Definition, Types of Globalization, its impact on nation-state, negative and positive aspects
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INDIA
In India, In 1990’s reforms were needed in the country’s policy for a better economic growth. In 1991, India was almost bankrupt. Narsimha Rao’s Rao’s Govt. adopted the the LPG policy , under the pressure of IMF. It included opening of international trade and investment, deregulation & initiation of privatization privatization and tax reforms. reforms.
Change in GDP from 1991 to 2011
Contents
Liberalization Measures adopted for Liberalization. Advantages & Disadvantages of Liberalization. Privatization Measures adopted for Privatization. Advantages & Disadvantages of Privatization. Globalization Measures adopted for Globalization. Advantages & Disadvantages of Globalization. The Impact.
Liberalization Economic Liberalization is a broad term that usually refers to fewer government regulations and restrictions in the economy in exchange for greater participation of private entities.
Measures adopted for Liberalization. •
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Liberalization for industrial licensing. Freedom for expansion and production to industries Increase in the investment limit of the small industries. Freedom to import the capital goods and raw material. Freedom to import technology. Liberalization of export and import transactions.
The Man of 90’s..
Advantages Of Liberalization
Increase the foreign investment. Increase the foreign exchange reserve. Increase in consumption. Control over price. Check on corruption. Reduction in dependence on external commercial borrowings.
Disadvantages Of Liberalization.
Increase in unemployment. Loss to domestic units. Increased dependence on foreign nations Unbalanced development Increase the imbalances.
Privatization
Privatization is the incidence or process of transferring ownership of a business, enterprise, agency or public service from the government to the private sector.
Bharat Aluminium Company, Maruti Udyog, BSNL,VSNL and BSES are some examples .
Measures adopted for Privatization.
Contraction of public sectors Sales of shares of public sectors to the private sector. Memorandum of understanding. National renewal fund.
Advantages of Privatization.
Increase in efficiency. Professional management. Increase in competition. In line with international trends. Reduction in economic burden of Govt. Encouragement to new innovations. Increase the industrial growth. Increase the foreign investment.
Disadvantages of Privatization.
Industrial sickness. Lack of welfare. Increase in inequality. Problem of financing. Political pressure. Increase in rural unemployment. Ignores the weaker sections.
Globalization Globalization describes an ongoing process by which regional economies, societies, and cultures have become integrated through a globe-spanning network of exchange. Sometimes it refers to economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital f lows, migration, and the spread of technology.
Measures adopted for Globalization.
Increase the foreign investment. Foreign trade policy. Export promotion. Freedom to repatriate.
Advantages of Globalization.
Increase in foreign trade and investment. Increase in foreign collaboration. Increase in foreign exchange reserves. Expansion of market. Technological development. Development of services sectors. Reduction in brain drain. Improvement in standards of living.
Disadvantages of Globalization.
Loss of domestic industries. Unemployment. Exploitation of labour. Increase in inequalities. Dominance of foreign institutions.
The Impact
How much has India changed since then?
Since 1991, India's GDP has quadrupled, its forex reserves have surged from $5.8 billion to $279 billion, and exports from $18 billion to $178 billion.
Summary
Liberalization Removing restrictions for better economic development. Privatization Control shifted to private sector for better services . Globalization Allowing foreign trade and investments. Impact on the country.
