The transition of the Indian economy from a closed, socialist-inspired model to a globally integrated market powerhouse represents one of the most significant economic shifts of the late 20th century. This paper explores the dual phenomena of globalization and the subsequent proliferation of Multinational Corporations (MNCs) in India following the 1991 New Economic Policy. Triggered by a severe balance of payments crisis, these reforms—centered on Liberalization, Privatization, and Globalization (LPG)—dismantled the restrictive "License Raj," reduced trade barriers, and opened strategic sectors to Foreign Direct Investment (FDI). The study evaluates the impact of these changes through two primary lenses: the structural evolution of the corporate landscape and the resulting socio-economic consequences. Statistical analysis reveals an exponential rise in FDI inflows, growing from a mere $73 million in 1990 to over $70 billion by the mid-2020s. This influx has been instrumental in the meteoric rise of the services sector, particularly Information Technology (IT) and Business Process Outsourcing (BPO), which now dominate India's GDP. However, the findings also highlight a growing socio-economic disparity, as the benefits of global integration are concentrated in urban, high-skill hubs, leading to "jobless growth" in rural sectors and increased environmental pressures. Ultimately, this paper concludes that while MNCs have fundamentally modernized India’s industrial productivity and consumer markets, sustainable future growth necessitates a policy shift toward inclusive development, environmental stewardship, and the integration of emerging technologies like Artificial Intelligence to maintain a competitive global edge.