Globalizations is one among the New Economic Policy Reform 1991. It helped country to open up with world economy. Globalizations aimed at making a open economy. To remove restrictions. To allow movement of goods and services freely. All this is going to make a strong and developed economy. Different policies implemented for this.
One of the major implication of globalization is outsourcing. Outsourcing help the economy to bring skills in their country. India is having skilled and cheaper manpower. So that India has become the hub for outsourcing. The major contribution is sector in Information and telecommunication sector. This sector give rise to BOP or call centers.
With globalizations trade policy also need to be improve. Because of which World trade organization has been founded. WTO is a successor of General Agreement on Trade and Tariff(GATT). WTO came into effect in 1995. Aim of WTO is to improve the condition of trade. It came into effect with a large of policies. WTO agreements are for goods and services both. It ensure that no country can take benefit of other country in terms of trade. It will be going to remove restrictions that were there in the export and import.