Globalization came into existence in the early 1990s when Rajiv Gandhi was the Prime Minister of India. It was introduced keeping in mind the economic reforms to be brought about in the country which affected our foreign and trade policies for good.
Globalization means opening up of the home/domestic markets in the international front which also involves foreign investments, trade affecting socio-cultural policies, etc. More recently biological factors have also been taken into consideration. E.g.: Climate change.
Globalization is a very broad concept and is linked with Liberalization and Privatization and together it is called LPG.
Liberalization means becoming liberal or relaxing the previously laid down government rules or restrictions to promote free trade. This mainly involves exchange of goods between the nations i.e. export and import.
Privatization as the word indicates refers to the transferring of ownership from publicly owned (government sector) companies to privately owned companies. This is indeed a very healthy approach relating to the economy of the country. Ever since the 1990s, a lot of privately owned companies have come up very successfully with a lot of employment opportunities.
In recent economic times when our main concern is on how to transform ourselves from the "developing" stage to the "developed" stage, national identity and patriotism has definitely got a huge role to play.
When we are talking of exporting goods from India to abroad we need to ensure that they are of supreme quality so that the foreign companies can rely on our products building a long lasting trust. This will automatically lead to an increase in the cash flow thereby improving the revenue conditions enhancing our economy.
Globalization has affected social as well as cultural decisions. This is the time when we need to realize our national identity and patriotism. The love for our nation can be displayed in numerous ways pertaining to globalization. Indian handicrafts, handlooms, textiles, tea, coffee, jute, sugar among others are of utmost quality and if these things can be displayed in the most beautiful manner possible who can let us from not leading in the world economy? These examples cited above will help grow our primary sector tremendously. Raw materials as well as finished goods of iron, steel, crude oil, aluminium and other minerals when exported will undoubtedly improve our economy. There are so many other things unexplored which are indigenous to our nation and if they are given a chance to be portrayed in the international market, aren't we actually displaying patriotism?
National identity and Patriotism are indeed subtle terms and need to be handled very carefully. But combining such intangible terms with international scenario can actually help succumb to the adverse poverty and hunger conditions in some way or the other. Most importantly such international framework affects the youth of the country and they are the young blood and cannot be befooled with faulty policy issues. In the year 2007, India recorded a whooping GDP rate of 9.8% competing with leading economies of the world such as US, UK, Japan, etc. This was indeed a turning point for India. But this is not the trend in the present situation. If we want that to happen again, we really need to roll up our sleeves and put on our thinking caps keeping in mind the image of our nation.
-Zeba Zoariah Ahsan