Globalization and Liberalism in India

 Removing barriers or restrictions set by the government is known as liberalization. With liberalization of trade, businesses are allowed to make decisions freely about what they wish to import or export. The government imposes less restrictions than earlier. Companies are able to set up plants in developing countries where policies in favor of liberalization of trade and investment are undertaken which led to rise in the process of globalization. Liberalization of trade and investment policies facilitated free market, free movement of labor, capital and goods. It enables integration of global economics. It has drastically helped the process of globalization. 


An example of this is India. Before the 1990s, India was a country with many restrictions. Foreign trade and investment were barred. It was only after the 1990s did the Government adopt policies and programs that allowed for foreign trade and investment. After liberalizing, India's economy boomed. 

Currently, India is the fifth largest economy in the world with an almost 5 trillion dollar GDP. This is all a result of liberalization and globalization, which comes from foreign trade and investment. Thus we can say that foreign trade and investment are the aspects of liberalization and globalization.


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