Globalizations effect on the Indian EconomyGlobalization has been a historical process with ebbs and flows. Growth of globalization was mainly led by the technological forces in the fields of transport and communication. There were fewer barriers to flow of trade and people across the geographical boundaries. Indeed there were no passports and visa requirements and very few non-tariff barriers and restrictions on fund flows.India too is no exception to globalization. The Indian Economy witnessed major changes in the 90s.The main aim was the rapid growth of Indian economy to make it globally competitive. The Indian economy was in major crisis in 1991 when foreign currency reserves went down to $1 billion inflation was as high as 17%.Due to globalization, in Indian economy it affect not only to agricultural production but also employment opportunities in the rural parts, inequality between urban rural areas. Globalisation is conceived as a powerful transformative force responsible for a massive shake-out of nations, economies, international institutions the whole world order.
