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Globalization and Its Impact on Transforming India's Economy

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Globalization and Its Impact on Transforming India's Economy International Journal of Research in Management & ISSN : 2348-6503 (Online) Vol. 3 Issue 4 Oct. - Dec. 2016 ISSN : 2348-893X (Print) Business Studies (IJRMBS 2016) Globalization and its Impact on Transforming India’s Economy Kamlesh Goyal Research Scholar (Ph.D.), Dept. of Economics, Punjabi University, Patiala, Punjab, India. Abstract The phenomenon of globalization has many aspects and implications. It is referred to as a strategy of economic development where borders of the countries do not matter for movement of commodities, services, capital, finance, labour, technology, ideas and information. This strategy generates a process of increasing economic integration and growing interdependence between countries of the world economy. The process of globalization was highly accelerated in India in July 1991 and its implications on Indian economy are many. As every coin has two sides, similarly, there are both positive and negative aspects of globalization. Indian economy is the 12th largest economy in terms of exchange rate (US Dollar) and second fastest growing economy in the world. India’s GDP has touched nearly two trillion in terms of US Dollar. India made a remarkable progress in information technology, services and knowledge process services. The objective of this study is to analyze the impact of globalization on Indian economy in terms of growth, structural transformation, foreign trade, foreign exchange reserves and employment from the period of 1991 to 2015-16 (the period of post reforms). This study is based on the secondary data taken from various reports of Government of India, NSSO, RBI, IMF, WTO, World Bank and other sources. Key Words Globalization, Structural Transformation, Agriculture Sector, Employment, Foreign Trade, Foreign Reserve Foreign Investment. Introduction currency reserves had plummeted to almost $ 1 billion; inflation The process of globalization started on a much wider scale with had reported to an annual rate of 17 percent; fiscal deficit was emergence of capitalism as a universal/dominant system in the very high and had become unsustainable; foreign investors and world. This generated a very powerful wave in the Nineteenth NRIs had lost confidence in Indian economy. Capital was flowing century and continued in the Twentieth century till the outbreak of out of the country and the country was close to defaulting on First World War (1914-18). This was the period when colonialism loans. Along with these bottlenecks at home, many unforeseeable was at its peak and the developing world of today was colonies changes swept the economies of nations in Western and Eastern of imperial powers. The process of globalization accelerated by Europe, South East Asia, Latin America and elsewhere, around IMF, the World Bank (IBRD) and the US Treasury in the form of the same time. These were the economic compulsions at home an alternative package policy known as “Washington Consensus”. and abroad that called for a compete overhauling of our economic Initially, this set of policies was practiced by Ronald Reagon in the policies and programmers (Somalkar, 2006). Important measures US and Margaret Thatcher in Britain. These policies are also known were initiated as a part of the liberalization and globalization “Neo-liberal” policies. The formation of WTO replacing GATT strategy in the early nineties which included; creates new conditions for better implementation of Washington • Devaluation;-The first step towards globalization was Consensus. Many new areas/activities, which were earlier not taken with the announcement of the devaluation of Indian under the ambit of global trading system, were brought under currency by 18-19 percent against the major currencies in the the purview of WTO. They also included production and trade of international foreign exchange market. In fact, this measure agriculture produce, trade in services, Intellectual Property Rights was taken in order to resolve the Balance of Payment (BOP) (IPRs), trade related investment measures etc. At the same time, crisis. quantitative trade barriers have been removed and tariff barriers • Disinvestment;- In order to make the process of globalization have been decisively brought down. The exports subsides have smooth, privatization and liberalization policies are moving also been brought down as they are regarded as trade distorting along as well under the privatization scheme. Most of the in nature. In addition, WTO has been empowered to establish public sector undertaking have been disinvested and sold to dispute settlement mechanism to sort out dispute among the trade the private sector. partners called counteracting parties. • Dismantling of the