Q.Write a short note on: Globalization

Make in India (2014) is a flagship programme to turn India into a global manufacturing hub by attracting investment, easing business rules, building infrastructure and promoting manufacturing to create jobs.

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The balance of payments is a yearly statement of all economic transactions between a country and the rest of the world, with a current account (trade and services) and a capital account (capital flows).

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FDI is long-term investment by a foreign entity in the physical/productive assets of another country, bringing capital, technology and management, unlike short-term portfolio investment.

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An SEZ is a duty-free enclave with tax breaks, relaxed rules and good infrastructure, created to boost exports, investment and employment.

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Globalisation is the growing integration of the domestic economy with the world economy through trade, investment, technology and labour flows across borders.

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The WTO, set up in 1995 in place of GATT, aims to promote free, fair and rule-based world trade, settle trade disputes and raise global income and living standards.

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