Abstract:
In the age of globalization, economic development is taking place all over the world. India, with its liberal economic policies in the last decade and a half has done wonders in terms of economic growth and development. The opening up of foreign direct investment in the construction sector has led to tremendous increase in facilities and world class infrastructure in the country. The change of policies and work scenario has encouraged many global giants to set up their plants in manufacturing sector in the country. So the market is flooded with foreign goods and one can get better quality products. India, with an overall GDP of more than 1 trillion dollars and economic growth rate of 9% has emerged as one of the largest growing economies in the world. At this juncture it is imperative to have a close look at the system to understand the backwash effects of the system.
There are repercussions to every developmental activity. The introduction of foreign goods in the Indian market has led to loss of market for the indigenous products. The larger multi-national firms are acquiring the small scale units in the country. As a result, many small scale producers and cottage industries have closed down their shops. This led to unemployment among the group of people who were earlier self-employed...
