Globalisation has been variously defined, there is a general agreement that it is a process increased international trade flows, finance investment, technology and labour. As the linkage and interdependence between nations and markets increase, the constraints of national boarders and geography on nations and markets increases, the constraints of national boarders and geography on economic transactions diminish - a situation that has given ruse to the common terminology - 'a global village'. The impacts of Globalistaion vary from country to country and different governments adopt different strategies in order to encourage or discourage globalisation where necessary.

With the recent acceleration of merging world economies, domestic markets throughout the world have benefited from increased investment, employment and income growth. For India, effective global integration has required the Central Government to implement structural reforms at home, including the development of India into a market based economy through domestic reforms and...