: Globalization & its impact on Indian Economy : Dev elopments and Challenges 10/12/12

Globalization & its impact on Indian Economy: Developments and Challenges

Source :t: w . hp/ w t/ w Author :ys. u auhl i n Published on :er r0,02 Fbu y 621 a Globalization and its impact on Indian Economy: Developments and Challenges

ayush.ilnu's Polad rf n i e dtl ei as

Goaztno g bl tndsre a rcsb w i l l i (rl az i ) ecbs poes y h h bi o a o i o a i c r i aeoo i,oii,n clr hv bcm iere e o lcnme sc tsad uu s ae eo en g t gn s ee te t ad tog a l antok fo m n ao, asoti ,n h uh g ble r ocm ui tntnprtnad r o w ci r ao td. h tmism t e ue tresei ayo cnmc r eTee so em s sdo e rpci l teoo i a r i f f l c g bl tnt ieri ontnlcnme ioh l az i : en g tn faoaeoo i n t o i o h t ao a i st e A U HY D V YS AA ie aoaeoo yh uhr ef e n ici etet n r tnlcnm tog td, rg det vs n tn i r a oi r n m , S U E Tit to T D N ni e f st u cpafw , iao,n t sr d f cnl y ailo smg tnadh pe ot ho g. tl ri e a e o Lw Nra n e i, a , i U i rt m v sy Goaztn s saaieri it shrosc l l l i a a ptl t ao nh pe foi bi o a i n g tn e e a A m dbd h eaa raos hn e a l aztn a b dfe a t e tn w e h si Go l i cn e end sh li d bi o a i e iesi tn f ol i sc l li s h hi d t t n ni ao ow rwd oi rao w i lk ia t f i c d e a e tn c n s n l aosn uh w yht clapn g a sae b eetocrn m n ml a a ad o tn isc a a t l ahpei s r hpd y vn cu i ay is w y n ci ao n e s rg e v e vr .Goaztn ee l m asn g tg cnm oorao wtt w r i e a l l i gnrl en ieri eoo y funtn i h ol c s b i o a ay t an i he d eoo yTe cnmc hne itt hv hd da ac fco t oe l rwh f e cnm . h eoo icagsnie ae a a r t eetnh vrl o tot i d a mi f e ag h eoo yIao e l dh ieri ot I i eoo yn t g blcnm . h cnm .tl hrd t n g tn f en a cnm ioh l aeoo yTe s a e e t ao h d n t eo I i eoo y a im j cs i19 w e f e n u ec r e e w ndw t$ n a cnm w sn a rrin 91 hno i cr nye r s eto no 1 dn o i s rg r sv blnGoaztn a i ipco vru sc ri l i A ruu lnut l i ni, i . l l i hdt m atn aoset sn u n gclr, dsi, n c l l i o bi o a s i o c d g i ta I r F a a a H ah et ad ay t r Iw s n aet L Gply. L e l tnPi tao el sc rn m n o e .t a ol frh P oc i. i ri i , raztn t o hs yt e i e b az o a vi i ad l aztnanhd yh t n i ne nt Ma Moa S g t tniswi n Go l i l ce b t h F ac Mis r n hn i hh I a a t bi o u a ee n ie n a d s dvl m nivru sc r ee p et aoset s o n i o. Advent of New Economic Policy At sfrg hg fac ln eoo ics D. n hn i h ruha e ply fruen a uei ni ad cnmc ri rMa Moa S g bogt nw oc e fi n a i s n i w i iko n s i ritnPi tao ad l aztn oc (P P lyao nw h hs nw a L e l i , raztn n Go l i P lyL G oc)l ko n c b az o v i i a bi o i a i s a N wEoo iP ly 91 st a a esrtcm otf e rit t a gi o a s e cnmc oc, 9 a i s m au o o e uot cs h w s o g n t i1 w e h i a s n t tm . h fl i m au s e t e tle l ad l az t eoo y h t eTeoo n esr w r a noi ri n g bl h cnm : ai lw g e ek b az e o i e e 1D vl tnT sl t bl c opy etrb mI i cr ny e dvl t b 1 . ea ao:o o eh a ne fam npol n a u ec w r ea a d y 8 ui v e a e dn r e ue t1%. o9 2Dsvs et o aeh L Gm dlm o m n ot pbc et s e sltt . i et n T m k t P oes ot ay f e ul sc rw r o oh i m : n e h h i o e d e pi tsc r ra et . ve o 3Al i F rg Dr tnetetF I F I a ao e ia i r g osc rsc a . lwn oe n icI s n(D) D w s lw dn wd a e fet suh s o g i e v m : l e n o I u ne2%)df s i ut s2%)t n r c (6 ,e nen si (6 e . sa e d r e c 4N I ce eTeaii w i w raaaltf e nnet s e ao i no R' . R Shm :h f le h h e vib oo i i s rw r l g e tN I. ci s c t e l e rg v o es v s Te e Eoo iP lyN P19) t dcd hne it a a otd pli, h N w cnmc oc ( E -91 ir ue cagsnh r s f ae oc s i no e e r ie m nty fac loc sfcl bde rpli,n pin &it tnl f m . h oe r& i ni pli,sa& ugty oc sad ri a n a ie i a ie c g n i i aro sTe st o e r u slnf te oN P19 a ( le l tnie aad x r l( et d g aet a r f E -91 r ii ri i (tnln etn ) i x ni i eu s e )b az o n r a e a,i e n ) pi tao,i r icn sa e ul Sc r eor so r s hrt pi tsc r raztn()e r tg cr Pbc et R su e tAe w e h ra et i v i i i de i i c i o c a e e ve o s ule tet,i g bl tn fcnm ,n ( m ref nls t nkl o n r()l az i oeoo yad v a t i d te iy e v o i o a ) k r y a. e
legalserv icesindia.com/article/print.php?art_id=1018 1/4

