Globalization

Globalization: India and the Global Perspective

Aspect

Description

Introduction / Concept

Globalization is the process of increasing interdependence and integration among countries, economies, and societies. It involves the cross-border exchange of goods, services, capital, information, and ideas. According to Thomas Friedman, it is the inexorable integration of markets, nation-states, and technologies.

Background / Current Context

  • The economic reforms of 1991 (LPG – Liberalization, Privatization, and Globalization) marked a new beginning for globalization in India.
  • This was accelerated by the disintegration of the Soviet Union and global trade liberalization.
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