The Indian economy has undergone major policy changes since the 1990s. The new economic reform, commonly known as Liberalization, Privatization and Globalization (GPL model), aimed to making Indian economy the fastest growing and globally competitive economy. The series of actions undertaken in the industrial, commercial and financial sectors aimed at making the economy more efficient. Globalization is a process of increasing contact and trade between cultures, economies and governing bodies of countries around the world. Say no to plagiarism. Get a tailor-made essay on “Why violent video games should not be banned”? Get the original essay This process is fueled by both international trade and information technology and has profound and lasting effects on autonomy of single societies, economies and governments. Globalization facilitates the gradual economic integration of many distinct national economies into a single world economy through free trade, the movement of capital and investments by multinational corporations, and the migration of people from one nation to another. This process creates increasing interdependence between governments and businesses. The Indian economy was in deep crisis in July 1991, when foreign exchange reserves fell to almost $1 billion; Inflation had reached an annual rate of 17 percent; the budget deficit was very high and had become unsustainable; foreign investors and NRIs had lost confidence in the Indian economy. the capital was flying out of the country and we were living on loans. The main measures initiated as part of the liberalization and globalization strategy in the early 1990s were as follows: Devaluation: The first step towards globalization was taken with the announcement of the devaluation of the Indian currency from 18 to 19 percent against major currencies in international foreign markets. foreign exchange market. In fact, this measure was taken to resolve the balance of payments crisis. Disinvestment – ​​In order to facilitate the process of globalization, privatization and liberalization policies are also moving forward. Under the privatization program, most public sector enterprises were/are sold to the private sector. First, a new "technology" (called in the broadest sense) was harnessed by a country or set of countries to boost productivity and Second, one or more countries served as the economic "hub", which became the driving force of global growth. Western European countries, the United States and China played this role respectively in the first, second and third phases of globalization, generating 20-25% of global GDP growth and around 15% of globalization, respectively. the growth of world trade. This, in turn, fueled economic activity in other countries, particularly among trading partners of the “clusters.” Third, a supportive system of global governance has facilitated cross-border financial flows and trade through the application of stable “rules of the game.” Together, these forces fostered a virtuous cycle of economic growth and greater global integration, ensuring that the global economy took precedence over local politics. However, our research shows that this pattern of globalization is unlikely to be repeated. New emerging technologies are expected to experience fundamentally different adoption patterns than those seen in previous waves. And governance structures).