: Globalization & its impact on Indian Economy : Dev elopments and Challenges 10/12/12

Consequences of Globalization: Tem laos fl astno a aoaeoo y rm n. l astn a iesi h ipctn og bl i f ntnlcnm a ayGo l i hsn ni d ii o i o r i a e bi o a t f e ie eedne n cm etn e en cnme it w r m re Tiirl t i n r pnec ad o pto bt e eoo i nh ol a t h see e n td i i w s e d k . s fc d Ie eednenea ttd gn od ad e i s n im vm nocpa A aeu n r pnec ir r or i igos n src adn oe etfail s r l td g d an ve t. st dm sc cnmc ee p eta nte ri d nry y o et pli ad a e o et eoo idvl m n r odtmn et lb dm sc oc s n m r t i o se e e i e i ie k cni n. a e t y ril ne b btdm sc n ie aoapli ad cnmc odi sR t r h a nu cd y o o et adn r tnloc s n eoo i t o h , e e fe h i tn i ie cni n.t t s l rht g bln eoo yw i f m li ad vl tgtdm sc odi sIi h c at a l asg cnm , heo u tg n ea an i o et t o su e a o i i l r an ui s i ply antfr ti oeh psb atn ad ecos foc s n dvl m n i oc cnoaodog rt os l cos n r tn opli ad ee p et n i f n e ie i ai ie o s t r tf e ol Ticnti dh ply po aaaltt gvr et h hm ls h e ot w r. h osa e t oc otn vib oh oe m nw i ipe e s h d s rn e i i le e n c i l s foc at o yo o e x n idci - ai at ntnl vl o oply u nm tsm et tn ei nm k g t e aoal e s i o e, s o n h i e . N wf Freaa s w t e p m atf l aztn n aoset oI i o o uhrnli ea u IpcoGo l i o vru sc r fn a r t ys k bi o a i o dn Eoo y cnm . Impact of Globalization on Agricultural Sector: A ruu let it m it ot r aI i eoo y rud h h oi eoo i gclr Sc r h a s y f eu l d n cnm a n w i sc -cnmc i ta o s e na h r n a o c o pil e ad eraoseo e n ay hnentsutesi lthv a or pni rigs n dpi tn r l ad n cag ii tc rile o ae cr sod g ve vi vv sr u ky e n ipco t eii ptroS c lqi. h le l tn fnis cnm w s dp d m atnh xtg ae f oi euyTei ri i oI a eoo y a aot e sn tn a t b az o a d e b I ii19. ai a ee eoo ics,niapoce t I f aonadh yn an 91Fc g svr cnmc ri I a prahdh MF o l ,n t d n e i d s e r a e I g n d ht cld r taaj tetl nw i iaon i cricni n MF r t w ai ae asu u ld s n o , h hs l wt ea odi s ae s l tc r u m a c a h tn t o aahd h he tta tc r cag it eoo yEsnayt rom suht tce w i ra o suta hnenh cnm . s tl, ee rsogt t c le r ul e e il h f o g day hs otoe m ncnoot m re( e l tn pi te ul sc r r ul pae ugvr etot lf e a tl ri i ) raz pbc et a l n r h k i az o , v i b a i o ognaospi tao)ad eue xotus i adm ota iso