Globalization and Indian Economy

Abstract
The term globalisation comes from the word globalise, which refers to the formation of a worldwide network of an economic system. Globalization was implemented by the Government of India in 1990-91, when the Indian economy was in a bad state.
It was, however, implemented not as a remedy to the weakening Indian economy, but to allow India to get further foreign exchange loans from the World Bank, since India's foreign exchange reserves had been reduced to a paltry three weeks outflow. To improve its poor financial health, the Government of India chose to privatise and liberalise its economy. These choices had an instant favourable impact. Globalization, on the other hand, has proven to be a two-edged sword. It momentarily assisted India in meeting its increasing demand for foreign cash, but it has resulted in.