Impact of globalization on Indian Economy Khobragade Satish Shamrao* Dr. Babasaheb Ambedkar College of Arts, Commerce & Science, Bramhapuri *Email id- khobragadesatish1@gmail.com
Online published on 23 March, 2023. Abstract Every country in the world has its own economy. Especially after the end of the Second World War, the world economy underwent massive changes. Globalization started in India around 1990. During this period, the foreign debt of the country increased. Private global organizations such as World Bank, International Monetary Fund refused to give more loans to India and imposed some conditions on India to get loans. These conditions included India making certain policy changes in its economy and opening it up to foreign companies. India's imports from developed countries were very low, and the quota for exports was also very low, thus limiting exports. In the process of globalization it was decided to phase out this quota system and it started from 1995.This process was to be completed in the year 2005. International, global and economic factors influence it. It is therefore becomes clear that, while formulating such revised domestic strategies, a globalizing economy cannot ignore the future strategies and practices of the rest of the world. These limited policy options reflect a lack of systemic authority in national decision-making. Top Keywords Economy, Development, Trade, Policy, Investment, Globalization, Foreign Debt. Top |