Globalization a Boon or Bane – a Study in Indian Context

In the late 20^th century, the process of “globalization” has become one of the hotly debated politico-economic issues in International economics. Globalization integrated international market across the geographic and political boundary without any barrier and restriction to move freely goods, services, capital and technical know-how. India opened up the economy in the early 90’s. In a globalized economy, the MNCs operate in many countries and exploit local conditions for their own advantage. A good lot of discussion and debate is going on regarding the differential roles, dimensions and effects of the process of globalization. Some defend the process on the grounds that, the process of globalization increases the wealth, cooperation between nations, advantages of the healthy competition, accelerates the process of Industrial growth, transfer of technical know-how, free flow of goods and services. While a few others criticize the same considering that the process of globalization widens the gap between the rich and poor, exerting the pressure to open the national market, but at the same time, the rich countries reluctant in open their own domestic markets for international trade. This unwillingness or indifference of the developed countries has created problems. Hence, some nations have started rethinking about their decision of actively participating in the process of globalization. In this context, this paper tries to explore the contours of the process of globalization.