Analytical Paper Essay Example | Topics and Well Written Essays - 2000 words

Analytical Paper - Essay ExampleEverything is available throughout the population with the help of internet and telecommunications. In the global economy, anyone can buy and sell anything using the advanced technologies. globalisation increases the interaction, cooperation and communication among different countries. A successful globalisation will not only provide economical prosperity and development but also will provide social justice and equality to whole kinds of people of the society. It should bring success for the poor people also. When some of the countries are working together for a common goal then it is called internationalization. But globalization is a broader term where there is no border, no barriers for people to do trade. Globalization is the process of converting the national economy into a global economy. Critics sometimes verbalise that globalization is only good for the developed nations as it does not create positive impacts on the development countries . India is one of the examples of developing countries and the effect of globalization in India will be discussed in this report. From the discussion of globalization in India, it will be clear how far the globalization has created positive as well damaging impacts in Indian socio-economic and cultural platform. Discussion India opened up their economy in the early mid-nineties after facing an exchange crunch. As a result, Indian economy felt the necessity of the forepart of the multinational companies for overall development and development. In 1991, the liberalization and globalization policies marked the beginning of a clean era in Indian history. Economic effect Indian economy from the time of independence was a close economy. The different political parties came into the power but the type of economic inclination was same for India. In 1991, the new era in Indian economy started with three key words - Liberalization, Globalization and privatization. With the globalization pr ocess the restructuring of Indian economy started and some major reforms were observed. Globalization brings a favorable impact on Economic yield. In 1970, the gross domestic product growth was only 3 % in India. The countries like Mexico, Brazil achieved more than than twice growth rate than India. In the eighties, a significant annual growth was observed from 3% to 5.9% but still it was comparatively very low compared to countries like China, Korea. In 1991, the gross domestic product was calculated on purchasing power parity basis and Indian economic growth was 0.9 % only. Indian economy achieved a growth rate of 8% in the year 2003-2004. Not only the high GDP growth was noticed but also a significant structural change was noticed in Indian economy. Before the globalization, the maximum amount of GDP was generated from the primary sector. But after globalization, the maximum part of the GDP contribution comes from the service sector. ITES-BPO, software services providers has ac hieved a significant growth in recent years. GDP from the major sectors The service sector is the major employment provider also in Indian Economy. In recent times, the service sector has a great contribution in the national income also. The reason for growth of service sector is urbanization, privatization and high demand for consumer service. Significant high growth rate was observed in 2006-2010. The growth rate and service sector contribution have been shown in the above diagram. The government of India speculate policies to make foreign direct investment in the manufacturing sector. The FDI in manufacturing sec