IJSR - International Journal of Scientific Research

Volume : VII, Issue : VIII, August - 2018

Mrs. K. Sangeetha, Dr. N. Kannan

India entered in the process of globalization by 1991, when there was a severe economic crisis in the country. To overcome the economic crises,

India approached the International Monetary Fund for financial assistance. IMF granted such assistance on the condition to make some structural

changes and reforms in Indian Economy. In 1994, 124 countries along with India were signed Dankel Proposal, giving the final pass to proposal

World Trade Organization was established in January 1995. The member countries involved themselves in globalization through WTO. These

reforms and changes can be oadly classified into three areas: Liberalization, privatization and globalization (LPG). It includes withdrawal of

government control of the market, privatize public sector organizations and reduce export subsidies and import barriers to enable free trade.