Globalisation and economic development

Abstract

In globalisation, the restriction on movement of human resources among the nations is removed. For this act, the immigration policy is made liberalised so that people can come in the country and go abroad easily. This feature helps the nations to hire cheap labour from other countries. Movement of labour also brings the skill and expertise with itself. Due to relaxation in trade policy, the import and export of goods and services becomes liberal. Due to absence of excessive control of government, it becomes very easy to import required goods and services as the result of which innovative products are available in the economy. Similarly, excessive production can be exported to other countries which earn the foreign exchange. This paper attempts to analyse the effect of globalization on the economic development by considering the globalization measures of Government of India.