Introduction:
Globalisation refers to the process of increased interconnectedness and integration of countries through the exchange of goods, services, information, and ideas. It has had far-reaching economic implications, affecting various aspects of countries' economies. India, as a developing nation, has experienced significant changes in its economy due to globalisation.

Economic Implications:
1. Trade and Investment: Globalisation has led to an increase in international trade and foreign direct investment (FDI). It has allowed countries to access larger markets, leading to increased exports and imports. This has resulted in economic growth and job creation.

2. Technological Advancements: Globalisation has facilitated the transfer of technology, knowledge, and innovation across borders. It has spurred technological advancements and productivity gains, leading to increased competitiveness and economic development.

3. Specialisation and Comparative Advantage: Globalisation has encouraged countries to specialize in the production of goods and services in which they have a comparative advantage. This has led to increased efficiency and higher productivity, benefiting both domestic and global economies.

4. Global Supply Chains: Globalisation has facilitated the establishment of global supply chains, allowing companies to source inputs and components from various countries. This has resulted in cost savings, increased efficiency, and improved product quality.

5. Labour Market: Globalisation has impacted labor markets through factors such as outsourcing, offshoring, and the movement of skilled workers. It has created opportunities for skilled workers in emerging sectors, while also leading to job displacements in certain industries.

6. Income Inequality: Globalisation has had mixed effects on income inequality. While it has lifted millions out of poverty in developing countries like India, it has also contributed to widening income disparities within countries. The benefits of globalisation have not always been equally distributed among different sections of society.

Impact on India:
1. Economic Growth: Globalisation has played a crucial role in India's economic growth. It has opened up new markets for Indian goods and services, boosting exports. The country has also attracted significant FDI inflows, contributing to technology transfer and employment generation.

2. Services Sector: India has emerged as a global hub for information technology (IT) and business process outsourcing (BPO) services. Globalisation has enabled the growth of these sectors, resulting in job creation and increased foreign exchange earnings.

3. Manufacturing Sector: Globalisation has impacted India's manufacturing sector in both positive and negative ways. While the country has attracted investments in industries such as automobiles and electronics, it has also faced competition from low-cost manufacturing hubs like China.

4. Employment: Globalisation has created employment opportunities in India, particularly in sectors like IT, BPO, and manufacturing. However, it has also led to job displacements in certain industries, especially those unable to compete with cheaper imports.

5. Income Inequality: Globalisation has contributed to rising income inequality in India. The benefits of economic growth have been concentrated in urban areas and among skilled workers, while the rural population and unskilled workers have faced challenges.

6. Urbanization and Infrastructure: Globalisation has fueled urbanization in India, with the growth of cities as centers of economic