GLOBALIZATION

Globalization is a continuous process of increasing interdependence and reliability between nations and their respective citizens which is both multifaceted and multidimensional. In case of billions of people around the globe, globalisation is a irreversible phenomenon impacting their lives in numerous ways. It allows their access to goods and services, investment and earning opportunities, as well as cultural know how of other nations through worldwide network of communication, transportation and trade which was unthinkable fifty years ago. Globalisation is not merely an economic phenomenon facilitating integration of domestic economies into global economy through trade, investment, spread of technology and migration of labour rather it is a unique combination of technological, economic, political and sociocultural determinants. For example-globalisation has provided a channel to an individual in India to buy a foreign automobile or sell handicrafts through medium of trade or an opportunity to foreign institutional investors to put in record bids of 1.20 lakh crores for Coal India Initial public offer. The United Nations ESCWA says globalization is a widely-used term that can be defined in a number of different ways. When used in an economic context, it refers to the reduction and removal of barriers between national borders in order to facilitate the flow of goods, capital, services and labor... although considerable barriers remain to the flow of labor... Globalization is not a new phenomenon. It began in the late nineteenth century, but it slowed down during the period from the start of the First World War until the third quarter of the twentieth century. This slowdown can be attributed to the inward-looking policies pursued by a number of countries in order to protect their respective industries... however, the pace of globalization picked up rapidly during the fourth quarter of the twentieth century. Takis Fotopoulos argues that globalization is the result of systemic trends manifesting the market economy's grow-or-die dynamic, following the rapid expansion of transnational corporations. Because these trends have not been offset effectively by counter-tendencies that could have emanated from trade-union action and other forms of political activity, the outcome has been globalization. This is a multi-faceted and irreversible phenomenon within the system of the market economy and it is expressed as: economic globalization, namely, the opening and deregulation of commodity, capital and labor markets which led to the present form of neoliberal globalization; political globalization, i.e., the emergence of a transnational elite and the phasing out of the all powerful-nation state of the statist period; cultural globalization, i.e., the worldwide homogenization of culture; ideological globalization; technological globalization; social globalization. To sum up, we can take a passage from Rudi dornbush (2000. p.91). This has been the best century ever, never mind the great depression, a momentary setback from communism and socialism and two great wars. Mankind today is far and further ahead of where it has ever been. Nation state has been dismantled in favor of global economy; state

enterprise and economic repression give way to free enterprise and breathtaking innovation. If this century taught anything it surely this: even daunting setbacks like depression and war are only momentary tragedies in a relentless advance of the standard of living and the scope of enjoying better lives.

Effects of Globalization on Economic Indicators.

Globalization leading to interdependence and competition between developed, developing and third world economies has profound impact and consequences on any nations economy. This section will make an effort to highlight the impact of globalization on some major macroeconomic indicators. Employment Globalization influences the number of jobs in nation at macroeconomic and microeconomic level in short and long term. Job gains for one country becomes the job loss for another country. Further globalization impacts the distribution and composition of jobs across different economic activities depending upon the competitive advantages and patterns of specialization prevailing in the country. For example-workforce in developing nations is becoming better educated and trained for service oriented activities.Globalization also leads to migration of labor which can lead to possible solutions to labor shortage in developed nations aided by movement of labor from developing nations. However it is fairly difficult to locate the exact effects of globalization on a nations employment scenario as nations internal economic dynamics are also at work in amalgamation with globalization. Trade Globalization leads to linkages of domestic market with international markets which is then subjected to global competition for internationally traded goods and services. While globalization opens up different frontiers for domestic economic entities but it also posses various threats as well. For example introduction of multinationals in domestic economy can lead to improved efficiency and overall productivity for domestic entities which becomes necessary for survival in their respective trading markets but it also throws up difficulties for small competitors with limited capital and technological reach to remain in the business. With the advent of international trade each nation encompasses its comparative advantage to emerge as an important market entity in that particular good or service. Thus Import and export of each nation is subjected to risks and rewards associated with emerging trends in international markets. Gross domestic product Globalization has the potential to reshape a nations primary, secondary and tertiary sector in both good and bad ways. Globalization can provide boost to economy by identifying potential growth sectors through the introduction of superior technology and capital. For exampleintroduction of foreign direct investment in Indian pharmaceutical, manufacturing, petroleum industries along with import of superior technology gave tremendous boost to economy and