nb fer e r itn (raztn n r c eprsbie n iprbre teal r td azi vi i , d ds rr ee a (oaztn Goaztn a hl dn g bl i ) l l i hs e e i l i o . bi o a a p : ai li s na s R i gin t dr , s vg a d n lv tg oey Al ii pvr, e an t s rgod eut A s i f scr , un o i y ee tg uynm ref epni oi ut ad e i sad G nri boat a t rxas n f dsy n src ,n an k o o n r ve k g us nacni tnoh ntnlcnmc rwh Mai sbt tlot uo tt aoaeoo ig t n ai r i b e i o . Impact of Globalization on Industrial Sector: Ef toGoaztn nni I ut s rd hnh gvr etpndh cut' fc f l l i o I a n sy tt w e t oe m noee t ony es bi o a d n d r ae e n e rs m re tf e nnetetit er 19sGoaztn f eni I ut t k l e a t oo i i s n nh ay 90. l l i ot I a n syo p c k s rg v m s e l bi o h dn d r o a a ii vru sc rsc a s e pa aeta pt l m ce i let ,e et e iad nt aoset suh st l hr cucl eo u ,hmc , xl cm n ra,n s i o e, m i , re at i e , tl BO P. Goaztn en t d m ni otd bre bten aos n t ieri ot l l i m ash i at g f ae a is e e ntn adh n g tn f e bi o a es l n r rr w i e t ao h ntn eoo i tog fac lo , aen od ad e i sad oprenetet aos cnme h uhi ni fw td igos n src ,n croa i s n i sr n al r ve t v m s bten aosGoaztn a i r sd c st w r ir eterdeoh f t e e ntn. l l i hsn e e ar sh ol ne nya u tt a w i bi o a ca o e d c s es por shta be m d it flot ho g epc l icm ui tn adr sot rg st hs en aenh id f cnl y seil n o m n aos n tnpr e a ee e o ay ci a . Te oe m noI im d cagsnteoo iplyn 91 y h htlw d ic h gvr etfn a ae hne ii cnmc oc i19 b w i i l e det n d s i c ao r f e nnetetit cut. h bnf ot eetog bl tnnh I i I ut o i i s n nh onyTe eet f e fc fl az i it n a n sy rg v m s e r i h fs o i o s a e dn d r a t t ayoe n o pn seu i ut snni epc l it pa aeta B O r h m n f i cm ai stpn si iI a seil nh hr cucl P , ea rg e d r e d, ay e m i, pt l m m nf ti ,n ce i let s n ts e e tpoi e p y et m n eo u , au c rgad hmc sc radh hl do rv e m l m nt ay re a un a o i p d o o polit cut. h hl d eueh l eoue p y etn pvr it cut. ep nh onyTi e e r c t e lfnm l m nad oeynh ony e e r s p d ev o t e r As t bnfot Ef toGoaztn nni I ut a t t eoe n o pn s l h eetf e fc f l l i o I a n sy r h t f i cm ai o e i h es bi o a d n d r e a h rg e bogt h h avne t ho g wtt madh hl do aeh I i I ut m r ruhi i l dacde nl y i h n ts e e tm k t n a n sy oe n gy c o he i p e dn d r
legalserv icesindia.com/article/print.php?art_id=1018 2/4

