Socioeconomic Dimensions of Globalization in India
Sudhanshu Mishra () and
Purusottam Nayak ()
The IUP Journal of Managerial Economics, 2007, vol. V, issue 1, 63-80
Liberalization and globalization of the Indian economy in 1991 was not the outcome of expansion due to productive prowess seeking new markets or sources of inputs, but a culmination of the decadence within and the pressure without. It was fueled by a built-up of external debt that had left India with not many alternatives but to open its economy to the international market forces. In this paper, it is explained how globalization brought structural changes in the economic as well as the social domain. The process of globalization not only opened up the economy and accelerated cross-border mobility but also brought economic imbalances and social evils. Although with globalization, India has secured for itself a comfortable international presence, inequality in the distribution of income and wealth, and the quality of governance of the unorganized sector are major concerns that need to be addressed.
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