Q.Explain the meaning of globalisation. How did India's membership of the WTO (1995) support the process of globalisation?

Globalisation is the integration of the domestic economy with the world economy through freer trade, capital and technology flows. …

Globalisation means integrating a country's domestic economy with the world economy through freer flows of trade, capital, technology and, to a more limited extent, labour. It removes the barriers that had earlier kept an economy relatively closed, allowing goods, services, investment and ideas to move more freely across borders.

India became a founding member of the World Trade Organisation (WTO) when it was established in 1995 as the successor to GATT (General Agreement on Tariffs and Trade). WTO membership supported globalisation in several ways:

• It obligated member countries, including India, to progressively reduce tariff rates on imports, making Indian markets more open to foreign goods and Indian exporters more able to access other markets on agreed terms.
• It required the phased removal of quantitative restrictions (import quotas) that India had earlier used to protect domestic industry.
• It brought India into a rules-based multilateral trading system, offering a dispute-settlement mechanism and a level of predictability that encouraged both trade and foreign investment. …

Describing globalisation only as "more foreign companies coming to India" — it also covers Indian firms/labour/capital going outward and …