created a wide range of jobs. However it also meant that foreign companies with better quality products displaced Indian counterparts leading to winding up or low profit margins for Indian companies. While on one hand globalization places wide variety of resources on the doorstep of any nation but it also emphasizes the survival of the fittest. Interest rates Along with domestic determinants, globalization also plays an important part in determination of interest rates in an economy. In a globalised economy, excess demand of funds in one part of world is met by excess supply in other part and vice versa ,thereby keeping volaitility of interest rates in check at both national and international level.for example-movement of savings in the form of funds from east asian and latin countries to USA kept long term real interest rate there low. Forex market Tremendous rise of globalisation has important implications for forex market which is responsible for determining currency values in international business transactions.availability of modern technology has not only enhanced the transparency of these markets but also increased the reach of investors scattered all around the globe.thus globalisation has greatly increased the confidence of international participants in various forex markets which has essential implications for international business community.

SERVICE SECTOR An important feature of Indias growth story has been the revolutionary growth of service sector. The share of service sector in GDP has increased from 27% to 48% between 19512000.while in 1950-1990, the service sector gained a 13% share, the gain in the 1990s alone was 8 percentage points. Comparison of the actual and trend growth rates clearly points that growth in several service sub sectors known as fast growers accelerated sharply in 1990 while remaining sub sectors known as trend growers grew more or less at a trend rate. A.FAST GROWERS Business services mainly on the account of IT sector were unarguably the fastest growing sector in the 1990s, with growth averaging nearly 20% a year. Communication services had a growth of 14% during 1990s mostly due to telecom. Growth rate in banking sector jumped from 12% in 1980s to 13% in 1990s. B.TREND GROWERS

Growth rate of distribution services averaged about 6% in 1980s accelerated to 7% in 1990s and growth rate of personal services almost doubled in 1990s compared to 1980s. Thus growth registered in service sector in 1990s was mainly due to fast growth achieved in communication, financial services, business services like IT and community services. Policy changes mainly on account of liberalisation and economic reforms since 1991 was an important factor in the spectacular growth in services sector in India, especially reforms in relation to deregulation, liberalisation of FDI, privatisation and other policy reforms. AGRICULTURE SECTOR In the year 1950-2000, the share of agriculture sector in GDP declined from 58% to 25% and average growth (in percent per annum) decreased from 4.4 during 1981-1990 to 3.1 during 1991-2000. Following were impact of liberalisation on Indian agricultural sector1. Except fruits and vegetables, all other agricultural commodities witnessed decline in growth in reform period which can be easily surmised from table. 2. Obsession with commodity pricing severely hindered the efforts to promote improved and modern technology and innovation. 3. Horticulture crops registered impressive growth during reform periods. 4. Before liberalisation majority of Indian farmers gained access to seeds from state government institutes but with liberalisation, Indian seed market was opened to global agricultural biggies like Monsanto, Cargill. In an unregulated market seed prices shot up requiring heavy investment while yield and subsequently output was low, thus forcing domestic farmers into heavy debts. 5. Liberalisation policies removed the government subsidies being provided to Indian farmers, thus effectively withdrawing their only support system. 6. A slight increase in per capita income of farm and labour households during reforms was recorded mainly due to non farm incomes than farm incomes. The sharp decline in agricultural sector growth cannot be solely attributed to era of liberalisation as primary changes in Indian governments fiscal policy lead to sharp decline in public investment in irrigation and other rural infrastructural projects which further dampened the private investment in this sector. MANUFACTURING SECTOR In the 1950-2000, the share of industries in Indian GDP increased from 15% to 27%.As a part of liberalisation initiatives adopted in 1991, industry reforms took place which had considerable impact on the manufacturing sector. Some of the impacts have been listed below1. Manufacturing sector output has grown at 7% per year since 1980-81, with reforms making little difference to the trend in 1990s. 2. Growth of construction sector-Following the relaxation of supply side restrictions on cement and steel and a fall in their real prices, construction sector had shown an impressive growth. The employment share has doubled from 2.3% of total workforce in 1983 to 4.4% in 1999-2000.(chadda and sahu 2002)

