Brief History
During the colonial era, India served as a supplier of raw materials to Britain while importing finished goods, promoting economic dependence.
- Colonial Exploitation: British imperialism and India’s role in the global economy India’s economy was structured to meet British demand for raw materials, leading to underdevelopment and economic exploitation.
- Impact of Colonial Trade: Economic dependence and Limited industrial development India’s reliance on British imports hindered domestic industrial growth and increased economic disparities.
Post-Independence Protectionism
Following independence, India adopted protectionist policies to promote self-sufficiency and domestic industries, aiming to reduce reliance on foreign goods.
- Self-Reliance: India’s economic strategy post-Independence protectionist measures aimed to protect and promote domestic industries and reduce dependency on imports for sustainable economic development.
- Challenges of Protectionism: Sluggish economic growth and neglected social sectors as protectionism bolstered certain industries, it also hindered overall economic growth and neglected critical sectors like health and education.
India and Globalisation| Class 12 Political Science Notes
India has been significantly successful since the implementation of globalization. The country has seen enormous growth in foreign investment in the corporate, retail, and scientific sectors. The government’s economic policies have also played a vital role in planning levels of savings, employment, income, and investments in society. Globalization has opened up the country to foreign companies seeking to invest and operate within the massive Indian market, which has boosted foreign capital inflows to the country.
In this article, we will look into India and Globalisation, the liberalization reforms of 1991 and the challenges of Globalization in India. It is an important concept of Class 12 Political Science. Students can go through this article to get comprehensive notes on “India and Globalisation”.