Question

explain globalisation in India

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Answer 1

Answer:

India embarked on the programme of globalisation in 1991. However, the seeds of were sown in the early 1980s itself with liberalisation of imports, granting some concessions to foreign capital and permitting MNCs to enter in some areas of the Indian economy. But globalisation of the Indian economy started in full earnest in July, 1991 as an essential part of the policy of economic reforms.

Explanation:

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Answer 2

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Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities. ... The goods produced in India had long been exported to far off destinations across the world; the concept of globalization is hardly new to India.

Globalization increased competition in the Indian market between the foreign companies and domestic companies. With the foreign goods being better than the Indian goods, the consumer preferred to buy the foreign goods. This reduced the amount of profit of the Indian Industry companies.