Question

what are the consequences of globalisation in Indian economy? explain

Answer 1

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 efficient.
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. Besides,
it also marks the advent of the real
integration of the Indian economy into the
global economy.