Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities.

[2] Until the liberalisation of 1991, India was largely and intentionally isolated from the world markets, to protect its fledgeling economy and to achieve self-reliance.

[3] The restrictions ensured that FDI averaged only around $200M annually between 1985 and 1991; a large percentage of the capital flows consisted of foreign aid, commercial borrowing and deposits of non-resident Indians.

[4] India's exports were stagnant for the first 15 years after independence, due to the predominance of tea, jute and cotton manufactures, demand for which was generally inelastic.

Imports in the same period consisted predominantly of machinery, equipment and raw materials, due to nascent industrialisation.

While participating actively in its general council meetings, India has been crucial in voicing the concerns of the developing world.

For instance, India has continued its opposition to the inclusion of such matters as labour and environment issues and other non-tariff barriers into the WTO policies.

[10][11][12] Its restrictiveness has been cited as a factor which isolated it from the 2007–2008 financial crisis more than other countries, even though it experienced reduced ongoing economic growth.

Growth is limited to some states, including Gujarat, Maharashtra, Karnataka, Andhra Pradesh, and Tamil Nadu.

The upward moving growth curve of the real-estate sector owes some credit to a booming economy and liberalised FDI regime.

Fields which require relaxation in FDI restrictions include civil aviation, construction development, industrial parks, petroleum and natural gas, commodity exchanges, credit-information services and mining.

But this still leaves an unfinished agenda of permitting greater foreign investment in politically sensitive areas such as insurance and retailing.

Second, the investment of billions in fibre-optic telecommunications influenced by the dot-com boom and the dot com bubble poured a great deal of hard currency into the Indian economy [citation needed].

[37] Occupation mobility has risen due to increased employment opportunities stemming from the entry of new global industries and FDI, which has contributed to the gradual dismantling of existing social structures, including caste.

[38] A reduction of poverty and consequent upward movement of members of lower classes has been attributed to a trickle-down effect resulting from faster economic growth that globalization has enabled.

[39] This has helped people from lower socioeconomic classes enter higher social strata by enhancing their skills and income through education and training.

[44][45] Both the need for higher degrees of education and increased consumption are underpinned by an operationalization of the ideals of respectability and social image.

[45] Globalization has enhanced this consumption culture through the increased exposure to, and the influx of, foreign brands and products, as well as the consequent consumer acculturation.