Cheers to Globalization!

Image Source: Working Capital Review Since, we are a part of globalized world and imagining India without global trade would be distur...

Image Source: Working Capital Review
Since, we are a part of globalized world and imagining India without global trade would be disturbing. We have become a globalized society only after 1990’s when policy of globalization, liberalization and privatization came. It was our former Prime Minister Dr. Manmohan Singh who gave us this LPG policy.

People may say that Dr. Manmohan Singh remains silent in most of his talks but he works silently and his silent works has made India what is it today. If he hadn’t chosen to implement this policy even I would not be able to write this blog today.

Due to Globalization, trade among international market has increased. Exchange of goods and services has only started after this policy came in existence.

Today India’s GDP rate has increased many times than in 1990’s.  When this policy of LPG came, it focused on liberalization of trade, globalized trade among other countries and India and the most important step was privatization.

This policy ended the problems of trade among private entrepreneurs. There was a limit of investment and turnover for any industry but after this, those obstructions ended.
With privatization, Indian government sold firms which were in its control and kept only the most important industries like railway and steel industry.

This step was surely grand as it was a misconception that it might not be good to increase trade with other countries but due to this, many multinational industries invested and a lot of job opportunities boomed. This created employment which ultimately increased the standard of living of people.

Today ‘Make in India’ is a very impressive initiative which our Prime Minister Narendra Modi has taken. This might turn out to be an obligatory initiative and will be recalled with pride by the people of India.

India’s way for becoming a developed country is through ‘Make in India’. It is attracting international investors to invest in India which ultimately will be a step for creating jobs for every section of society. Industry provides jobs to people either rich or poor.  PM Modi’s visit to different countries is earning fruits. Many countries including China, US, Russia, Japan has not only agreed but are happy to invest in Indian Market.

Indian Market is very big for investors because of its large population and it creates a major advantage of earning healthy profit with cheap labor cost. As country like India is in its developing phrase, it needs job opportunities for its growing population and with it, India have to make its way to become a developed country.

India is not only diverse in its culture and geographical structure but also it has diversity of living standards and thus multiplicity of people.

Globalization has more key advantages according to me. Some says that this makes rich people richer and poor people poorer but I deny this fact as industries provide job opportunities with skilled labor or by making the labour skilled. This increases the probability of getting job with less education.

I must say that this was really the step India needed!

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