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• INTRODUCATION
Globalization or globalisation is the process of interaction and integration among people, companies, and governments worldwide. As a complex and multifaceted phenomenon, globalization is considered by some as a form of capitalist expansion which entails the integration of local and national economies into a global, unregulated market economy.
Liberalization (or liberalisation) is any process whereby a state lifts restrictions on some private individual activities. Liberalization occurs when something which used to be banned is no longer banned, or when government regulations are relaxed. Economic liberalization is the reduction of state involvement in the economy.                   

• Content

Shift from Import-Substitution to Export-Led Growth Strategy:
The failure of import substitution strategy of industrial growth to achieve sustained growth forced India and other develop­ing countries to pursue export-led growth strategy (which is also called outward looking strategy of development).
Increased Market Access:
An important benefit of globalisation is increased market access. Long ago Adam Smith wrote in 1776 that division of labor is limited by the size of market. Free trade accompanying globalisation widens the markets for products of industries.
Globalisation and Transfer of Technology:
Another benefit flowing from globalisation of the Indian economy is that it acts as a mechanism for the transfer of technology from the developed countries. Due to financial constraints, Indian companies are in a position to invest only a small amount of funds on R & D. Therefore, it is through globalisation of its economy that we will be able to get advanced technology from the developed countries.
Foreign Capital Inflows:
The globalisation or integration of the Indian economy with the world economy is also beneficial because it would give a boost to foreign capital inflows in the form of portfolio investment and foreign direct investment (FDI). Portfolio investment will bring valuable foreign exchange currencies in India and free us of balance of payments difficulties. With sufficient foreign exchange reserves, balance of payments constraint on accelerating the growth process will be removed.


•CONCLUSION 
There were some restrictions and regulations in the economy related to private sectors and market which were liberalised with the condtion from WTO .
Later they have got freedom to decide the price in the market also types of goods to be produced.
But after the globalisation there were no proper benefits to customers and also there were negative impacts on developmental and welfare expenditures.






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