary pressures.
During 1980s the overall economic philosophy in India was to liberalize imports to some
extent, promote export-oriented industries, reduce physical controls and regulations in
industry, encourage capacity augmentation and technological up gradation and allow
flexible exchange rate and attract foreign investment in selected sectors on the basis of case
by case approvals. However, these liberalization measures were not carried to full extent
and not supplemented by fiscal prudence, monetary discipline, private participation,
reforms in taxation policies or in monopolistic trade and industrial licenses. India still
adopted a very restrictive policy as regards foreign equity, capacity expansion for economies
of scale and private participation in infrastructure and other strategic sectors6.
The reforms measures in 1990s
Indian economy was in deep crisis in July 1991, when foreign currency reserves had
plummeted to almost billion inflation had roared to an annual rate of 17 percent; fiscal
deficit was very high and had become unsustainable; foreign investors and NRIs had lost
5 Nayak A. K. J. R, Globalization in India: A historical Perspective Since Independence 1947, South Asian Journal of Management, Vol 1297 No 1, 2004 6 Shyamsunder Singh, Globalization and it’s impact on India economy, Arth Prabhand: A Journal of Economics and Management, Vol.1 Issue 1, April 2012, ISSN
5
confidence in Indian economy7. Capital was flying out of the country and we were close to
defaulting on loans. Along with these bottlenecks at home, many unforeseeable changes
swept the economies of nations in Western and Easten Europe, South east Asia, latin
America and elsewhere, around the same time. These were the economic compulsions at
home and abroad that called for a complete overhauling of our economic policies and
compulsions at home and abroad that called for a complete overhauling of our economic
policies and programs. Major measures initiated as a part of the liberalization and
globalization strategy in the early nineties included the following 8.
- Devaluation: the first step towards globalization was taken with the announcement of the
devaluation of Indian currency by 18-19 percent against major currencies in the
international foreign exchange market. In fact this measure was taken in order to resolve
the BOP crisis.
- Disinvestment: in order to make the process of globalization smooth, privatization and
liberalization policies are moving along as well. Under the privatization scheme, most of the
public sector undertaking have been are being sold to private sector.
- Dismantling of the industrial Licensing Regime At present, only six industries are under
compulsory licensing mainly on accounting of environmental safety and strategic
considerations. A significantly amended locational policy in tune with the liberalized
licensing policy is in place. No industrial approval is required from the government for
locations not falling within 25kms of the periphery of cities having a population of more
than one million.
- Allowing foreign Direct Investment (FDI) across a wide spectrum of industries and
encouraging non-debt flows. The department has put in place a liberal and transparent
foreign investment regime where most activities are opened to foreign investment on
automatic route without any limit on the extent of foreign ownership. Some of the recent
initiatives taken to further liberalise the FDI regime, inter alias, include opening up of
sectors such as Insurance (upto 26%) development of integrated townships (upto 100%)
defence industry (upto 26%) tea plantation (upto100%) subject to divestment of 26% within
five years to FDI ) enhancement of FDI limits in private sector banking, allowing FDI up to
100% under the automatic route for most manufacturing activities in SEZs; opining up B2B
e-commerce3; Internet service provides (ISPs) without gateways; electronic mail and voice
mail to 100% foreign investment subject to 26% divestment condition; etc. The department
has also strengthened investment facilitation measures through foreign investment
implementation Authority (FIIA)
- Non Resident Indian Scheme the general policy and facilities for foreign direct investment
as available to foreign investors / Companies are fully applicable to NRIs as well. In addition
7 Ojha. A. K. , Globalization & Liberalization – prospects of new world order, Third concept – An International Journal of Ideas, August-2002 8 Prakash Somalkar, Impact of globalization on India Econony, Sardar Patel College, Chandrapur, Volume N. 1, Isue N. 8, ISSN 2211-1182, 2011
6
Government has extended some concessions specially for NRIs and overseas corporate
bodies having more than 60% stake by NRIs
- Throwing open industries reserved for the public sector to private participation. Now there
are only three industries reserved for the public sector
- Abolition of the (MRTP) Act, which necessitated prior approval for capacity expansion
- The removal of quantitative restrictions on imports.
