How India’s rating upgrade by international agencies/organizations help the country foster through globalization? Critically examine.
Globalization is the interacting process for the integration of people, companies, and governments worldwide. In order to conduct international business and to develop a nation economically, culturally, and politically, globalization is necessary. The advancement of transportation and communication technology helps to grow the entire process smoothly.
Global issues:
- Food crisis and malnutrition
- Increased military expenses
- Inflation and monetary siphoning off
- Population outburst and environmental impact
- Destruction of natural resources
Globalization can only function through the implementation of economical and financial policies.
United Nations: India is one of the founding members of the United Nations. It focuses on the area of Poverty and Urbanisation, Health, Water, Sanitation, Education and Employability, Skilling, Entrepreneurship, Job Creation, etc. Based on life expectancy, education, and per-capita income, the UN releases the Human Development Index (HDI) annually that helps India to understand its current position globally.
World Bank: Since the time of its foundation at the 1944 Bretton Woods Conference, The World Bank has been providing assistance to India in the field of education, infrastructure, healthcare. On the basis of economic and professional potential WB releases the Human Capital Index to give a brief idea about the impact of lack of education and health.
IMF: International monetary fund focuses on the field of macro-economic growth, poverty alleviation, economic stability, etc. It releases the Global Financial Stability Report and the World Economic Outlook.
WTO: World Trade Organization and India have agreements on technical barriers to trade and some environment-related issues.
International Credit rating Agency: It assigns credit ratings, which shows the debtor’s ability to meet debt obligations. For example, Moody’s Investor Services, and other agencies associated with the prediction of GDP growth, evaluate debentures, fixed deposits, commercial papers, financial status, industrial risk, market condition.
Several other organizations and their publications like UNCTAD and World Investment Report, Transparency International and Global Corruption Report, World Economic Forum and Global Competitiveness Report, Asian Development Bank, and Asian Development Bank help the country foster through globalization.
Topics: GS-IV: Ethics and Human Interface