: Globalization & its impact on Indian Economy : Dev elopments and Challenges 10/12/12

t ho g ay dacd e nl i l avne. c o cl Te eav Ef toGoaztn nni I ut a t t i t cmn ot ho g t h ngte fc f l l i o I a n sy r h wt h o i f cnl yh i es bi o a dn d r e a h e g e o e nm eol o r ue dc ae adh r ue im n polbi r oe f mt i u br f bre id er sd n tse ldn ay ep e ge vdr h r a qr e i st e n m o e j sTihpee m iynh pa aeta ce i l au c rgad e et dsi. o . h apnd a lit hr cucl hmc , nf ti ,n cm ni ut s b s n e m i, a m a un n r e Impact on Financial Sector: R f m ot fac let cnt tt m siprncm oetfnis rg m e e rs f ei ni sc rosteh ot ot to pnnoI a por m o h n a o i e u m a d a t a s cnmci ritnTeeetcnmci ritn esr hv oee t o r eoo ile l i . h r neoo ile l i m au s ae pndh w d b az o a c b az o a e e do tf e n o pt rtet io udm sc a e I oao hs eo e m sf oroo i cm et so n r tor o et m r t n vtn a bcm a ut r rg i o en i k. n i o srvl i ni ie eii hv cm otf e tdi aapoc adhy rr d t u i . n c l tm d rs ae o e uot ir i nlprah n t a e yo v a F a a n r ae hr a t o e e a asm m rc d rk. s cneunem n i oaos aeae p c it g bl s e oe r ii sA a osqec, ayn vtn hv t n l enh l a u e ts n i k a eo fac let s h h aeto nm atnh dm sc et aoTe m r ne o i ni sc rw i hv i w ipco t o et sc rl . h e e ecs f n a o c s e i o s g vru fac l sti s n r u t y oi hv tnf m dh fac le i set aosi ni it tn ad e lo bd s aer s re t i ni src sc r i n ani o u ga r e a o e n a ve o f mbi a osr tenut ta e dnmc n.nh poesh sc r f i a r e g cne av i syo vr ya ioeIts rcstset i a n o n vi d r y i i o s cg nm eocaegsIts hne cn x t fac le i snut iI ihso l a u br fhlne.nh cagd ot th i ni src i synn a a tp y l i e , e n a ve d r d a vrpsi ad ya irlit ya tcm b oen m n i oav pouttsi e oi e n dnmco nh er o o e y frg ayn vte rdc o u y t v e e s fi n i s t t vrd eue etot ml n opopcv i et spedh uhut cut. h ae r im n f e i s frseten s rsr togot e ony e i qr s h l i o i v o a r h r R f m ot fac let cnt tt m siprncm oetfnis rg m e e rs f ei ni sc rosteh ot ot to pnnoI a por m o h n a o i e u m a d a t a s cnmci ritn o r eoo ile l i . w d b az o a Go tifac le i scm ri bni , sr c,els tad ui ssrcs rwhni ni src ( pi g ak giu ner ete n bsese i ) n a ve o s n n n a a a n ve , aed p go . i20-4 one bc t8 % i20-5 n 1. i20-6Te fr i i