- The reduction of the peak customs tariff from over 300 per cent prior to the 30 per cent
rate that applies now.
- Severs restrictions on short-term debt allowing external commercial borrowings based on
external debt sustainability.
- Wide-ranging financial sector reforms in the banking, capital markets, and insurance
sectors, including the deregulation of interest rates, strong regulation and supervisory
systems, and the introduction of foreign/private sector competition
Indian economy had experienced major policy changes in early 1990s. The new economic
reform, popularly known as, Liberalization, Privatization and Globalization (LPG model)
aimed at making the Indian economy as fastest growing economy and globally competitive.
The series of reforms undertaken with respect to industrial sector, trade as well as financial
sector aimed at making the economy more efficient9.
With the onset of reforms to liberalize the Indian economy in July of 1991, a new chapter
has dawned for India and her billion plus population. This period of economic transition has
had a tremendous impact on the overall economic development of almost all major sectors
of the economy, and its effects over the last decade can hardly be overlooked (Jalan, Bimal
1996)10. Besides, it also marks the advent of the real integration of the Indian economy into
the global economy.
This era of reforms has also ushered in a remarkable change in the Indian mindset, as it
deviates from the traditional values held since Independence in 1947, such as self reliance
and socialistic policies of economic development, which mainly due to the inward looking
restrictive form of governance, resulted in the isolation, overall backwardness and
inefficiency of the economy, amongst a host of other problems. Now that India is in the
process of restructuring her economy, with aspirations of elevating herself from her present
desolate position in the world, the need to speed up her economic development is even
more imperative11. And having witnessed the positive role that Foreign Direct Investment
(FDI) has played in the rapid economic growth of most of the Southeast Asian countries and
9 Gupta, S. P. (1993) Liberalization: Its Impact on the Indian Economy, Indian Council for Research on International Economic Relations (ICRIER), Macmillan India Limited, Delhi, 1993 10 Jalan, Bimal 1996. India’s Economic Policy: Preparing for the Twenty-First Century. Penguin Books, New Delhi. 11 Kumar, Nagesh (2000) Indian Economy under Reforms: An Assessment of Economic and Social Impact, Bookwell, New Delhi, 2000
7
most notably China, India has embarked on an ambitious plan to emulate the successes of
her neighbors to the east and is trying to sell herself as a safe and profitable destination for
FDI12.
India’s Performance Post Liberalization
India’s economic performance in the post-reforms period has many positive features. The
average growth rate in the ten year period from 1992-93 to 2001-02 was around 6.0
percent, as shown in Table, which puts India among the fastest growing developing
countries in the 1990s. This growth record is only slightly better than the annual average of
5.7 percent in the 1980s, but it can be argued that the 1980s growth was unsustainable,
fuelled by a buildup of external debt which culminated in the crisis of 1991. In sharp
contrast, growth in the 1990s was accompanied by remarkable external stability despite the
East Asian crisis. Poverty also declined significantly in the post-reform period, and at a faster
rate than in the 1980s.’
Years GDP Growth Rate Average Percent
1990-1950
1950-1980
1980-2002
2002-2006
2008
2010
1.0
3.5
6.0
8.0
9.5
9
Sources: 1900-1990: Angus Maddison (1995), Monitoring the World Economy, 1990- 2000:
Census of India (2001), 2000-2005 Finance Ministries.
There are numerous implications of globalization on the national economy. The
phenomenon has intensified competition and interdependence between economies in the
global market. In India, the economic reforms have resulted in the overall economic growth.
The growth in the Gross Domestic Product has improved the global position of India. The
direction of growth has also been shifted within the sectors. Initially, the primary sector
generated a large percentage of the GDP. Due to globalization, the service sector is now the
main driver of Indian economy, but we can consider also other sector as agriculture. It
acquired 17% of India's GDP in 2008. The 60% of population still depends on agriculture for
their livelihood (occupied the 43% of India's geographical areas). In this sector agricultural
Scientists are applying new technologies and instruments in growing crops. Different state
government of India are taking initiative to tolerate the farmers.
