Impact of Globalization on Indian Economic Policy Changes

Abstract

The purpose of this article is to underline and to show the positive effects of globalization on economic policy changes in the world on developing states, particularly India. Most of the scientists concern that globalization brought negative effect to the developing countries economy. But we can see some positive patterns in the economic development of India, and we can consider it as an example that economic globalization may bring positive influence on developing states’ economies. Nowadays, India is member in major international institutions, including the G20 and BRICS. As a result, the influence of the country’s positions on the functioning of the global governance system became one of the significant. India is most commonly viewed in tandem as the emerging power with the potential to change the geopolitical order. Many scholars predict that by 2050 India can become one of the most predominant emerging powers in the world economic and political arena.