India’s move into globalisation.
In the modern age 21st century, most of the young Indians spend their adult lives talking and working with people who don’t look, eat or speak like them. Unlike their parents, most of them work for Multi national companies with their clients and investors from all around the world.
On the wake of independence, the lawmakers had a choice. To be a capitalist country as most of the western countries around them or be a closed economy. From the experience that they had from the past rule by the British, the lawmakers were suspicious of every foreigner with a suitcase. Indian lawmakers instead opted for a self sustaining economy. Only a few post colonial countries like Singapore opted for global capitalism. The law makers believed that the political independence that they had long fought could be only attained by economic independence. And hence India became a closed economy with mostly neutral views on international issues.
It was until world class balance of payments crisis in 1991, that gold has to be shipped from India to banks of London as a collateral for International Monetary Fund to get out from the economic crisis of that time. Then finance minister Dr.Manmohan Singh, liberalised the Indian economy. India became the child for globalisation.
History is studied to learn lessons from them. But in this case India made a mistake by looking into its history.
India realised that it could no longer grow without the support from rest of the world. Globalisation bought new trade and industries into the country. The economy fostered and survived from the state it was back then. New jobs opened and India was no longer dependent on itself but on the foreign policy it makes that decides the lives of hundreds of Indians living in the country.
Content inspired from Sashi Tharoor’s PAX INDICA