t5 % n 030 bucd ako . n 040 ad 0 % n 050. h t pn 6 7 9 m m n mhs en a tnd i a rwh f1 % i20-7B cue f l aztn o et a be m ia e wt g to1. n 060. eas oGo l i , u ni h o 1 bi o a t fac le i snut iia eo otni nMa esi ,o pto,n h i ni src i sysn prd f asi . r tht cm etnad e n a ve d r i r t o k f s i i t ho g advl m n a uhrgn nr eet cagsnh g blnni srcs e nl i lee p et r sen iupe dn d hne it l afac le i c oc o se i c e e o i a ve i ut. n sy d r Impact on Export and Import: I is xotn Iprit ya20-2 a tt et tf2 7 ad 8 6 ml n n a Eprad m ot h er 010 w soh x no3, 2 n 3, 2 i d' ne e e 5 3 l i o r pcvl Mayni cm ai hv s rd eo i r pc b p yrit e ete . n I a o pn s ae tt bcmn e et l l e nh s iy dn e ae g s ae a s e Ie aoaseeA ruu epr acut rbu1 t1% otaanaoana n r tnlcn. gclr xot conf aot3o 8 f t nulfnul tn i i te s o ol eprot cut.n 000 A ruu lrdc vl d t oehn S$ ml n e xotf e onyI20-1 gclr pout a e am rt U 6 i w r h r i ta s u a l i o e eprdrmt cut 2% ow i w s ot u d yh m re rdc a n. re xot f h ony 3 f h h a cni t b t an pout l eMan e o e r c r e b e i so i poutir eterhv e e e a t sg lgscni t tt taaruu l rdc ne nya ae m r d sh i l a etot u roh o lgclr s c s g e ne r r o b e t i ta eprf mt cut acutgo oeoei ot taaruu lxot C r l xot o h ony conn f vr n fh f eo lgclr epr. e a r e r i r f h t i ta t s es (ot bs a re n nnbs a re o sest ad oe a t o epo i n m sy am ti ad o-am ti ) ied, a n cfe r h t r rmn t l ic ic , l e f ee h e poutec ow i acutf nay t1% ot cut so lgclr epr. rdc ah f h h con r er 5o 0 f e oni taaruu lxot s c so l h r t i ta e s Advantages of Globalization: hria Ie aoam ref cm ai ado cnu e t ria i rag o Te s nn r tnl a t ro pn s n f osm r h es wd r e f e tn i k o e r se e n pouttcos f m rdc o hoer . s o nr s ifwoi etetf mdvl e cut so ee p g oni, h h a b I e enl f vs n r ee pd oni tdvl i cut sw i cn e ca o n m so o r e on r e c ue f eoo ir osutn sdo cnmce ntco. r c r i r t adat fwoiom tn e en oni ad r t clr ie co hs Ge e n f e l f f ao bt e cut s n g a ruu l tatn a ar s ro nr i w r e e e ta n r i hl do vr m clr bre . e e toe o e uu la is p c ta rr eho g advl m nhseue ir e e rn rnn ee p g oni. Tcnl i lee p eta r ldne r ba da idvl i cut s oc o st vs i i on r e Demerits of Globalization (Challenges):
legalserv icesindia.com/article/print.php?art_id=1018

