Country Analysis Essay Example | Topics and Well Written Essays - 1000 words

Country Analysis - Essay ExampleSome scholars cope that the process of globalisation is beneficial for a countrys economy because it is based on the prescript of free work and thus increases the overall competition levels and consequent efficiency of the worlds markets. However, in the specific case of India, scholars collapse elaborated on how the process of globalization has in fact had nix effects on the countrys economy. Since partition in 1947, Indias trade and industrialization policies have varied up until 1961 the trade policies were quite liberal, from this point onwards and up till 1977 the governance of India accommodate its trade agenda to prioritize domestic industry, 1978 onwards they were again aligned towards liberalization and ultimately in 1991, after a severe financial crisis India opened its doors to free trade and globalization. To aid the process, IMF and humanness Bank provided the Indian economy with loans. The country strove to meet its import deman ds while simultaneously removing import duties in stable phases. In 1995, India formally joined the World Trade Organization. 2004 was a precipice for the Indian economy and power saw privatization of several public celestial spheres companies, the crash of their stock exchange and the slowdown and in some places the reversal of the globalization process for the Indian economy. The time period from 1991-2004 was the time in which India experienced the highest levels of foreign direct investments yet. India too received aid from several countries all over the world to name a few, the UK provided grants aimed towards developing the development sector and alleviating poverty, Japan provided loans and grants aimed at the development of power industry, railways, telecommunication and poverty alleviation and Denmark gave India grants and loans for private sector businesses related to imports. There were also some measures taken by GATT and WTO on Indias account geared towards solving Indias balance of payment problems, increasing the economys productivity and global engagement and local equity management. Foreign direct investment in India peaked by 1961 and had increased up to 90% by 1990. From 1991 onwards FDI kept increasing as India was now open to free trade and liberalization policies. Globalization also affected the export levels and levels of outsourcing from India the export basket was made up of in the main law value goods like textiles, handicrafts and garments. The levels of outsourcing however, were phenomenal India had strong footing in the supply of cheap labor, dainty margins and competitive markets. In recent years, outsourcing in India has expanded to involve the technology sector and other backend service sectors. Simultaneously, the superficial foreign direct investment from India has also expanded which shows that Indias competitiveness and productivity in the global market has also increased however, improvement is still required as Ind ias outward FDI consists mainly of basic and commodity products and has not yet reached the efficiency levels required of global standards. Nayar (2006), talks somewhat how globalization in India has had an impact on three important elements, namely the flow of goods and services, the flow of bang-up and the migration of people. This paper