Globalisation and Indian Economy

Globalization is a process of global integration of product technology, human resource, investment, Information and even culture. The benefit of globalization for corporate growth, modernization, consumer satisfaction and reduction in cost are beginning to be visible in India after nearly a decade of liberalization. It has also been observed that the multinational corporations with their global clout have an unfair advantage over the Indian companies and are gradually taking over control of the joint ventures in which these have been partners with minority holdings. Globalization is also posing a number of challenges before the industries in the economy. Government has tried to frame the economies policies to suit the global trade treaties. Many challenges in the economy have been witnessed, which need be converted into opportunities by restructuring, redesigning and reorganizing the entire system making the economy conducive for the business houses to grow, expand and compete.