12 M. Dhanabhakyam & Sakthipriya M.R.G., India’s Economic Performance- Globalisation As Its Key Drive, Bharathiar University, Coimbatore, India, International Journal of Global Business, 5 (1), 1-16, June 2012
8
Anyway the overall rate of growth of India’s economy is one of the major advantages of
globalization in India owing to the fact that during the 1970s, its rate of growth was as low
as 3 percent. Countries like Mexico, Brazil, Korea and Indonesia had their GDP doubling that
of India. Even though the 1980s saw the India’s growth rate doubling, it was still lower than
that of Indonesia, China and Korea. As such, India’s position in the global arena has been
improved from the time that it became part of the globalized world. In 1991, India was
ranked fourth with regard to its economy. However, with the increase in the rate of growth
that it experienced with the liberalization of its economy, it moved to the fourth place in
2001. Foreign direct investment has also increased due to globalization in India. There are
also other sectors that have experienced growth owing to globalization apart from the
above mentioned area. These include India’s imports and exports. As such, globalization has
resulted in fiscal consolidation, growth in foreign exchange reserve, increased foreign
investment and to a considerable extent, control of inflation. All these have helped the
speeding up of growth of Indian economy. Ad example Big international companies (Walt
Disney, 20th Century Fox, Columbia Pictures) are investing in this sector. Furthermore
Famous International brands (Armani, Gucci, Nike, Omega, and so on.) are investing in the
India market with the changing of fashion statement of Indias.
Globalization has seen an increase in the number of fortune companies in India. The
implication is that there are more employment opportunities than before. This also means
that the standards of living have been raised with more wealthy people being created due
to the numerous opportunities that exist within the country. The liberalization of trade
which consequently led to flexibilities in business policies to allow for equal opportunities
for multinational companies has therefore resulted in desirable impacts for the overall
Indian economy. New technologies and products have been introduced in India and this has
created new opportunities. The multinational companies have made big investments and
set up research and development centres which have brought about positive impacts in the
lives of Indian people. As a result, India is among the lading countries in information
technology, business processing and research and development investments. Globalization
has also had positive impacts on the social and cultural realm. By opening new opportunities
for employment, globalization has improved both economic and social life of individuals.
The standard of living has been raised and more Indians can now enjoy the luxuries that
were not known to them before. The perceptions of ordinary Indians have also been
changed through increased cultural interaction through mediums. Access to television grew
from 20% of the urban population (1991) to 90% of the urban population (2009). Even in the
rural areas, satellite television has a grown up market. In the cities, Internet facility is
everywhere13. Extension of internet facilities even to rural areas. Furthermore, big shopping
malls and high-rise residential are seen in every cities. In addition, the telecommunication
and Software Industries are booming. We can consider also the impact of the globalization
13 Dernè Steve, The limited effect of cultural globalization in India: implications for culture theory, Elsevier, NY, 2005
9
on education: the literacy rate in India at present is 74.04% and the Foreign Universities are
collaborating with different Indian Universities.
Indian companies are now gaining more recognition in the global arena than before.
Products from other parts of the world are also finding their way into the Indian market
with more people being in a position to purchase them owing to improved economic
conditions. More Indians can also access goods from other parts of the world owing to
reduced prices. Generally, globalization has improved the economic life of Indians due to
more job opportunities as people are no longer worried about government jobs; there are
numerous multinational companies that pay more attractive salaries than the government.
As such, Indians have gained more from globalization in ways that are beneficial to both the
state and the individuals within the state.
- Others socio-cultural important aspects
It is globalization and globalization alone, which is responsible for changing people’s outlook
and life style. To highlight the fact that their established socio culture systems have been
severely affected, we examine here below some of the changes in various established
practices:
- Indian society has always been a male dominated society. Male members have been sole
bread earners and have been the sole face of family to outside world. Women folk have
been only managing the family within four walls of their home. Globalization has struck a
fatal blow to this established practice. To-day women are working in all spheres of Indian
Economy. They have challenged male domination in all respects. To-day men are normally
not free to take any family decision without consent of women folk.
- Indian joint family system has been appreciated world over for strong relationships which
provided support to everybody to face hard times and old age periods. Western culture has
given new meaning to life to Indian youth. They want to lead an independent life. They are
getting more and more blunt in breaking relations with elders and in building nuclear
families. Old & handicapped persons in the families are being forced to support themselves
without any support from their children. These nuclear families are getting further divided
due to strained relations of partners or due to displacement of one or the other partner to a
far off place in pursuit of his/her employment.
