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Meaning of globalization

Globalisation is a process of integrating the domestic economy with the world economy. It refers to the opening up of economies and societies through movement of goods, services, people and information across national boundaries. Although India was introduced to the concept of globalisation in 1980’s, it gained real momentum from the new economic policy of 1991 and was gained leverage by the coming up of the World Trade Organization (WTO). Globalisation aims at integrating the world into one global village. The prominent features of globalisation includes
  • High levels of integration in financial markets
  • ƒHigh economies of trade
  • ƒHigh mobility of factors of production
  • ƒUnrestricted flow of technology
  • ƒHigh levels of interaction among national economic systems
  • ƒIncreased awareness and spread of knowledge worldwide
  • ƒCost-efficient manufacturing across the globe
As a result of globalisation efforts taken by India, we find all types of goods available here.



Coke, Pepsi, Nike, etc. and many other imported brands have flooded the Indian market.

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