THE IMPACT OF GLOBALIZATION ON MICRO, SMALL AND MEDIUM ENTERPRISES WITH SPECIAL REFERENCE TO INDIA
The process of globalization is an inevitable phenomenon in human history which has been bringing the world closer since the time of early trade and exploration, through the exchange of goods, products, information, jobs, knowledge and culture. Globalization is the process of integration of the world into one huge market. It provides several things to several people with removal of all trade barriers among countries. Globalization happens through three channels: trade in goods & services, movement of capital and flow of finance. Globalization in India is generally taken to mean ‘integrating’ the economy of the country with the world economy. The real thrust to the globalization process was provided by the new economic policy introduced by the Government of India in July 1991 at the behest of the IMF and the World Bank. Globalization has led to an ‘Unequal Competition’- a competition between ‘giant MNC’s and dwarf Indian enterprises’. The small scale sector is a vital constituent of overall industrial sector of the country. The small scale sector forms a dominant part of Indian industry and contributing to a significant proportion of production, exports and employment. Therefore, there is a need to study and analyze the impact of globalization on Indian Small Scale Industries. This paper focuses on the implication of Globalization; analyze the performance of small scale industries based on number of units, employment, production, investment and exports on post liberalization.
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