Abstract

Globalisation per se is not a problem; in fact it is bringing opportunities for learning about organisation, coordination and management of available human capital, scarce resources and technology to increase production and productivity. This globalisation has progressed in tandem with economic growth during the period of Narsimha Rao and Atal Bihari Vajpayee. The 1990s policy reforms consisted of three major elements viz., domestic decontrol, tax reforms and external opening, and one smaller element – public sector investment. These reforms succeeded in promoting competition and raising growth rate of India’s economy, resulting in reducing gap between the India’s per capita income and the world average. Indian industry especially corporate sector has benefited a lot from globalisation. Now, in order to survive in the era of globalisation we have to carry forward and complete the reforms in agriculture decontrol, simplification of taxes, de-monopolisation of infrastructure enterprises, labour laws and land market reforms.

Key Words: Globalisation, Economy, Challenges, domestic decontrol.