Question

How India Economies Have Dealt with the Globalization Issue from 2003 to present time.

As to what to include, all information related and significant to their movement to globalization, from 2003 to 2020

Answer 1

Globalization: Globalization means the interdependence of world cultures, economies, and populations. It involves cross-border trade in not only goods but also technologies, investment, and also the information.

Globalization made the bar of competition high in many areas of industries. Especially in steel, chemical, manufacturing, pharmaceutical industries. With globalization, technology has been decreased labor employment. And countries like India where the labor is considered an asset. Globalization has made the gap between the poor and the rich widened even more. Globalization has decreased the patriotism and nationalism in India.

Financial services: A transition period was observed in globalization in financial services. Growth in financial services was bounced back from 5.6% in 2003-04 to 8.7% in 2004-05 to 10.9% in 2005-06 and to 11.1% in 2006-07.

Import and Export: Keeping up with world bank records, India's total trade in 2011-15 was 49% of total GDP higher than the two other continental sized economies.

Agriculture: Records state that agriculture's total export of the country was about 13-17% of the total annual export report.In 2000-01 agriculture products were valued more than US$6 million. After globalisation marine products also came into light.

Globalization made many negative and positive impacts on the nation.