The ecological imperative: Globalization does have great effect on the ecologies and environments of nations which need to safeguards that lessen the negative effects rather than exploiting without regard to such concerns. The government of India made major modifications in its economic policy in 1991 by which it allowed direct foreign investments in the country.As a result of this, globalization of the Indian Industry occurred at large scale.
In fact, cultural and social integration are even more than economic integration.
Globalization increases competitiveness at company level and national level, which leads company management and governments to embrace strategies designed to increase labour effectiveness with reference to productivity, quality and innovation.
The fervour of globalization has even enforced Governments to be tuned to the merits of a Global economy.
Management studies have defined the process of globalization.
Economic integration involves developing a nation's economy into an international economy.
After World War I and II the early trends of globalization decreased throughout the world due to many barriers which restricted the movement of goods and services.The undeveloped nations need the capital, technology, and brainpower of the wealthier countries, while the First World economies are progressively dependent on the natural and human resources of the developing nations.The IT imperative: Modernizations in glob communications, science and technology contribute toward universalization or planarization.Cross country incorporation has several aspects and can be political, cultural, social and/or economic, all which equal globalization.Nevertheless, financial integration is the most common aspects.Generally, globalization involves economies that are opening up to international competition and that do not distinguish against international capital.Consequently, globalization is often accompanied by a liberalization of the markets and the privatization of productive assets.Globalization has a huge impact on cultural, social, monetary, political, and communal life of countries.Abundant theoretical studies demonstrated that globalization intercedes in a cultural life of populace that raises numerous critical issues (Robertson, 1992).Effects of globalization in Indian Industry are observed as this process brought in large amounts of foreign investments into the industry especially in the BPO, pharmaceutical, petroleum, and manufacturing industries.As a result, they boosted the Indian economy quite significantly.