The outcome of liberalization and privatization is globalization. It is generally thought of as the integration or gelling of the economy of a nation with that of the world economy. It is a very complex phenomenon. Globalization is the result of various policies which has been formed with the intention of changing the world and taking it towards greater integration and interdependence. Globalization involves activities which transcend social, cultural and geographical barriers. It also involves the creation of networks. It tries to connect all the nations of the world in such a way that happenings in one nation are affected by happenings of another nation. Globalization aims and is turning the world into one with no limits or boundaries.