: Globalization & its impact on Indian Economy : Dev elopments and Challenges 10/12/12

h ot u i oj so ee p g oni hseue il s f b idvl e Te u orn f b tdvl i cut s a r ldno oj sn ee pd s cg o on r e st s o o cut s oni. r e hria r t tetfped fo m n ald ess Te s g a rh aosr ocm ui b iae. e ee r a c es hria udri tetf ui tnlopri s i im ne o eri t g b. Te s n ney gh aom l aoacroao wt m es pw run h l e e ln r t i n tn h lg e o o s aedvl i ntn at r e i edi oli icyedo sbeomo F rm lr ee p g aos t ee in n, cu n r t l ta ut f l on i h cvg t d de l a l r f cl itn o nao. o zi h nm eor al d sf isnr sdrm3 %i18 t4 % i19, ret Te u br fu l nlsa l i e e f r a e mi c a e o 5 n 97o 5 n 99ft ro uh 5% i20. h fm ra dsndo ios r tn ru i . 5 n 05Tea e r ete td ftv i o sid r se i e a ao ce A Comparison with Other Developing Countries: C ni rl atd nishrow r m r ad e xoti r sdrm. % t os eg blae I a sa f ol e hni epr n e e f 0 o d o r d e d c s s ca o 5 . % oet ps2 ya . vrh sm prd h a sa hsrl ta ot%. 0 7 vrh at0 er O et a e eo C i hr a t e o l s4 e s e i ns e id m p I ishrog blaesiirohtf e hi i s n cnm 6ie s ae n a sa fl atd is l tt ot Pi p e a eoo y t sm lr d e o r ma a h l n p m l acri tI et a s cod go MF sm t . n i e O et psdcd F Il sn I ihv ae gd rud . oG Paa s5 vrh ateae D fw io n a ae vr e a n 0 % f D git% e o t d a o 5 n f C i ad . f BaiF I fw tC i nwece U $ 0 i n nul.t o h a n 5 % o r l D il so h a o xed S 5 bl anayIi r n 5 r z . no n l i o l s olU $ blnnh cs oI i n S 4i it ae fn a y l i o e d. Conclusion: I igi d i lf mt L Gm dlstG Pi r sdo . i20-08Ir pc n a a e h h r h P oea i D n e e t9 % n 0720.ne et d n gy o e s ca 7 s om recpaztnI ir k f r it w r. uee aeg bl tncni n f f a tail i ,n aa so t nh ol B tvn frl az i ,odi o k ti o d n uh e d a t o i o a t o aruu hs oipoe. h sa oaruu it G Piol1%. h nm eo gclr a nt rvdTe hr fgclr nh D s n 7 Te u br f i te m e i te e y l d sf is a i r sd n fm ra sl o mt g u i . use gh psi a lsa l hsn e e ada e r t cm in sid B tei t oi e n e mi e ca r sei l t i ce n e t v eetog bl tni a b sit te so I iwl vr m t s hrl t ad fc fl az i , cn e a h vr onn a ioe o eh e u e o n fs o i o t a d a y d l c e ds o m r sog o i ptodvl m n Teesn feetxeec it t cut m s a h t nl nt a fee p et h l o or neprnesh a ony ut c r y s h o . s c i a r cruy hoe cm i tn foc shtetnb st t eh oprny w i a flcos a o b ao opli t bseal ioa t pot i - he el ni ie a e t k e ut l ao i t pfl F r vr cn rt U id te hs enh lgseoo ynh vin h i l o oea etyh ne Sa s a be t a etcnm it dg e t s a. u e t t er e w r bt a r ee p ethv t e p c it w r Eoo y i ehnl d goh ol um j dvl m n aea n l enh ol cnm sc t , ai tt d o o s k a e d n e e n e siof u f mt U adh rh oni oErp tt to sn i t I iad htf csr h S n t i cut s f u eoh w A i g n -n a n f o o e ec r e o e a as d C i . cnmc epr ad aost i cnut arst g b evaeniad h aEoo i xes n vru s d s odc d c sh l e nig I a n n s t i ue e o eo s d C i treh w r it 2scn r I i w i inwt f r lgseoo yne s h ao u t ol nh 1tety n a h hs o h o t a etcnm itm n l e d e u . d, c e uh r r opr ai pw r at m y vrk Jpn n bcm tr m j eoo ipw r ii fu hsg o epr , a oeae aa ad eo ehd a rcnmc o ewtn c n i y t i o h 1 ya . o oc d w cn a t t e oe itnht e e a ud sn udi l i 0 er T cnl e e a syh t m drz i t w se r n u ior ayi s s u ah nao a o lf e a ot uo oGoaztnGoaztn a btpsi ad s e a ngtem ato cni tn f l l i . l l i hs o oi e n a w l s eav ipc n r i b bi o a bi o a h t v l i s vru sc roI i Eoo yS Goaztn a t e u aog a f m19 w i aoset s fn a cnm . o l l i hsa n s l w yr 91 h h i o dn bi o a k n o c hseuat t avne etucut. a r lni h dacm norony st n e r
The author can be reached at: a yu sh ya d a v @le g a lse rv ice in d ia . co m

legalserv icesindia.com/article/print.php?art_id=1018

4/4