Indian Economy and Challenges of Globalisation

Presently relations amongst the countries are established or changed according to the policy and programme of the concerned countries. Now India has shifted towards western world under the leadership of the U.S. Not only this such countries have also changed their attitude and aptitude regarding India and have started to accept publicity the importance of this country in enhancing their rate of growth. The time has gone when India was only the taker and these countries were supposed to be donors. They were dictating the terms and we were forced to do accordingly. The process of globalization has made these relations in the changed form and now we are also dictating our terms. Now the terms are agreed, goods and services are traded for mutual benefits, balance of trade and payments are taking new shape. There are many challenges before the government like maintaining higher rate of growth and exports, safe-guarding the interest of indigenous industries, restricting the trend of brain draining, using the huge foreign currency fund in a better way, eradicating the problem of development and keeping safety and security of the nation.