@ It the increased the employment opportunities in India.
@ It helped the Indian companies to expand their market in other countries .
@It helped the Indian companies to purchase advanced technology at cheaper rate from other countries .
@Globalisation has also been turned the world into one whole world .

Globalisation and its impact on the Indian economy has been a topic of debate for several years. The liberalisation, privatisation and globalisation (LPG) policy introduced in the 1990s saw a significant change in the way India was viewed by the world. Here's how globalisation moulded the picture of development in India.

Globalisation and Indian economy

Globalisation refers to the integration of national economies into a global economy. It involves the free flow of goods, services, capital, and technology across national borders. The Indian economy witnessed a significant transformation after the LPG policy was introduced in 1991. The policy aimed to open up the Indian economy and make it more competitive by reducing the role of the state and increasing private sector participation.

Impact of globalisation on Indian economy

The impact of globalisation on the Indian economy has been both positive and negative. Here are some of the ways in which globalisation has impacted the Indian economy:

Positive impact

- Increased foreign investment: Globalisation opened up the Indian economy, attracting foreign investment in various sectors. This led to an increase in job opportunities and economic growth.
- Increased competition: With the entry of foreign companies, Indian companies had to compete to survive. This led to an increase in efficiency and productivity, which in turn led to economic growth.
- Increase in exports: Globalisation enabled Indian companies to access a larger market, leading to an increase in exports and foreign exchange earnings.

Negative impact

- Job losses: With the entry of foreign companies, Indian companies had to cut costs to remain competitive. This led to job losses in various sectors.
- Unequal distribution of wealth: Globalisation led to an unequal distribution of wealth, with some sectors benefiting more than others. This led to an increase in income inequality.
- Dependence on foreign companies: Globalisation led to an increase in the dependence of Indian companies on foreign companies for technology, which could be a threat to national security.

Conclusion

Globalisation has had a significant impact on the Indian economy. While it has led to economic growth and increased foreign investment, it has also led to job losses and income inequality. The government needs to ensure that the benefits of globalisation are evenly distributed and that the country's national security is not compromised.