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Gandhi Journal Article-II (November 2015) Managing rural economy in Gandhian way: Empowering India for Globalisation

Gandhi Journal Article-II (November 2015)

Managing rural economy in Gandhian way: Empowering India for Globalisation

By Mrs Priya Parkar  

Globalisation is the process of integrating various economies of the world to allow free flow of goods, services, technologies, capital and human labour. India has stepped into the era of globalisation with the introduction of new economic reforms since 1991. The importance of liberalisation, privatisation and globalisation has resulted in gradual withdrawal of unnecessary trade and business restrictions, encouragement to private initiatives and integration of the Indian economy to the world economy. Adoption of economic reforms or globalisation has resulted in the overall economic development of the country. The ILO Report (2004), states that there are winners and losers in India as a result of globalisation. The lives of educated and rich have been enriched by globalisation. However, the benefits are yet to reach the majority, and new risks are being cropped up for the losers, the socially deprived and the rural poor. Even the ranking of “Human Development Index” says India ranked 124th in 2001; 126th in 2006 and further degraded to 134th in 2011; (UNDP report 2001; 2006; 2011). We observe that globalisation brought polarisation in the Indian society & failed to eliminate the problems of many important socio-economic sectors. But India is already hooked on to globalisation. Apart from these failure, globalisation has other possible negative effects like loss of economic independence of India, fear of dumping, destruction of domestic industries, resource depletion etc.

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