Impact Of Globalisation On Indian Economy

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NAME : AYUSHA MAKEN CLASS : BBA 5TH B ERP ID : 0151BBA065 ASSIGNMENT NO. 1 QUESTION: Briefly explain the changes that happened in Indian Economy after 1991. ANSWER: By 1985, India started having balance of payments problems. By the end of 1990, it was in a serious economic crisis. The government was close to default, its central bank had refused new credit and foreign exchange reserves had reduced to such a point that India could barely finance three weeks’ worth of imports. India had to airlift its gold reserves to pledge it with International Monetary Fund (IMF) for a loan. The only way to earn dollar is by doing export of goods . Since 1960s, India depended on the Soviet Union for exports - as they failed to develop good economic relationships…show more content…
The term globalization means International Integration. Opening up of world trade, development of advanced- means of communication, internationalization of financial markets, growing importance of MNC's, population migrations and more generally increased mobility of persons, goods, capital, data and ideas. Here we will discuss about the positive and negative impacts of Globalisation in an Indian Economy. The wave of globalization hitted India at the end of the last century and still the country is flowing with the current of global changes. IMPACT OF GLOBALISATION IN DIFFERENT SECTORS OF INDIAN ECONOMY 1) Effect of Globalisation on Students and Education Sectors : Now a days students prefer to study online. Students refer to online books for any doubts or queries. Each and every book is available online u don’t need to go outside your house to buy any study material. Many foreign universities have started collaborating with Indian universities and study institutions. 2) Effect on Health Sectors : Just because of Globalisation , multinationals pharmaceutical companies have entered India . Medicines of Foreign Companies have very high rate that’s why poor people face difficulties when they are not…show more content…
Indian farmers even cannot export to rich countries just because of inferior technology. Different state governments of India are taking initiative to literate the farmers by organizing workshops , seminars

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