Bio-Data

Name: PraveenKumar Keskar

Date of Birth: 03/Nov/1990

Address: C/o Principal, Vivekanand Institute of Management,

Behind Anand Hotel, Vithal Nagar, Gulbarga – 585 103.

Dist: Gulbarga, State: Karnataka.

Mobile number: +91 9538988454

Telephone number: 08472 254782

E-Mail id: praveenkv.keskar@gmail.com

Educational qualification:

1) SSLC/10th: 72% at Mount Carmel Convent School, Shahabad,

Dist.: Gulbarga, State: Karnataka.

2) PUC (Commerce): 74% at Nutan Vidyalaya Pre-University

College, Gulbarga, Dist.: Gulbarga, State: Karnataka.

3) Graduation (Pursuing): 5th Semester, Bachelor of Business

Management at Vivekanand Institute of Management, Gulbarga,

Dist.: Gulbarga, State: Karnataka.

Hobbies/Interest: Reading Books & Magazines.

Married: No

Languages Known: English, Kannada, and Hindi

 First CSR Super Brain Essay Contest 2011

The Globalisation of Indian Economy

“Globalisation”, this was the term which was heard in the early

90’s in Indian Economy by our erstwhile Finance minister,

Mr. ManMohan Singh. This was his contribution of introducing the

concept in his term as LPG i.e. Liberalisation, Privatisation &

Globalisation. After introducing this concept, many of the economist

envisaged that the time has came to Indian economy to develop in its

own way. Here, my advocacy in this discussion is that, what made the

economists to have such a feeling of long term development of Indian

Economy? So let us have a look on that.

Globalisation means opening up of Indian economy to the whole

world. In India this concept came into force in the year 1990 which

was made to open the door of Indian Corporate world to entire globe.

This was made to develop the country by which the foreign & multi

national companies can take a step to come in India for establishing

their concerns. Hence it made the economists to envisage the future

growth of country in a tremendous way.

The main cause of introducing this concept was the

development of Country; financially, globally, technologically & also in

other aspects. In late 1990’s the Government of India came to know

that the development will be made only when the income will be

generated in the host country by which it can be used for the social or

societal causes. But this can be achieved only when the people from
abroad come to India & start to generate the income. After knowing

these causes the Government of India invited all the foreign

companies to Indian corporate world.

The effect of this concept was very favourable. Initially many of

the concerns who’ve their own image in the global corporate sector

were taken the initial step to come to India. The result of this made

the people to get the opportunity of job which subsequently made to

increase the per-capita income of the country. Not only single, but

there were many effects found in the country due to introduction of

this concept which will be known after reading the later part of this

essay.

In this discussion, firstly I want to focus the effect of

Globalisation on individual. Let the Government introduce any policy,

but the end effect of all the policy will end on the individual only.

When there was the implementation of Globalisation as a policy, then

there was a tremendous job opportunities to the individuals by which

they can possess their talents to the maximum extent. Apart from

these many of the multi national companies were setup their concerns

in India & created the job opportunities which in turn increased the

per-capita income of the country. Hence, not only the per-capita

income but also the standard of living of the individual was also

increased.

As the main intention of introducing this concept was to invite

the foreign industries to the Indian economy, so the effect of this

policy was also seen on the corporate sector. Because of the

globalisation of Indian economy many industries were given an

opportunity to act freely in abroad. This helped the companies to gain

more revenues. And as part of multi national companies are

concerned, the policy of Globalisation acted them as a gigantic BOON.

Through this introduction many of the multi national companies

entered Indian market & commenced to give their valuable services.

Many of the customers showed their gratitude towards the

Government as they were able to get the services which were available

in abroad. In this way the concept of Globalisation was praised not

only by the individuals but also by the many of the industries.

Apart from individual & Industries, even Government was also

influenced by this concept. Due to establishment of Multi National

Company’s branches in India the Indian Government was made to

count the huge revenue in the form of taxes & duties. By this the

main motto of Government was fulfilled. Thus it also gave the scope to

think for the overall development of the country.

As there was the development of industries by Globalisation in

turn it also supported the economic development of country. By the

implementation of the concept of Globalisation the per-capita income

was increased which had a direct impact on the National Income. GDP

& GNP were seen to have a high increase. Many of the education

institutions were established by which the education facilities was

increased in order to meet the demands of job opportunities by newly

commenced companies. This made the country to grow in all the

dimensions. Later on government also focused on some of the key

societal concepts & suggested the companies to involve in any of the

societal objectives. By the involvement of companies in societal

concepts there was the development in the infrastructural facilities

like roads, bridges & so on by forming the PPP (Public Private

Partnership).

Apart from all these aspects of development, if we focus on

financial matters then the effect of Globalisation was seen

tremendously. There was a direct effect on Indian share market due to

which the share prices were increased. And the important aspect is

that due to the intense competition between the companies the prices

of product & services were seen drastically decreasing. This was one of

the favourable to the people by which they tried to save more money

which increased their savings & future risks.

Last but not the least; I suggest that Globalisation is the concept

by which the primary sector, secondary sector & also tertiary sector

will be developed. It can be concluded that the concept of

Globalisation can be a better tool in order to develop the country. But

one important thing which should be kept in mind is that due to

Globalisation today many of the Indian Domestic companies are losing

their existence because of not performing upto maximum level. As

being an Indian we should think over the existence of Indian

company. It means that not to support only the Indian companies but

to support the commodities produced by Indian companies by

purchasing them. It is seen that due to this Globalisation today we’ve

lost our many of the traditional activities. What will be the effect of
Indian culture which possesses its own entity globally? So now it’s our

turn to think that whether to use Globalisation as a tool to develop the

nation or a tool to destroy the Rich Cultural Heritage of India.