Globalisation is widely seen as the most important factor that could influence economies of nations the world over in the new millennium. The rapid advancement in information technology and communications has made it not just possible but absolutely essential for industry the world over to adapt or fall by the wayside. The most important aspects of economic globalisation are: Breaking down of national barriers; International spread of trade, financial and production activities, and Growing power of transnational corporations and international financial institutions in these processes. While economic globalisation is a very uneven process, with increased trade and investment being focused in a few countries. The issue that concerns developing countries is how one can ensure greater participation of the weaker economies, particularly backward regions of these economies, in the global process and what needs to be done to ensure that the course of globalisation benefits more people in more countries. The socio-economically disadvantaged are yet to benefit from reform policies. The challenge to overcome the scourge of poverty remains a daunting task. The support of the poor for reforms, and their involvement in the development process can be achieved only if they start benefiting from the policies. It is necessary to ensure that the poor and the deprived have an even greater stake in economic reforms than at present for mobilising their enthusiastic participation in the development process. Economic reforms must be guided by compassion and distributive justice. Improvement of living conditions of the poorest and the weakest sections of society should be high priority areas in the first decade of the new millennium. This book analyses the trend towards globalisation and focuses on implications of it for backward regions of India.
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