Global Economic Integration As the Outcome of Globalisation: Impact and Assessment on Indian Economy

India emerged as the fastest growing major economy in the world, registering 7.6 per cent growth in the GDP at constant market prices in 2015-16. India is presently known as one of the most important players in the global economic landscape. Its trade policies, government reforms and inherent economic strengths have attributed to its standing as one of the most sought after destinations for foreign investments in the world. Also, technological and infrastructural developments being carried out throughout the country augur well for the trade and economic sector in the years to come. In this backdrop the paper will discuss the global economy, economic integration in the light of innovation of developing economies, technology, liberal policies etc. In the present century of competition, innovation of technology; the term globalization involves harmonious integration of politically divided markets globally for higher level of international cooperation, which involves sharing of opportunities, profits through efficiency and competition in the wake of liberalisation policy which have been initiated to facilitate liberal policies and programmes. The paper will also assess the impact on economy globally and in India which needs to be discussed briefly as globalisation itself refers to the increasing integration of economies around the world, particularly through the movement of goods, services, and capital across borders. The term sometimes also refers to the movement of people (labor) and knowledge (technology) across international borders. Finally the paper needs to analyse the broader cultural, political, and environmental dimensions of globalization.