3. The capital goods sector has grown at 6.7% per year during 1981-98 and at 5.7% per year during 1992-98.Within capital goods, production(in numbers) of passenger car increased from 31000 in 1980-81 to about 5.8 lakh in 2000 showing annual growth rate of 15% during two decades. However gross value added in machine tool industry grew at only 1.7% per year during 1981-97 witnessing negative growth rate after that. 4. The share of consumer goods in total of registered manufacturing output has increased from 35% in 1970-71 to nearly 44% in 1997-98. 5. Industrial markets have become more competent and product quality improved substantially 6. The manufacturing sectors share in employment has remained roughly same since 1980s but the level of investment has increased from nearly 30% to nearly 38% from 1983 to 19992000.

FDIs
Until the 1990s India had a very restrictive foreign private investment policy. It relied more on the bilateral and multilateral loans with long maturities. FDIs were mainly encouraged for acquiring the industrial technologies; these imports were preferred to the financial and technical collaborations. The Indian law also prohibited the use of foreign brands in order to promote the hybrid domestic brands. These kinds of restrictive policies paralysed the Indian economy. However in 1980s India witnessed a relaxation of its foreign investment by setting up of Maruti, a central government joint venture small car project with the Japanese motor car company Suzuki. After the reforms in 1991 the perspective of the FDIs has changed in India. It is not only seen as the capital inflow in the country but also as a source of technology and managerial skills which are considered necessary in an open and competitive world economy. India Benchmarked its policies against those of the other South-Asian countries to increase the inflow of the FDI. Over the past 20 years India has allowed FDIs in almost all the sectors in India except the agricultural sector.

FOREX
After the Indian independence, Forex reserve was $2133.8 million but ever since after independence to promote our own industries the government had to be strict on the exports as well as on imports. Thereby the foreign exchange reserve diminished year after year. In 19601965 the net reserves shrunk close to $350 million and in the year 1967-1968 it was at alltime low $268.1 million, but then the Indian government realized that they needed to import petroleum and efficient technology for capital goods. The Forex reserve grew to $976.5 million in the year 1970-71. In January 1991, Indian foreign exchange reserve was $1.2 Billion which depleted by half of its value as in June 1991. Had there not been a timely intervention by the authorities concerned, India would have defaulted the external balance of payment obligations.

The exchange rate in India has are broadly divided into two halves one was the era 1991 and the after the liberalization in 1992. The government of India plays a very important role in controlling the foreign exchange transactions in the economy. There was a savior payment crisis in July 1991 which led to the reforms in the exchange rate system prevailing at that time. Which led to the formation of liberalization of exchange rate management system (LERMS) and resulted in the conversion of the rupee in to two types of exchanges. The first one is official rate which is 40% of Forex administered by the RBI later 60% is free floating and is determined by the market.

INDIAN TRADE UPTILL DATE:

Before independence Indias foreign trade was typically agriculture based and most of the exports were meant for the U.K and the other common wealth nations. On the other hand the imports included mostly light consumer goods. But things changed dramatically after independence the exports were not only confined to the agricultural products but also comprised of traditional and other non traditional goods. At the same time the imports took the shape of chemicals, petroleum products, raw material and capital goods to catch up the ever increasing demand of the economy. During the period of 1947-1990 Indias imports had always exceeded the exports. This was primarily due to its developing nature, as it had to reconstruct and modernize its economy. Thus defence goods and capital goods were prime imports within this period. The export side remained low due to the lack of surplus so as to be exported and also due to stiff international competition. In mid 1991 the reforms in Indian economy were brought by Government of India thereby liberalizing the Indian economy. This was done so as to integrate the Indian economy with the worlds economy. Indias path to economic liberalization has been cautious because it could afford to macroeconomic instability. The main exported products include the software and consultancy services, jewellery and gems and also food products.

