Globalization And Globalisation Of India

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Globalisation refers to the integration of the world market into a single market through the removal of all barriers to trade among countries. Globalisation takes place through three channels – trade in goods and services, movement of capital and flow of finance. In India, globalisation was introduced as a vital part of a major economic reform by the government of India in July 1991, popularly known as the Liberalisation, Privatisation and Globalisation (LPG model) aimed at making the Indian economy the fastest growing economy and globally competitive. The small scale sector is a vital constituent of the industrial sector in India. Small scale industries account for a significant proportion of exports, employment and production. The process of globalisation has escalated the competitive environment for the small scale industry in India which has been of major importance in India’s economic development strategy since Independence. The intensification of market competition affecting the growth of small …show more content…

• Formation of WTO in 1995, which forced its member countries to lower restrictions on imports. • Domestic reforms. There has been a shift in the economic policies of nations, especially developing nations from ‘policy regulation’ to ‘market orientation’ exposing their industrial units to greater competition, globalisation has elevated market competition and there have been many technological developments in numerous areas, which have had important implications for the small scale units (Bhavani, 2002). This paper studies the impact of globalisation on small scale industries, implications of policy changes that occurred at the global, national and sectoral levels, impact on growth of small industry in terms of units, output, employment, production and exports. Literature review Provided below is a review of the existing literature from the point of view of the present

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