Changes Of Indian Economy And The Social Sectors, Poverty, And Reform

Two non-Western countries that have been impacted by globalization are India and China. India opened its doors to globalization during the nineteen nineties following an economic crisis in which the country almost defaulted on loans (Balakrishnan, n.d.). Before globalization India purposely isolated itself from world markets and was in a state of

The Indian economy following the 1991 crisis swiftly moved away from central planning economy towards market-based economy with the government having less intervention and control. As a result, companies were operating in what is called emerging

However, both the Country Profile (2005) and Business Asia (2010:10) highlight that although the fundamental political keeps stable, the efficiency of political is low. The cause of this existed problem is that the national parties weakened gradually while the regional parties which influenced by the coalition government strongly (Business Asia, 2010:10). Current President is Pratibha Patil. (BBC News, 2011). As a result, India began to conduct a relatively free liberal market reform. Nonetheless, because of the interests of coalition government members are dissimilar, the speed of market reform is limited (Business Asia, 2010:10).

country’s recovery, while others say that the real route to prosperity lies in lowering or even

3. Part of the reason the World Bank’s standard Structural Adjustment Policies has been counterproductive partially because of unfortunate timing. Reduce government spending caused a recessionary effect, decreasing demand and increasing unemployment hurt nations. Strict monetary policy raised interest rates and helped to further suffocate investment demand and access to capital for poor farmers and low-income entrepreneurs. Currency devaluation did make exports cheaper but at a time when export markets for primary goods were oversupplied and prices were falling. Import cost also rose making it more expensive for domestic producers to obtain new technology and replacement parts. In addition, privatization of government enterprises also increased efficiency, which was accompanied by downsizing, which resulted in unemployment for thousands of the middle class. At this time the reductions in

However, this lack of governance is not just seen as disadvantage for India. India is amongst the top 40 nations to have been involved in the highest number of business regulation reforms in the last five years (Innovasjonnorge, n.d.). Reform has eased business operations in India as the mainly concern the introduction of new technology. These technological improvements have led India to be highly industrialised, rather than agriculturally based like in the past. For instance, India is now the world’s biggest manufacturer of small cars (Innovasjonnorge, n.d.).

India became one of the first independent nations that emerged after World War II, and like many who gained their independence they were very impoverished. American President Franklin Roosevelt called for a war against poverty, and in Britain, the Beveridge Report also called for the slaying of the giant of poverty, and a creation of a welfare state. The Cold War played a major role in Western government’s efforts to help developing countries, because they were also using similar methods with Communist agenda to help poverty. The Development Economics for these emerging countries played a big part in their acceptance into successful nations. People all joined in on a crusade to confront poverty, with morality, justice, human sympathy, and idealism.

In 2015 India was ranked among the highest countries globally in consumer confidence, this comes after the International Monetary Fund estimated an economic growth of up to 7% annually for the next decade in India. But this hasn 't always been the case, in fact, it wasn 't so long ago that India was simply another colonized nation around the world, not to mention it 's usually rare to see this kind of economic growth in such a small period of time. The Effects of globalization, with an emphasis on open trade networks, and the Imperial developments of the late 19th century have led to the emergence and rise of India 's market-based economy. This growth has been affected in a very positive way over a span of centuries by a combination of stronger economic developments brought about by a massive increase in the countries labor force and the emphasis on education and self-governance. An exposure to both the Western economic systems during the imperial age until their independence in 1947 and their subsequent involvement in the Asian, Middle Eastern and African trade routes from the late 15th century placed India in an economic equilibrium where they were able to benefit from both worlds and become one of the fastest growing economies.

Globalization has been an integral part of India’s progress. It has opened up new avenues for growth.

The film “Other Side of Outsourcing” directed by Kenneth Levis and reported by Thomas Friedman, an American columnist who works at the New York Times discusses globalization and outsourcing in India illustrating their benefits and harms to the community. Globalization is a world order based on the creativity of scientific, technical and cultural development and communications revolution which removes world barriers making the world more like a small global village. For example, the spread of the United States and the Western countries styles around the world is part of globalization. In India, according to the film, globalization has some advantages which benefited the Indian people; however, for some Indians globalization is not an advantage.

As a result of these reforms, the world has been opened up to India and globalization had begun. Globalization has given India new opportunities in economics, social, traditional and governmental methods. The economic sector has had the biggest changes in India. As a result of globalization, westernization has become very apparent in Indian society today and has changed the daily life of the Indian. For instance, English language, clothing, and behaviors, which are more western and taking the place of Indian traditions, are the new ways of the younger generation of India. Globalization offers the youth economic liberation With remarkable growth, India is considered one of the fastest growing countries in the world today (Komath, 2010). Outsourcing by IT and BPO (business process outsourcing) has had tremendous growth in India with a rise in trained professionals that are employed by local and foreign companies to service customers in the U.S. and Europe. Globalization has had a good influence overall on the economy (Somalkar, n.d.). Industry has brought many big manufacturing companies to India which has boosted the economy, by offering employment to the Indian people. But in the farming areas or rural areas of India, it is a much different feeling. It is said that the liberation that the youth enjoy has had a negative impact of the rural areas saying the it has lowered the

In this research paper, my topic involves how India's industrialization has grown immensely over the past decades. However, not many have benefited from it as rural populations have become increasingly populated due to people migrating from their homes, which would decrease unemployment and food production.

India survived near-crisis situations twice in the 1990s. How did internal and external constraints shape that country’s ability to respond to the crises? This article argues that India’s success can be attributed to four sets of decisions taken during the period 1991–1997: devaluation, involvement of the IMF, partial liberalization of the domestic financial sector, and gradual opening up of the external sector. The article analyzes the options, political opposition, and eventual outcomes for each set of decisions. India’s ownership of its reform program helped set the pace of reform, while close interaction between technocrats and the IMF added

On the 15th of August, 1947, India awoke to freedom and democracy, when the British passed on the controls of ‘the brightest jewel in the crown’ (as India was lovingly called) to the Indian people. The Indian subcontinent has been invaded since time immemorial for the riches the land held. It is often said that trading with India and conquering it was a great deal to the Europeans. For the British to reign the country for so long, which became dominant primarily after several wars and diplomatic issues in Indian as well as Europe, was a source of pride. It established them as superior to the Dutch, French and Portuguese. However, if India indeed is a country of such abundance, and has been a free country for so long, why is it still counted amongst low income countries? In this paper, I make an attempt to evaluate how India’s economic policies and growth have changed since independence.

The India experience underlines the difficulty in making changes on an adequate scale in a country of great size, population and complexity. But it also shows that the problems of change can only be understood when the beliefs, knowledge and attitude of the people are addressed.