Globalization in India: The Key Issues

  • Anirban Banerjee

Abstract

According to Anthony Giddens, “Globalization refers to the fact that we all live in one
world, so that individuals, groups and nations become interdependent.” Globalization is
associated with a particular ideology, namely neo-liberalism. Neo-Liberalism asserts the
primacy of the market and opening up of the economy of all nations to free trade,
privatization and withdrawal of the state from regulation of economic activities.
Globalization in India started in 1981 when India took a massive loan of 5 billion SDRs from
the IMF.But it is in the second phase, when India took another massive loan of $2.5 billion
in 1991 to cope with the balance of payments crisis that globalization in India actually
started. In line with the neo-liberal philosophy, India started economic reforms. The state
started withdrawing from economic activities, some PSUs were disinvested and more are in
the pipeline, import substitution was substituted for a liberalized trade regime, the country’s
resources in spectrum, coal etc., were thrown open to be exploited foreign business houses
and so on.
In this lecture, I will discuss some key contemporary issues regarding globalization in
India, namely, (1) Globalization & Employment (2) Globalization & Higher Education (3)
Globalization & Industrial Unrest (4) Globalization & FDI in retail (5) Globalization &
Corruption.

Published
Sep 29, 2012
How to Cite
BANERJEE, Anirban. Globalization in India: The Key Issues. Society Today: An Interdisciplinary Journal of Social Science, [S.l.], v. 1, n. 1, p. 1-18, sep. 2012. ISSN 2319-3328. Available at: <http://societytoday.in/index.php/soct/article/view/6>. Date accessed: 29 sep. 2020.
Section
Articles

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