Globalization and Indian Economy- A Saga of Mixed Blessings

Abstract

Globalization symbolizes the process of reaffirmation of faith in the markets retaining the original form and character of the sovereignty of a country. Many of us would agree that globalization, far from being any novel concept, is the extensions of the classical Comparative Cost Approach, which suggests that intervention at specialization benefits the countries sharing trade. Deregulation is the essence of this strategy which follows a significant shift in decision-making from the government to business with an increasing thrust on the market forces rather than any political ideology. Thus globalization is a means when it is conceived of as an instrument to create an integrated world economy that takes the shape of a single market and as an end when it promises to maximize the quantum of socio-economic gains of all citizens of the world as its ultimate goal. The paper attempts to study the different dimension of globalization in India by mainly, trying to locate the impact of globalization on the Indian Economy as well as social wellness and to analyze the various facts regarding the achievements of India as well as challenges faced by it in respect of globalization, to this effect, a predominantly qualitative research approach has been adopted to critically inquire into the topic at hand. Data at all stages are secondary and garnered from a variety of published sources. Conclusively, the paper tries to highlight that the benefits of globalization could be made available to all people without discrimination. This would need the government to check the practice of keeping itself away from its basic social obligations by heralding a mechanism that could strike a balance between the strategy of following market theory and the urge to look after social needs.