Employment:
India had always been on agricultural pinnacle of the entire exports of food products since the medieval ages. Indian spices have been renowned worldwide and are still extensively being used thus for the same reason Indians considered agriculture and agricultural allied services as lucrative employment options. According to the (graph employment) During the years 1947-1970 agriculture and its allied services accounted for nearly 69% of employment but after the reforms the things started to pick up pace for the industrial and services sector. A close look at the graph clearly indicates that now the industrial and services sector now account for nearly 46% of the total employment which once used to be a mere 30%. Also India has a majority of young population who have a good fluency of English and also have a sound intellect which makes them an ideal recruit for the IT and the BPO industry. This has brought to a change in face of the Indian economy and also promise good employment opportunities in near future. INTEREST RATES:

Interest rates before the reforms were to govern cross-subsidize the various sectors of the economy thereby making it complex year after year. The government used to set the lending rates for loans for more than 2,00,000 . This was abolished in October 1994 and since then the banks have to announce the prime lending rates under the RBI guidelines. For loans fewer than Rs 200,000 rates since April 1998 the interest rates can be freely set as long as they do not cross the prime lending rate. While on the other hand the deposit rates liberalization started form the year 1992. By the end of the year 1995 interest rates for term deposits up till two years were liberalized. The threshold was reduced to one year while the maturity was reduced to 30 days from that of 46 days. This was further brought down to 15 days in 1995 and now at present its 7 days

Difference in the Growth of India and China

Recent global recession and depleting economic stature of United States of America has transfixed the worlds gaze and attention on two emerging asian tigers namely India and China. Added to it, their spectacular economic performance and increasing global importance has intensified the need to compare their growth patterns and evaluate the distinctions. We will make an attempt to do so by comparing various macroeconomic variables and other important features.

Gross Domestic Product

With reference to the segment growth china has significantly depended on manufacturing exports for growth. As a result of this aspect chinas manufacturing sector has registered real growth of 11.5% since 1980. Further china has toiled hard to push reforms and policy improvements in agriculture and service sector. Chinas growth in service sector since 1980 has exceeded the growth rate of manufacturing sector. Chinese governments unwavering focus on agricultural reforms from second half of 1970 has resulted in 10% annual growth during 1980-1984 and average growth of 6.2% since 1980s. Indias growth and development has been different from china over the past 13 years i.e till 2004. Indias service sector growth sector growth has averaged 7.6% compared to 5.7% in manufacturing sector. Higher growth in Indias service sector is mainly due to liberalization of financial services and opening up of telecom. Further external demand for IT and ITeS also important reasons for the same. China has implemented its industrial reform at a much faster pace than India. Indias failure to impart systematic implementation of industrial sector policy changes can be clearly witnessed in its poor growth trend compared to china. Indias slow pace of manufacturing sector growth can be attributed to various reasons like absence of world class infrastructure, rigid labour laws, inefficient tax laws and government interference. With next wave of globalisation likely to be in services china is significantly behind india in IT service exports and BPO due to following reasons.

While china has larger number of skilled labour like engineers, but the same availability of skilled work force for service sector is insufficient and inefficient. Chinas skilled labour also lacks fluency in English language which is a pre request and dominating global business communication medium.

China has outpaced India in the implementation of reforms in agricultural sector. This has resulted in China registering better growth rates in comparison to India. Although India has more arable land in comparison to China, yet China has left India behind in production of wheat and rice. Further agricultural techniques used in China are more modern and developed leading to better quality and high yield of crops while Indian farmers continue to depend on annual rainfall for better harvest and committing suicides due to non repayment of vicious money lenders financial loans.

