Globalization is an important element of economic reform, introduced in India in 1991. Owing to globalization it was expected that globalization should be beneficial for the economy, as a whole and should raise the welfare of all people throughout the country. It was expected that capital and technology will inflow from developed countries of the world into India. This implies that it should raise the rate of Economic growth in country and reduce poverty and that it should not increase inequalities in the Economy, Also, There should be social integration of the economy with rest of the world. Accordingly India would have access to the fruits of global growth.