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The Globalisation of Indian Economy

The Globalisation of Indian Economy

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Authored by PRATHEEK PRAVEEN KUMAR. Comments welcome at prytheek@yahoo.com.
Authored by PRATHEEK PRAVEEN KUMAR. Comments welcome at prytheek@yahoo.com.

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Published by: Pratheek Praveen Kumar on Mar 10, 2011
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03/10/2011

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THE GLOBALISATION OF INDIANECONOMY
The early 1990s was a wake-up time for Indian economy. Having followed theSoviet Union in a socialist-style economy since independence, things were changingrapidly indeed. The Soviet Union had broken down, or rather was going to break downand it looked as if its allies too would go the same way. With the policies of glasnost andperestroika coming into being, the power of the Soviet Union was stuttering. Perestroikawas a program instituted in the Soviet Union by Mikhail Gorbachev in the mid-1980s torestructure Soviet political and economic policy. Gorbachev proposed reducing the directinvolvement of the Communist Party leadership in the country's governance andincreasing the local governments' authority. Seeking to bring the Soviet Union up toeconomic par with capitalist countries such as Germany, Japan, and the U.S., hedecentralized economic controls and encouraged enterprises to become self-financing.The economic bureaucracy, fearing loss of its power and privileges, obstructed much of his program.With all this happening in the Soviet Union, it was only going to be a matter of time before India did the same thing. During that time, our present Prime Minster, Dr.Manmohan Singh was the Finance Minister and he decided that steps will have to betaken to avert this. With Prime Minister P.V. Narasimha Rao, he brought about changesin the Indian economy that resound even today. These changes all-in-all amounted toopening up the Indian economy.Globalization has brought about several changes for the good as any one can see.Technology, business, development of infrastructure and an umpteen number of otherthings have been introduced to us by the West. Undeniable. Apart from these, changes
 
have also been made on the social front. Globalization has improved the lives of many apeople in our country. Globalization has brought about invaluable changes in the field of science and technology-changes that have changed our world. On the other hand,Globalization also has had a multitude of bad impacts on India. Development has led topollution and it has also led to the loss of several cultural values. The values associatedwith one culture i.e. the west has spread all over the world and the culture of several othercountries has been lost. An undesirable effect as one can see.An old rule of nature is that variety must be present for any person or group of people to develop, to evolve to become stronger and stronger. Without variety, as I saidearlier, the contents on the plate become bland. A variety of genes allows organisms toadapt-that is the key word. What holds for a single individual must hold for a group of individuals. A singular lifestyle every where I must say will be detrimental to the world atlarge. But the biggest problem that I think globalization has been responsible for ispollution, a phenomenon that threatens to destroy our world.The Indian economy has certainly developed over the last few years. It has beenoften said that our entrepreneurs are extremely good and our population is extremelyyoung and so India will probably be able to advance forward, with great strides. Aheartening thought indeed! It is expected that the Indian workforce will increase heavilyover the next few years and by 2020, it is expected that one in four workers in the worldwill be Indian. China however has an aging population and will probably not have somany workers in the young range. This is mainly due to the birth control measures takenby Chinese leaders earlier which are finally taking effect. Our burgeoning population isthus seen to be no impediment at all. Another fortunate coincidence is the fact that manyof these workers are English educated. With the prevalence of English in trade andpolitical circles, it looks as if it will work to India’s advantage in the end. So we find thatIndia’s occupation by England had its advantages too, big though its disadvantages were.Every cloud has a silver lining, you see.
 
India has survived the onslaught of the economic recession that hit the worldquite hard. While the developed countries reeled rather badly, India and China were ableto weather the economic crisis and go on. Even now, some countries have not recoveredfrom the effects of the crisis, but India and China are doing quite well, as we can see.This shows that India’s economy will probably grow rather fitfully for many years yet tocome. However, we have to make haste, as infrastructure in India is in a very bad state.The education system in India is usually considered to be quite bad and this can be a bighandicap in future. According to most sources, India will loose the ‘young workforce’advantage by around 2050. In that short interval of time, India will have to somehow takeadvantage of its educated workforce and convert it to tangible advantages.Now, this time, this era is the time for globalization. Countries are improvingrelations with each other and forming organizations in order to make their respectiveeconomies stronger and provide security to their citizens. The time of waging war oneach other is over, exiled to the farthest realms of our misty past. Now, more than ever isthe time in which we will have to confine ourselves to peace and try to attain prosperity.With the advent of time, we have become so good in killing each other that a mistake bya country can wipe out the whole world if we are not careful. The shadow of nuclearweapons hangs low and dark on all of us. On the other hand, indulging in currency warsas some countries are doing is also not good, as economic wars may spill over andbecome political wars and so on.Globalization is happening everywhere. It is best not to fight it. Rather we mustjoin it and grow stronger with it. This is what India began to do just before the beginningof the new millennium and it has provided rich dividends to its people. There is alreadytalk of India becoming an economic superpower in future and it looks as if it is not justtalk. India certainly has got potential. That has been seen by the way it was able to handlethe economic recession that laid low many other economically strong countries. Anotherthing is that India has been able to achieve so much in so less time. We should rememberthat it has been less than two decades since India’s economy truly opened up. Ineconomic and political parlance this is but a pittance. India has got quite some amount of 

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