What do you mean by globalisation? Give its main features.
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Increasing interaction of the domestic economy with the other countries of the world is termed as "Globalisation", The main features of Globalisation are:
- With the introduction of globalisation, foreign investors can now directly invest in India. To promote this, a Foreign Investment Promotion Board (FIPB) has been set up.
- New technology and management expertise is also brought along with Foreign Direct Investment (FDI). Indian industries can now make technology agreements with the foreign suppliers of technology. Government has started granting automatic approval in certain selected industries.
- On account of globalisation, there is unrestricted flow of goods and services, technology and expertise between India and the rest of the world.
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