What was the condition of Indian economy during the heyday of state controlled economy? Well, developments were also noticed during those days but were not enough to invigorate the entire structure. For that reason, a search did continue for decades for an ultimate solution and the initiation of market reforms or the saga of globalization in 1991 proved to be the best. India, if truth be told (tried and true as per statistics), has progressed a great deal by now and the entire credit goes to the same notion of globalization. Globalization in India, in point of fact, has enabled companies to heighten and extend their operations considerably, spread out their workforce with nominal investments, and render innovative services to an extensive array of clientele.
Thanks to all these, the modus operandi of globalization has turned out to be an essential part of the recent economic advancements or Economic Reforms made by India. There is no doubt in this and it must be said atop of voice that chronicle of globalization has been playing a major role (ever since its formal commencement in the early 90s) in export-led growth, giving rise to the growth of indigenous job market as well. now, we have to get more specific. Bear in mind IT and BPO services, one of the key forces of globalization in the sphere of India and also responsible for revitalizing the moribund job market (of once) in the country.
Well other than the said developments, there have been lots of worth mentioning effects of globalization too. There has been emergence of a new middle class, unlike that of the past and this is regarded as the consequence of affluence of IT and BPO industries in the length and breadth of the country. Globalization in India has been beneficial for a range of companies venturing in the Indian market. But there are a few demerits too. The concept of polarization, as per in-depth researches, is on the rise.