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Globalization is a process that encompasses the causes, courses, and consequences of Adarshtransnational and transcultural integration of human and non-human activities. . India had the distinction of being the world's largest economy till the end of the Mughal era, as it accounted for about 32.9% share of world GDP and about 17% of the world popula
The impact of India's economic liberalisation policies on various sectors and social groups has been a topic of ongoing debate. While the policies have been credited with attracting foreign investment, some have expressed concerns about their potential negative consequences.
A global financial crisis, combined with protectionist policies adopted by the colonial government resulted in a rapid increase in the price of commodities in British India. During the period 1929–1937, exports and imports in India fell drastically, crippling seaborne international trade in the region; the Indian railway and agricultural ...
However, by the end of British rule, India's economy represented a much smaller proportion of global GDP. In 1820, India's GDP was 16% of the global GDP. By 1870, it had fallen to 12%, and by 1947 to 4%. India's per-capita income remained mostly stagnant during the Raj, with most of its GDP growth coming from an expanding population. Per capita ...
Globalization is a diverse phenomenon that relates to a multilateral political world and to the increase of cultural objects and markets between countries. The Indian experience particularly reveals the plurality of the impact of cultural globalization. [105] Transculturalism is defined as "seeing oneself in the other". [106]
World War I disrupted economic globalization, with countries adopting protectionist policies and trade barriers, slowing global trade. [7] The 1956 invention of containerized shipping and larger ship sizes reduced costs, facilitating global trade. [8] [9] Globalization resumed in the 1970s as governments highlighted trade benefits.
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This transition was spurred by wider shifts in the global economy, including the dissolution of the Soviet Union and the rise of globalisation. [19] Additionally, during the 1991 Balance of Payments crisis, India's acceptance of an IMF loan came with the stipulation that it implement economic reforms. These reforms encompassed liberalisation ...