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Globalization and India

Hari Jaisingh

By Kaushik Basu
Permanent Black, Delhi, 2007, pp. 279, Rs. 450.00

Edited by Baldev Raj Nayar
Oxford University Press, New Delhi, 2007, pp. 590, Rs. 695.00


Most value-based educated Indians would look at globalization as part of the traditional concept of Vasudhaiva Kutumbakam (the entire world is one family). This would be an instant response without going into the complexity of the term globalization as seen by economists, political scientists, market-oriented entrepreneurs, multinationals and leaders of different political shades and hues with their angularities and theories and counter-theories.   For most sensitive Indians this ancient concept provides a theoretical contrast to today’s cut-throat market-oriented moneymaking system as propounded by the Americans and the World Bank. In fact, the American concept of free economy, liberalization and market forces calls the shots and sets the pace for wealth generation for the rest of the world.   At the official level, India is very much in the grip of the globalization fever, notwithstanding the fact that there are still gaps between the US idea of globalization and the Indian practice and ground realities. It may not be out of place to suggest that the Indians in the business of globalization take the American line as part of their freewheeling freedom to make a fast buck. In fact, Indian businessmen look at globalization as an opportunity to go global and make their presence felt in the global rich persons’ club.   No one grudges this urge. Backed up by their money power, India’s business sectors are showing their professional skills and competence to excel in the face of strong competition. The Indian economy is shining. This has generated tremendous global interest in investment opportunities here in various sectors. This is also clear from the flow of FDI by foreign companies and institutions, apart from the NRIs who are also showing keen interest in India’s growth.   The volumes under discussion examine all facets of globalization in the context of the Indian economy and policies providing a total picture of globalization and allied matters, which have a bearing on India’s growth story. Interestingly, a recent study, the Pew Global Attitudes report, says that countries like the US, Britain, France and Italy are no longer ‘supportive of globalization as was the case five years ago whereas 73 per cent people in India and 64 per cent in China are upbeat about it because of their buoyant economy’.   The study underlines certain concerns about the freedom of people, ideas and resources that go with globalization. People in the West feel that immigration could threaten their ...

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