IMPACT OF GLOBALIZATION ON INDIAN ECONOMY WITH SPECIAL REFERENCE TO AGRICULTURE SECTOR

Abstract

The term globalization refers to the integration of economies of the world through uninhibited trade and financial flows, as also though mutual exchange of technology and knowledge. Ideally, it also contains free inter-country movement of labour. Globalization has played a major role in the exportled growth, leading to the enlargement of the job market in India. Indian economy has experienced major policy changes in early 1990s. The new economic reforms, popularly known as Liberalizations, Privatization, and Globalization (LPG Models) aimed at making the Indian economy as fastest growing economy and globally competitive. With the onset of reform to liberalize the Indian economy in July 1991 a new chapter of had dawned for the India and her billion plus population. This period of economic transition has had a tremendous impact on the overall economic development of almost all major sectors of the economy, and its globalization in India.