The process of globalization initiated in 1991 and far reaching changes in industrial and other policies have led to considerable changes. The following achievements have been claimed especially on the external front:
1. Our foreign currency reserves which had fallen to barely one billion dollars in June, 91 rose substantially maintained at around this level.
2. Exports now finance over 90 per cent of imports, compared to only 60 per cent in the latter half of the eighties,
3. Contrary to what many feared, the exchange rate for the rupee has remained almost steady despite the introduction of full convertibility of rupee.
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4. International confidence in India has been restored. This is indicated by swelling foreign direct and portfolio investment.
5. Certain benefits of globalization have accrued to the Indian consumer in the form of a larger variety of consumer; goods, improved quality of goods and in some cases and reduced prices of consumer durable.
In brief we can say that a new thrust on international business has merged recently although business transcending national boundaries has always been there is the past. Of late, there has been a growing realisation among countries of the significance of economics of markets and inter-national competition. India is no exception.
It has also embraced globalization. Globalization broadly implies free movement of goods and services and people across the countries. The global corporations of today conduct their operations world-wide as if the whole world were a single entity.
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Globalization has throws certain opportunities for India like it can raise capital from the world market, it can become a premier production centre and it can attract foreign investors etc. After globalization, India is beginning to shed it insularity and trying to become a global giant.