Globalization (or globalisation) describes the process by which regional

economies, societies, and cultures have become integrated through a global

network of political ideas through communication, transportation, and trade. The
term is most closely associated with the term economic globalization: the
integration of national economies into the international economy through trade,
foreign direct investment, capital flows, migration, the spread of technology, and
military presence

IN POINT OF VIEW

According to me globalisation is the one of the greatest boon for the India . All
economic analysts must agree that the living standards of people have
considerably improved through the market growth. With the development in
technology and their introduction in the global markets, there is not only a
steady increase in the demand for commodities but has also led to greater
utilization. Investment sector is witnessing high infusions by more and more
people connected to the world's trade happenings with the help of computers.

As per statistics, everyday more than $1.5 trillion is now swapped in the world's
currency markets and around one-fifth of products and services are generated
per year are bought and sold.

Benefits according to statistics:

• Commerce as a percentage of gross world product has increased in 1986

from 15% to nearly 27% in recent years.
• The stock of foreign direct investment resources has increased rapidly as
a percentage of gross world product in the past twenty years.
• For the purpose of commerce and pleasure, more and more people are
crossing national borders. Globally, on average nations in 1950 witnessed
just one overseas visitor for every 100 citizens. By the mid-1980s it
increased to six and ever since the number has doubled to 12.
• Worldwide telephone traffic has tripled since 1991. The number of mobile
subscribers has elevated from almost zero to 1.8 billion indicating around
30% of the world population. Internet users will quickly touch 1 billion.

Gross flows on the current account, expressed as per cent

of GDP, grew dramatically from 8 per cent in 1990, to 31 per
cent in 2000 and 71 per cent in 2008.
The de facto capital account integration measured by the Lane and Milesi-
Ferretti database showed little change from 1990 to 2000, with a gross
investment position (excluding official re- serves) growing from 30 per
cent of GDP in 1990 to only 42 per cent of GDP in 2000. However,
significant change was visi-ble after that, with a value of 85 per cent in
2007.
Hence, globalisation has developed Indian standards both in and out of
the country. Thus according to me globalisation is playing a vital role in
the development of our country.