Globalisation as “ The growing economic interdeperdence of countries world wide through increasing volume & variety of cross border transactions is goods and services and of international capital flows, and also through the move rapid and widespread diffusion of technology.”
India’s economic integration with the rest of the world was very limited because of the rest of the world was very limited because of the restrictive economic policies followed until 1991. Indian firms confined themselves, by and large, to the home market. Foreign Investment by Indian firms was very insignificant.
With the new economic policy ushered in 1991, there has, however, been a change. Globalization has in fact become a buzz word with the Indian firms now and many are expanding their overseas business by different strategies.