Give the meaning and important aspects of the process of globalization

1.	Give the meaning and important aspects of the process of globalization.
Answer» Globalization: The process of increasing a country’s economic integration with the rest of the world by increasing trade in goods and services, increasing movement of physical and financial capital, increasing exchange of technology and increasing investments between the countries is called globalization. The process of globalization can be done by gradually decreasing the policy controls that restricts and slows foreign trade. Process of globalization in India: In 1991, International Monetary Fund (IMF) declared a list of several nations who had taken enormous loans from IMF. The IMF forced those countries to globalize and upgrade the technologies and hence grow their nations. Until the countries did this, the IMF would not give any further loans. India was one of those countries. Hence, India had to relax its policies of providing undue protection to domestic industries from foreign competition. Thus began the process of globalization in India and India allowed its people ; to conduct more trade with other nations.

Give the meaning and important aspects of the process of globalization.

Answer»

Globalization:

The process of increasing a country’s economic integration with the rest of the world by increasing trade in goods and services, increasing movement of physical and financial capital, increasing exchange of technology and increasing investments between the countries is called globalization.
The process of globalization can be done by gradually decreasing the policy controls that restricts and slows foreign trade.

Process of globalization in India:

In 1991, International Monetary Fund (IMF) declared a list of several nations who had taken enormous loans from IMF. The IMF forced those countries to globalize and upgrade the technologies and hence grow their nations. Until the countries did this, the IMF would not give any further loans.
India was one of those countries. Hence, India had to relax its policies of providing undue protection to domestic industries from foreign competition. Thus began the process of globalization in India and India allowed its people ; to conduct more trade with other nations.