TRADE: INDIA AND CHINA

Trade between India and china can be dated back as early as the 17th century. At that moment their combined economy was 50% to that of entire world. After the invasion from the west both these countries lost their sheen. But after independence both the nations started to grow back and now are one of the strongest world economies. China is now termed as the factory of the world while India is called as the worlds back office. TRADE The trade between India and china had completely stopped after the 1962 war and could not start back until 1976. In the decade 1990-2000 trade between India and china was not swift due to restrictions by the government. In the year 2001 the government of India removed restrictions and thus notably from the year 1999 2002, the Chinese exports to India and the Indian exports to china almost doubled which can be clearly concluded from the Table: 1 IT also plays a vital role India and china trade, china is hardware hub while India is largest software developer, sharing resources would result in ideal win-win condition for both the countries. Satyam and Wipro have already setup their bases in China but mutual distrust is hampering this growth and thus a little is done in this field. Trade by China W.R.T world: As indicated by the graph number 1, in the years 1960-1980 the Chinese trade in world market was quite limited but after the reforms in the year 1970 the things started to change and they became to strengthen their economy. And now they have turned into one of the largest economy of the world. This is due to the fact that china is capitalizing upon its strong manufacturing sector as its leading exporting sector. Trade by India W.R.T world: Graph 2 represents the country share of world exports. As indicated by this graph the Indian share was close to .5% from 1965-1992. As demonstrated in the graph 2, Indian reforms

came in the year 1991 and the Indian export share began to increase and is now close to 1.1% of the world export. Exports of goods and services (% of GDP) From the graph 3 it is evident that the exports of goods and services is one of key components of chinas GDP whereas in India it just mere 15-20%. Indias top exports comprises of softwares and ITeS, gems and jewellery, and agricultural products while the Chinese main areas of exports include electric and electronic products, telecommunications and micro computer equipments.

China and India FDIs

A report from Ernst & Young states that India and China have emerged as the safest countries for the foreign investments as the world continues to recover from the global financial crisis. India and China have outperformed other countries in attracting FDIs in 2009 though there was decline of FDIs in both the countries in the year 2009. The fall was less when compared to other countries. India's inward FDI dropped by 14 per cent in 2009 and that of China by 12 per cent. The drop in global inward FDI was 37 per cent in that year. China attracted FDI equity inflows of USD 95 Billion and India attracted an inflow of USD 36.6 Billion in the year 2009. China is preferred over India because of its larger domestic market, easy accessibility to export market, government incentives, developed infrastructure and cost effectiveness. A survey by Transnational Corporations found that companies see China and India as first and second most preferred destinations for the foreign investments over the 2010 2012 period, respectively. The World Prospectus Survey 2010-2012, which was released by the United Nations Conference on Trade and Development (UNCTAD), shows that China has retained title of the worlds most important FDI destination. Meanwhile India overtook United States to claim the surveys second spot as the U.S. economy continues to struggle. This is shown in the Graph 4.

Population:
A research released by Adecco Institute, which conducts research on the Chinese labour market, in cooperation with the University of Warwick, says that China will suffer shortages of people in five key areas: management talent, English language skills, R&D personnel, senior and secondary skilled workers, and holders of professional certificates. According to the research, the work force of China will have a growth of less than 5% from the year 2007 till 2015. And by the end of 2015, 33% of the working class population of China will be aged over 50 years. While in India, 60% of the work force will be under the age of 30.

Chinas rapidly aging population is going to deflate its work force, making India as the manufacturing hub of the world, According to analysis from Morgan Stanley and The Global Times. The World Bank is predicting that the GDP of china will fall to 7.7 percent in 2015 and to 6.7 percent by 2020. And according to the study of Morgan Stanley the growth of India will be opposite in direction surpassing the growth of China. A poll in china shows that 87 percent of the people are expecting the government to take of the retirement income and health care. China will have about 200 million people above 60 years in 2015, and retirement is expected to add 10 million retirees per annum. And if China fails to deliver the expectation of the aging population, it could be a real social and political crisis. On the other hand India will have a bright future regarding its demography.

