IMPACT OF GLOBALIZATION ON INDIAN TRADE

Economics

In India, economic reforms initiated in 1991 aimed to enhance efficiency, productivity, and profitability within the economy. Globalization catalyzed improving technology and skills, facilitating the integration of India's economy with the global market. The primary goal of globalization is to foster a competitive environment that boosts productivity and efficiency. International trade plays a crucial role in this process. Over the years, governments across many countries have progressively opened their economies to international trade—through multilateral trading systems, increased regional cooperation, and various domestic reform programs. Trade has enabled nations to benefit from specialization, allowing economies to operate more efficiently. It has increased productivity, facilitated the dissemination of knowledge and new technologies, and expanded consumer choices. In response to global trends, India has gradually liberalized its economy. During the initial decade of globalization, India's imports grew at a faster rate than its exports; however, in recent decades, export growth has outpaced that of imports. This study focuses on analyzing the impact of globalization on Indian trade.

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