The distinct economic processes underlying what is commonly called globalisation include expansion of international trade in goods and services, freer flow of technology, enhanced flow of foreign direct investment, freer movement of persons across national boundaries, and development of international institutions of governance suited to the globalised world. The forces of globalisation affect virtually every country in the world. All spheres of life–economic, social, cultural and political–have been subjected to both its positive and negative elements. In India the move towards globalisation and free trade coincided with the process of structural reforms and economic liberalisation that began in July 1991. Since then the country has seen a significant integration of markets in commodities, services, finance and technology with other countries. Economic liberalisation has paved way for rapid technological progress for India while globalisation has given its young talent vast employment opportunities in America, Europe and elsewhere. Today, India has become a big market for multinational giants. There is hardly a big-name company that is not outsourcing to India. The country has developed several hubs of computer software engineering, information technology-enabled services, business process outsourcing, research and development, pharmaceuticals and telecommunication. Indeed, globalisation and liberalisation have brought new opportunities to our country in trade, business, services and employment. The volume has wide coverage on major issues and concerns for India in the context of globalisation including the key issues of reform, structural adjustments, global governance and framing of right policies in the emerging scenario. The papers closely examine important implications of liberalisation and globalisation and the measures taken by the government in recent years to draw maximum benefits and avoid possible fallouts. The book will prove highly beneficial to researchers and students of economics, businessmen, government executives, parliamentarians and legislators concerned with the formulation and execution of economic policies. General readers interested in knowing about the changes that are taking place in the Indian economy shall also find it useful.
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