Political System:
Under chinas socialist political and economic system, the government is responsible for planning and managing the national economy. Under the state constitution of 1982, the state is to manage the countrys economic development and the state council is to manage the planning and implementation of the national economic plan and the state budget. The government controls and supervise the major economic sectors such as the banking, state planning commission, state economic commission, agriculture, industry and the service sector. The role of government in the economy was strengthened by the influence of the Chinese communist party. Important decision makers at all levels of the sectors were either the party members or worked with the colleagues who were party members. The party served as a powerful alternative network for the planning and the implementation of the economic policies of the government. India is a mixed economy having features of both capitalist and socialistic economic system. In India the countrys economic development is carried out by the planning commission of India, this is independent of the cabinet headed by the prime minister. A staff drafts national plans under the guidance of commission; draft plans are presented for approval to national Development Council, the council makes changes and then the draft is presented to cabinet and subsequently to parliament for the approval of the plan. China can implement any economic policy lot easier unlike other major economies in the world like US, Japan or other European countries because of its communist structure. Amid the global recession in the year 2008, Chinas aggressive, decisive and definitely timed stimulus packages at the start of the financial crisis did play a major role in chinas quick rebound and its GDP grew by 8.7% in the year 2009. Whereas, in India the GDP significantly slowed down to 6.8% in the year 2009, tight monetary initiatives by the government along with the large domestic saving and corporate retained earnings are financing investment.

TABLES :

Table: 1

GRAPHS:

18%

Japan
16%

China

Germany

United States
14%

Poly. (China)

Poly. (Germany)

12%

10%

8%

6%

4%

2%

0%

Graph: 1
3.0%
India Thailand

2.5%

2.0%

1.5%

1.0%

0.5%

0.0% 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Graph: 2

1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
Singapore Korea, Rep.

3.0%
India Thailand

Singapore
2.5%

Korea, Rep.

2.0%

1.5%

1.0%

0.5%

0.0% 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

Graph: 3

Graph: 4

Graph: 5

Graph: 6

Graph: 7

Appendix 1 Refrencing

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10. Landers, J., 2008. China's rapidly aging population may strain its economy [Online] Available at: http://www.dallasnews.com/sharedcontent/dws/news/nationworld/stories/081108dnm etagingchina.43a6e47.html [Accessed 09 October 2010].

11. Devonshire, C., 2010. China's Aging Population To Benefit India [Online] Available at: http://www.goarticles.com/cgi-bin/showa.cgi?C=3402738 [Accessed 09 October 2010].

12. Hawser, A., 2008. China faces growing skills shortage [Online] Available at: http://www.allbusiness.com/labor-employment/labor-sectorperformance-labor-force/8890743-1.html [Accessed 09 October 2010]. 13. Worden, R.L. Savada, A.M. Dolan, & R.E., 1987. China: A Country Study [Online] Available at: http://countrystudies.us/china/93.htm [Accessed 09 October 2010].

14. Heitzman, J. & Worden, R.L., 1995. India: A Country Study [Online] Available at: http://countrystudies.us/india/94.htm [Accessed 09 October 2010]. 15. Fan, G., 2010. Roots of chinas rapid recovery [Online] Available at: http://www.jordantimes.com/?news=23852 [Accessed 09 October 2010].

16. Roubini, N., 2009. Are there bright spots amid the global recession? [Online] Available at: http://www.forbes.com/2009/08/05/recession-china-india-qatar-polandbrazil-opinions-columnists-nouriel-roubini.html [Accessed 09 October 2010]. 17. DI Pietro,M.A. Girsberger. E.M. & Vuille, A., 2007. Document II/4 The Impact of Globalisation on Employment. In: 93rd DGINS Conference, September 20-21, 2007, Budapest, Germany.

18. Employment 19. Interest rates 20. df