- Earlier, well defined religious practices were being blindly followed by one and all. But
globalization has now brought in the spirit of reasoning which has weakened established
practices. Secondly, work place integration of different cultures has inter-mixed the religions
practices. This way old age religious practices which differentiated people from different
religions are getting blurred.
- Earlier life partners were searched from local areas and from within their caste. Now inter-
caste marriages i.e. marriages within families with totally different social systems are quite
common. Majority of such marriages are getting fructified either in the study institutions or
10
at their work place. Globalization has thus greatly affected our social fabric. The shared
experience is giving new meaning to our life and is leading to changes in our culture,
religious practices and spirituality14.
- Negative aspects of the Globalization
I will try to analyse some important consequences of the globalization in India. One
important point is how developed nations have outsourced manufacturing and white collar
jobs. That means less jobs for their people. This has happened because manufacturing work
is outsourced to developing nations like India or China where the cost of manufacturing
goods and wages are lower. Programmers, editors, scientists and accountants have lost
their jobs due to outsourcing to cheaper locations like India. The companies move in India
not only for the low wage but also they have set up industries with poor regulation of
pollution (lower cost). In this way the local industries are being taken over by foreign
multinationals and many times eliminates the national identity with a flow of money
abroad. Multinational Companies and corporations which were previously restricted to
commercial activities are increasingly influencing political decisions.
Another of the consequences of the globalization is that has led to exploitation of labour.
Prisoners and child workers are used to work in inhumane conditions. Safety standards are
ignored to produce cheap goods. Youth group of India leaving their studies very early and
joining call centres to earn easy money thereby losing their social life after getting
habituated with monotonous work.
Furthermore there is the theme of the Job insecurity. Earlier people had stable, permanent
jobs. Now people live in constant dread of losing their jobs to competition. Increased job
competition has led to reduction in wages with an increase in prices so a lower standards of
living. Furthermore, the increase in prices has reduced the government’s ability to sustain
social welfare schemes in developed countries.
Another important point is how the benefits of globalization are not universal. In India the
rich are getting richer and the poor are becoming poorer also for the strong presence of
corruption. Some section of people in India, basically poor and very poor, tribal groups, they
did not feel the heat of globalization at all. They remain poor and poorest as they were.
Increased gap between rich and poor fuels potential terrorist reaction.
Conclusion
To summarize, at the beginning I analyse the concept of the globalization and I try to give a
clear definition of this complex concept. I analyse the period before the 1990s with a quick
description of events. After that, I describe the reforms measures in 1990s and the impact in
14 Jyoti Jindal, Globalization – It’s socio-economic Impact in India, GGS College for women, Chandigarh, India, December 2013
11
the Indian society. Therefore, in this concept I describe the India’s Performance Post
Liberalization, in particular the economic and a socio-cultural aspects. At the end I analyse
the negative aspects of the globalization in India.
The process of globalization has changed the industrial pattern social life of global people
and it has immense impact on Indian trade system. The globalization of the economic, social
and cultural structures happened in all ages. Previously, the pace of process was slow.
Globalization has resulted in increase in the production of a range of goods and MNCs have
established manufacturing plants all over the world. It has positive effects and India will
overcome many obstacles and adopt global policies to expand business at international
scale. Important is that India is gaining international recognition and strengthening in
economic and political areas.
Thanks partly to the crisis and to the new economic policies in 1991, the India economy has
knew a new course. For those who predicted otherwise, India is one of the fastest growing
countries today. Its population which was once the most talked about subject has actually
turned the tables for India. With a host of economic advantages, a well educated and young
population India is all set to rule and give the superpowers a run for their money. As far as
the economic scenario is concerned India is surely on a roll. The last twenty years have
really proved extremely beneficial for India. The country now stands only after Brazil as far
as GDP ranking is concerned. India has replaced Russia and grabbed the second position in
the global forefront mostly due to the strategic planning and huge amount of expenditures
on education in India. India GDP 2011 is expected to cross the 8 percent mark and move to 9
percent GDP growth rate. India is the second largest populated country in the world
sheltering over one billion people. Although India has not had a striking 10 percent year
over year economic growth as its neighbour China it has still managed to grow at a nominal
rate. India's GDP growth has been slow but careful. According to trade pundits India will
take the third position as Far as GDP growth in concerned by 2020 replacing Germany, the
UK, and Japan. Only United States and China will be ahead of it.
