Business and Globalization of India

International investment is at a high level since India is an important business destination. It has a vibrant middle-class one factor that makes it a covetable business destination (Bose, 2009: 125). In any economy, infrastructural development is the main facilitator of business. India boasts of The Golden Quadrilateral road network that connects main metros of Chennai, Delhi, Kolkata, and Mumbai that is expected to facilitate business further. India is also rich in resources and has a readily established industrial system. Globalization is a ubiquitous term world over. it is synonymous to the integration of ideas, telecommunications, and infrastructure throughout the world that involves lifting of certain barriers (Makar, 2008: 57). As a word, it has been in existence since the 1960s. It is a gradual process and it can be positive or negative. A consensus as to what the exact meaning of the term has never been reached. Globalization is termed differently by different scholars, but all of them agree that it is a continuous process. It involves integration and interconnectedness. Globalization encompasses various aspects such as politics, environment, culture, and economics. India is a highly globalized economy (Gesteland, and Gesteland, 2010: 266). India’s economic relations There had been a shift in the economic relations of India since the 1990s at a time when most economies were growing rapidly. The myriad of political and economic interactions with other world economies has increased tremendously (Bose, 2009: 125). Various factors have facilitated this paradigm shift. one such is the end of the cold war that saw the United States, Japan and the rest of Europe willingness to build trade relations with them. After a momentous economic crisis in India in 1991, the country embarked on reforms to address the causes of the crisis. The main cause was limited integration with the rest of the world economies inefficient economy. The country’s efforts in nurturing a technical human resource and indigenous companies in pharmaceuticals have given its relevance in the global economy today. The keen interest accorded to international norms by its governments and acceptance of these norms by the population has given her an upper hand in business (Cappelli, 2010:453). Some of India’s neighbors she previously presumed as lesser developing countries have taken on the current and are threatening to overtake it (Devonshir, 2012: 225). This implies India has a task of staying relevant to the world economy. The state of India’s economic relations may have changed rapidly over the past period. India’s relations with the main economic power hubs like Japan, the United States, and Germany has increased. The U.S is her current main trading partner. India is the nineteenth principal exporter and the tenth chief importer worldwide. Timeline of major changes in India’s ER. The economic history of India begins with the Indus Valley Civilisation that was enormously dependent on trade. The period was marked by urbanization and developments in trade. Political harmony was also experienced. During that time, India is estimated to have had the largest economy of the ancient time. Central planning which included extensive public ownership regulation and trade barriers facilitated this development.