Economic Globalization in India

In: Historical Events

Submitted By smallava
Words 1751
Pages 8
Impact of Economic Globalization on India
Sabrina Mallavarapu
University of Maryland, College Park

Impact of Economic Globalization on India Many people fail to realize that it was only 69 years ago that India gained independence from British rule. India is generally thought of as very poor country but it is because it is still a new country. India has undergone major socio-economic changes since its independence from Great Britain. While India did not fair well under Great Britain’s rule, India benefitted from Britain in terms of creating an infrastructure and industry that is still in use today. While India still has many problems, India has benefitted from economic globalization because it has resulted in major economic growth that led to it having the fastest growing GDP of any nation. With the power of the East India Trading Company, the British already had control of several ports, as the company had been a major presence in India since the 1600s, even with the Mughal Empire ruling India. The British had immense power in India’s economy, creating settlements known as Madras, Bombay, and Calcutta, which are now major modern cities in India. Britain’s military power led to its ability to have a monopoly on trade, but also later establish their rule in India. In the early 1700s, South Asia saw the decline of the Mughal Empire as it weakened from repeated wars, rebellions, and invasions (Embree, 2006). India was fighting the remnants of the Mughal Empire when the British saw their chance. The rule of the British Raj was a nightmare for the majority of Indians as the British cared solely for the wealth India could provide for them. However, the British did modernize India with Western ideals. The British created a system of infrastructure in India, introducing railroads, the telegraph system, new roads, as well as an improved postal service.…...

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