how did the indian economy adapt to globalization
Answers
Answered by
5
Hello friend
------------------
⭐⭐⭐⭐ GLOBALIZATION⭐⭐⭐⭐
After the end of the Cold war,trade and economic relations between countries became more open.As been mentioned capital, labour, markets and information began circulating globally.
The give and take of ideas among people all over the world grew.Due to the revolution in the information technology, different events and development began to be known everywhere. The boundaries between the nations did not remain as sacrosanct as they were before .All these processes are together called Globalization.
Just as Globalization has brought us benefits it has also caused losses.For example as the economies of different countries got linked with each other,trade increased,economic of unification grew,plenty of products became available in the markets.but at the same time the gaps between the poor and rich nations did not reduce.
Before 1990s the conditions of Indian export and import were unbalanced and miserable. The import of such items were restricted and this causes to lead down the economic growth of India.
After 1990s the major and rich nations gave their pressure and rolling on World Trade Organization (WTO) and International Monetary Funds (IMF) as well as The World Bank they started an exercise on all the poor nations would open an advertise and a business and share their nominative with other nations.
Hence,India wanted to adapt a strength economic development with the help of Globalization.Under the Union Finance Minister Dr.Manmohan Singh India consequently adapted the progress of Globalization in 1991.
Foreign Investment in India grew during the first tenure of Dr.Manmohan Singh as Finance Minister.India could recover the gold mortgaged with the Bank of England. The government got the support of the capitalist class as well as the middle class .As the government opened up the telecom sector,mobile phone services started all over the country.Dr.Manmohan Singh signed the agreement with the World Trade Organization and launched the policy of privatisation, liberalisation and Globalization.
I hope this helps you.
Thanks.
------------------
⭐⭐⭐⭐ GLOBALIZATION⭐⭐⭐⭐
After the end of the Cold war,trade and economic relations between countries became more open.As been mentioned capital, labour, markets and information began circulating globally.
The give and take of ideas among people all over the world grew.Due to the revolution in the information technology, different events and development began to be known everywhere. The boundaries between the nations did not remain as sacrosanct as they were before .All these processes are together called Globalization.
Just as Globalization has brought us benefits it has also caused losses.For example as the economies of different countries got linked with each other,trade increased,economic of unification grew,plenty of products became available in the markets.but at the same time the gaps between the poor and rich nations did not reduce.
Before 1990s the conditions of Indian export and import were unbalanced and miserable. The import of such items were restricted and this causes to lead down the economic growth of India.
After 1990s the major and rich nations gave their pressure and rolling on World Trade Organization (WTO) and International Monetary Funds (IMF) as well as The World Bank they started an exercise on all the poor nations would open an advertise and a business and share their nominative with other nations.
Hence,India wanted to adapt a strength economic development with the help of Globalization.Under the Union Finance Minister Dr.Manmohan Singh India consequently adapted the progress of Globalization in 1991.
Foreign Investment in India grew during the first tenure of Dr.Manmohan Singh as Finance Minister.India could recover the gold mortgaged with the Bank of England. The government got the support of the capitalist class as well as the middle class .As the government opened up the telecom sector,mobile phone services started all over the country.Dr.Manmohan Singh signed the agreement with the World Trade Organization and launched the policy of privatisation, liberalisation and Globalization.
I hope this helps you.
Thanks.
Similar questions