However, India needs to launch a ‘second generation’ of economic reforms, with a more
human face, if it is to reap their full potential. Politicians and administrators need to display
greater pragmatism while designing and implementing future economic reforms. The
reforms must be based on the long-term vision of transforming India into a global economic
power in the next twenty to twenty-five years. India’s meteoric economic rise in the last two
decades has been impressive. There is however a dark side to it, hidden or ignored that i try
to explain at the end of the paper. Well over half its people have been left behind or
negatively impacted and there have been irreversible blows to the natural environment15.
Globalised development as it is today is neither ecologically sustainable nor socially
equitable, and is leading India to further conflict and suffering. There are, however, a range
of alternative approaches and practices, forerunners of a Radical Ecological Democracy that
can take us all to higher levels of wellbeing, while sustaining the earth and creating greater
equity. Of course it should be said that these challenges also represents opportunities, like
the one to consolidate what was achieved in the 1990s and 2000s and look ahead to further
economic progress in the present one. Making the most of these opportunities requires,
first and fore most, the pursuit of macroeconomic stability linked with pro-growth policies
15 Aseem Shrivastava, Globalization in India: impacts and alternatives, Kalpavriksh, Delhi, 2012
12
by national policymakers, which is something that they did not succeed in doing in the last
20 years in India.
13
Bibliography
- Aseem Shrivastava, Globalization in India: impacts and alternatives, Kalpavriksh, Delhi,
2012
- Dernè Steve, The limited effect of cultural globalization in India: implications for culture
theory, Elsevier, NY, 2005
- Dhanabhakyam M. & Sakthipriya M.R.G., India’s Economic Performance- Globalisation As
Its Key Drive, Bharathiar University, Coimbatore, India, International Journal of Global
Business, 5 (1), 1-16, June 2012
- Gupta S. P. (1993) Liberalization: Its Impact on the Indian Economy, Indian Council for
Research on International Economic Relations (ICRIER), Macmillan India Limited, Delhi, 1993
- Hensman Rohini, The impact of Globalization on Employment in India and Responses from
the Formal and Informal Sectors, Clara, April 1 2001, UK
- Human Development Report, Published for the United Nations Development Programme
(UNDP), New York, Oxford University Press, 1997, available at
http://hdr.undp.org/sites/default/files/reports/258/hdr_1997_en_complete_nostats.pdf
- Jalan, Bimal 1996. India’s Economic Policy: Preparing for the Twenty-First Century.
Penguin Books, New Delhi.
- James H. Mittelman, Globalization: an ascendant paradigm?, University of Colorado
Boulder, 2010
- Jyoti Jindal, Globalization – It’s socio-economic Impact in India, GGS College for women,
Chandigarh, India, December 2013
- Kumar Nagesh (2000) Indian Economy under Reforms: An Assessment of Economic and
Social Impact, Bookwell, New Delhi, 2000
- Nayak A. K. J. R, Globalization in Inida: A historical Perspective Since Independence 1947,
South Asian Journal of Management, Vol 1297 No 1, 2004
- Nayef R.F. Al-Rodhan , Definitions of Globalization: A Comprehensive Overview and a
Proposed Definition , Program on the Geopolitical Implications of Globalization and
Transnational Security, Geneva, June 19, 2006.
- Ojha. A. K. , Globalization & Liberalization – prospects of new world order, Third concept –
An International Journal of Ideas, August-2002
- Prakash Somalkar, Impact of globalization on India Econony, Sardar Patel College,
Chandrapur, Volume N. 1, Isue N. 8, ISSN 2211-1182, 2011
- Shyamsunder Singh, Globalization and it’s impact on India economy, Arth Prabhand: A
Journal of Economics and Management, Vol.1 Issue 1, April 2012, ISSN
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