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which were a mere amount of 97 million in 1990-91 increased.55 billion in 2011-12. (vii) Globalisation facilitates consumer goods industries to expand faster to meet growing demand for these consumer goods which would result faster expansion of employment opportunities over a period of time. Characteristics of Globalisation. If the trade in services is included the trade ratio is 47 per cent of GDP for 2007-08. The concept of Globalisation by integrating nation states within the theme work of World Trade Organisation (WTO) is an alternative version of the Theory of Comparative Cost Advantage propagated by the classical economists for assuming unrestricted flow of goods between the countries for mutual benefit. (viii) Slower GDP Growth Rates: In-spite of high expectation that globalisation would facilitate attaining of higher GDP growth rate through export-led growth but that expectation has failed to materialize. (ii) Globalization of Economic activities: Another characteristic of globalisation is the control of economic activities by domestic market and international market.
"globalisation and sovereignty.". However, major position of the increase in services exports was realised from software exports. Following the strategy of export-led growth during the last 20 years, Indian economy experiences lot of changes in its condition.
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It is observed that during the 13-year period,.e., during 1990 to 2003, merchandise exports of India increased from.97 billion.98 billion,.e., at the annual growth rate.1 per cent as writing essay for college applications compared to that of much higher.2 per cent. 1615 Words Nov 13th, 2013 7 Pages. Thus taking the entire world as global village, all the four components are equally important for attaining a smooth path for globalisation. The sovereign is the highest and final decision-maker within a community. During the next 6 year period,.e., from 2000-01 to 2005-06, the share of FDI again declined.1 per cent and the share of FPI further increased.9 per cent. Although in the initial years of globalisation, the GDP growth rates gradually rose from.2 per cent in.2 per cent in 1996-97 hut since then it gradually declined.6 per cent in 1997-98,.2 per cent in and again declined.2. Such enormous profits earned by TNCs will create an adverse impact on the balance of payments. But in 2004-05, the same trade deficit increased considerably.3 per cent of GDP. Sovereignty refers to the ultimate source of authority in society.