As may be seen, India’s two-way trade flows doubled in the ten year period 1998–2008, but the two-way current and capital flows increased by more than two and a half times evidencing that India’s trade integration with the world got deeper, but that its financial integration got even deeper. 49. Globalization as an economic force is here to stay.
It is too potent a force to be comprehensively reversed, although there may be some short-term blips. As Nayan Chanda says in his book, “Bound Together: How Traders, Preachers, Adventurers and Warriors Shaped Globalization”, globalization was, is, and will always be inevitable. No revolution in human history has been totally benign. So is it the case with globalization. It comes with benefits and costs.