industrial Licensing Regime; - at present, only six industries are under compulsory licensing Globalization and Indian Economy mainly on accounting of environmental safety and strategic The policies of IMF, World Bank, GATT, ‘Washington Consensus’ considerations. A significantly amended locational policy and WTO have transformed the Indian economy. As every coin has in tune with the liberalized licensing policy is in place. No two sides, similarly, there are both positive and negative impact industrial approval is required from the government for so f globalization on Indian economy. While globalization is a locations not falling within 25kms of the periphery of cities catalyst for and a consequence of economic development and a having a population of more than one million. massy process that creates significant challenges and problems. • Allowing Foreign Direct Investment (FDI);- to encourage When people criticize the effects of globalization, they generally non-debt flows. The department has put in place a liberal and refer not only to economic globalization, but also to other types transparent foreign investment regime where most activities of concerns, which have emerged over quality of opportunity are opened to foreign investment on automatic route without and unequal distribution of benefits of globalization. Many poor any limit on the extent of foreign ownership. Some of the countries and poor people in many countries have not been able to recent initiatives taken to further liberalize the FDI regime, take full advantage of opportunities brought about by globalization. inter alias, include opening up of sectors such as Insurance The Indian economy was in deep crisis in July 1991 when foreign (up to 26 per cent) development of integrated townships www.ijrmbs.com 17 © All Rights Reserved, IJRMBS 2014 International Journal of Research in Management & ISSN : 2348-6503 (Online) Business Studies (IJRMBS 2016) Vol. 3 Issue 4 Oct. - Dec. 2016 ISSN : 2348-893X (Print) (up to 100 per cent) defence industry (up to 26 per cent) when the great reforms initiated in July 1991 were to implement tea plantation (upto100 per cent), subject to divestment of its polices. The National Democratic Alliance (NDA) led by the 26 per cent within five years to FDI) enhancement of FDI Bharatiya Janta Party (BJP) that pushed for privatization of public limits in private sector banking, allowing FDI up to 100 sector companies in India and liberalized trade and investments per cent under the automatic route for most manufacturing in India was rejected by the Electorates in India in the general activities in SEZs; opening up B2B e-commerce3; Internet elections 2004. Hence we may see some reversals or slow down Service Providers (ISPs) without gateways; electronic mail the process of globalization in India, the crash in the stock markets and voice mail to 100 per cent foreign investment subject to fallowing the Congress Party led the general elections 2004 was 26 per cent divestment condition; etc. The department has an indication that the foreign companies pressured policy reversal also strengthened investment facilitation measures through with the UPA Government. The check on privatization of public foreign investment implementation Authority (FIIA) (RBI; sector companies and increased Government’s investment into MOF, GOI) some of the public sector companies in the recent months confirms • Wide-ranging financial sector reforms;- in the banking, capital some expectations of the policy changes in India (Vashit, 2015; markets, and insurance sectors, including the deregulation Nayal, et al, 2006). of interest rates, strong regulation and supervisory systems, The UPA government headed by Dr. Manmohan Singh was in and the introduction of foreign/private sector competition. power for the two consecutive terms since 2004 which was a golden phase in manufacturing, and employment rate increased All these economic reforms popularly known as Liberalization, in growth in India. By opening of trade it lead to creation of new Privatization and Globalization (LPG) aimed at making the Indian jobs but only import induced jobs. Manufacturing employment economy a fastest growing economy and globally competitive. The growth has been of intense debate in India. The dismal record of series of reforms were undertaken with respect to industrial sector, Dr. Singh’s Government was one of the control themes of newly trade as well as financial sector to make them efficient. With the elected NDA Government lead by BJP, Prime Minister Narendra onset of reforms to liberalize the Indian economy in July 1991, Modi who assumed office in May 2014, by campaigning during a new chapter has downed for India its billion plus population. Lok Sabha election in 2014, in his maiden independence day last This period of economic transition has a tremendous impact on year,
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