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Globalization has emerged as one of the most significant phenomena shaping global politics, economy, and society since the late twentieth century. It refers to the increasing interconnectedness and interdependence among countries through trade, investment, finance, technology, cultural exchange, and political cooperation. For India, globalization became particularly relevant after the economic crisis of 1991, when the country adopted the policy of Liberalization, Privatization, and Globalization (LPG) under the leadership of Prime Minister P.V. Narasimha Rao and Finance Minister Dr. Manmohan Singh. The move was aimed at stabilizing the economy, which was facing a severe balance of payments crisis, and integrating India into the global economy. Since then, globalization has had a deep and multifaceted impact on India’s national economy, influencing growth, employment, inequality, and the nature of economic sovereignty. A critical examination of its effects reveals both positive transformations and significant challenges. One of the most visible impacts of globalization on the Indian economy has been the acceleration of economic growth. Prior to 1991, India’s economy was largely inward-looking, dominated by protectionist policies, import substitution, and heavy state control over industries. The post-globalization reforms dismantled trade barriers, reduced tariffs, encouraged foreign direct investment (FDI), and promoted competition. This opened the Indian market to global capital, technology, and expertise. As a result, India experienced sustained GDP growth, particularly in the 1990s and early 2000s, averaging around 6–8% annually. Sectors such as Information Technology, telecommunications, pharmaceuticals, and automobiles expanded significantly due to global integration. For example, India became a global hub for software services and outsourcing, with cities like Bengaluru, Hyderabad, and Pune emerging as centers of global IT services. This sector alone has contributed enormously to GDP, foreign exchange reserves, and employment generation. Globalization also facilitated an inflow of foreign direct investment, which played a pivotal role in modernizing India’s industries and infrastructure. Multinational corporations (MNCs) established operations in India, bringing not only capital but also advanced technologies and managerial expertise. Sectors like retail, e-commerce, banking, aviation, and manufacturing benefited from global investment and partnerships. This helped ___ __________ _________ _______ _____ ______ __________ _____ ___ __________.
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