The term ‘globalisation’ means integration of economies and societies through cross country flow of information, ideas, technologies, goods, services, capital, finance and the people. The essence of globalisation in a broad sense is connectivity in all aspects of human life. Although economic forces are an integral part of globalisation, it would be wrong to suggest that they alone produced it. It has been driven forward above all by the development of information and communication technologies that have intensified the scope and speed of interaction between the people all over the world.
India became independent as one of the poorest countries of the world. The British colonial rule had destroyed the self-sufficient agrarian economy. The then Prime Minister of India Jawaharlal Nehru preferred mixed economy for planned economic development of the country. As a result of this, public sectors were set up along with a number of private enterprises, but like…
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