IMPACT OF GLOBALISATION ON ECONOMIC GROWTH IN INDIA
Dr. P.C. Jose Paul
Globalisation describes a process by which regional economies, societies and cultures have become integrated through a global network of communication, transportation and trade. The term is sometimes used to refer specifically to economic globalisation. The integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, and the spread of technology. Globalisation as a spatial integration in the sphere of social relations. Globalisation generally means integrating economy of our nation with the world economy. The economic changes initiated have had a dramatic effect on the overall growth of the economy. The economic changes also heralded the integration of the Indian economy in to the global economy. The Indian economy was in major crisis in 1991 when foreign currency reserves went down to $1billion. Globalisation had its impact on various sectors including Agricultural, Industrial, Financial, Health sector, and many others. The objective of the paper is to study the impact of Globalisation on Economic growth and to identify the Problems of Globalisation on Agricultural, Industry and Service Sector.
India gained highly from the LPG model as its GDP increased to 9.7 per cent in 2014-2015. In respect of market capitalisation, India ranks fourth in the world. But even globalisation, condition of agriculture has not improved. The share of agriculture in the GDP is only 17 per cent. Globalisation has both positive and as well as negative impact on various sectors of Indian economy. So, globalisation has taken us a long way from 1991 which has resultant in the advancement of our country. This is an excellent attempt to show various effects of globalisation on different sectors of the economy, via, primary sector, secondary sector, and tertiary sector.
KEY WORDS: Globalisation, Economic growth and industralisation.