Agriculture Update

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Globalization and New Era of Indian Farming


Affiliations
1 Department of Agricultural Extension Economics, Marathwada Agricultural University, Parbhani (M.S.), India
2 Department of Agricultural Economics, Marathwada Agricultural University, Parbhani (M.S.), India
     

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Impact of globalization on Indian agriculture:
The liberalisation of India’s economy was adopted by India in 1991. Facing a severe economic crisis, India approached the IMF for a loan, and the IMF granted what is called a ‘structural adjustment’ loan, which is a loan with certain conditions attached, which relates to a structural change in the economy. The government entered in a new era of economic reforms based on these conditions. These reforms (broadly called Liberalisation by the Indian media) can be broadly classified into three areas:Liberalisation, privatization and globalization. Essentially, the reforms were soughted to gradually phase out government control of the market (liberalisation), privatize public sector organizations (privatization), and reduce export subsidies and import barriers to enable free trade (globalization).
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  • Globalization and New Era of Indian Farming

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Authors

A. V. Tak
Department of Agricultural Extension Economics, Marathwada Agricultural University, Parbhani (M.S.), India
V. B. Tak
Department of Agricultural Economics, Marathwada Agricultural University, Parbhani (M.S.), India

Abstract


Impact of globalization on Indian agriculture:
The liberalisation of India’s economy was adopted by India in 1991. Facing a severe economic crisis, India approached the IMF for a loan, and the IMF granted what is called a ‘structural adjustment’ loan, which is a loan with certain conditions attached, which relates to a structural change in the economy. The government entered in a new era of economic reforms based on these conditions. These reforms (broadly called Liberalisation by the Indian media) can be broadly classified into three areas:Liberalisation, privatization and globalization. Essentially, the reforms were soughted to gradually phase out government control of the market (liberalisation), privatize public sector organizations (privatization), and reduce export subsidies and import barriers to enable free trade (globalization).