Due to globalization, in Indian economy it affect not only to agricultural production but also employment opportunities in the rural parts, inequality between urban & rural areas. Globalisation is conceived as a powerful transformative force responsible for a massive shake-out of nations, economies, international institutions & the whole world order. Thus, we can say that the higher the level of international corporations/transactions, the higher will be economic growth, income level & living standards the globalization process would bring. Globalisation has brought many jobs & large sums of investment to India. India’s economy has been growing at exceptional rates for the past several years & many new opportunities have opened up for India. Yet, India does remain quite poor. Most of those who profit from globalization in India are the upper classes, with many in the lower classes being displaced & suffering from miserable labor conditions. Globalization has created a large economic boom for India with largely positive effects. At the present, we can also say about the tale of two Indians. We have the best of times; we have the worst of times. Globalization of financial markets has far outpaced the integration of product markets. There is sparkling prosperity, there is stinking poverty. We have dazzling five star hotels side by side with darkened ill-starred hovels. We have everything by globalization, we have noting by globalization.

Heymath, a firm in Chennai, provide mathematics homework help to students & lesson plans to teachers, over the net. Its initial target market was schools in Singapore, but after successfully developing & selling its product there, it is now expanding elsewhere, including India. Despite these examples, however, as an economy we are still not still as open to foreign goods and services, labor, or knowledge as we should be. The five major areas where the co-operative global efforts on reform are to be concentrated are:

1. Transparency: The goal is to make timely, reliable data, plus information about economic and financial policies, practices, and decision making, readily available to financial markets and the public.

2. Internationally Accepted Standards: Adherence to international standards and codes of good practices helps ensure that economies function properly at the national level, which is a key prerequisite for a well-functioning international system.

3. Financial Sector Strengthening: Banks and other financial institutions need to improve internal practices, including risk assessment and management, and the official sector needs to upgrade supervision and regulation of the financial sector to keep pace with the modern global economy.

4. Involving the Private Sector: Better involvement of the private sector in crisis prevention and resolution can limit moral hazard; strengthen market discipline by fostering better risk assessment; and improve the prospects for both debtors and creditors

5. Systemic Improvements: Contingent Credit Lines (CCL): The IMF has created a new instrument of crisis prevention with the CCL, after cautionary line of defense readily available to member countries with strong economic policies designed to prevent future balance of payments problems that might