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Impact of Globalization on Indian Legal System
We humans always want more and better things in life. The world is growing day by day, changing our lifestyle with time. And, through globalization, people of different countries exchange their products, living-styles, and even ideas. Structures and patterns may change in the new globalisation with time, but the impact is the same as the old, and that is progress. By hook or crook, we will have to go with the flow.
What is called “Globalization”?
The term “globalization,” as we know, came after World War II and it means interaction. Interaction and communication among people all over the world. From that time, this term has become popular, but even before it, so many years ago, (about 3000 B.C.), our ancestors had civilizations, and they also had globalisation in the form of interaction and communication between people. They also had commercial and agricultural interaction with each other.
As time passed, people started stealing and invading other entities. They began capturing other lands as well, owing to a lack of land in their own country. The renaissance in Europe and the eighteenth century’s revolutionary inventions and industrial revolution gave rise to the idea of capitalism and western colonialism among the countries of Asia, America, and Africa.
The U.S.A. is in the lead position, and the world is going with the flow of globalization. At present, globalisation means we know the commercial interactions. India is one of the developing countries, and the impact of globalisation can be seen in every sector of it. Rapidly growing globalisation in economics, politics, socially, culturally, etc.
Globalization: An Overview
In today’s world, globalisation is a very prominent entity in politics, whether it is national politics or international politics. Political issues can have a very significant impact on our day-to-day lives. With information technology, information is flowing rapidly across one country to another country. Many international organisations have emerged and continue to emerge, assisting geopolitics in facilitating neoliberal globalisation for all. The globalisation of the economy has had an all-over impact on our daily lives as well.
With the globalisation of the economy, we have been having some good and some bad results. India had to fight for the position it holds with globalisation in today’s world. Globalization has been changing the world towards its maturity since ancient times. The impact of globalisation falls not only on the Indian economic, legal, and political structure but also on the world’s economies and political structures.
Globalization allows us to communicate our nation’s economy with the world economy. Globalization has multiple entities and aspects that collaborate with the world, and we are transforming toward a better and more mature world. With the help of globalization, which has created links and networks all over the world and progress in the sectors of entities and people from all over the world, there are no geographical barriers within us with the blessing of technology.
Impact of Globalization in India
The impact of globalization in India can be summarized into the following two sub-headings −
The Impact of Globalization on the Indian Legal System and
The Impact of Globalization on the Indian Political
System Let’s discuss each one of them in detail −
The Impact of Globalization on the Indian Legal System
The impact of globalization is widespread affected all sphere of life. So, the Indian legal system has also experienced the significant changes because of globalization. Globalization has substantially increased the cross-border interactions, trade, and the exchange of ideas that collectively influenced the various aspects of Indian legal systems as −
Trade and Investment Rules − The increasing international trade and foreign investment have created need to legislate the legal provisions to accommodate and promote international trade and businesses. And, it also need to comply with international treaties and conventions, such as the World Trade Organization (WTO) agreements and bilateral investment treaties.
Intellectual Property Rights (IPR) − India legal system adopted some more efficient and relevant IPR laws to meet the global standards, ensuring the protection of patents, trademarks, copyrights, and trade secrets in accordance with the international agreements.
Cyber Laws − The crime through internet has not jurisdictional limitation and geographical boundary; therefore, India has legislated cyber laws in such way that it could fit into international legal frame work.
Corporate Governance − Globalization has created the need to reform the system of corporate governance. Because of growing international businesses and communication, corporate governance needs greater level of transparency and accountability. Likewise, India has amended its regulations and codes to meet these global standards.
Human Rights − Though India had already well defined human rights provision (in the form of fundamental rights); however, it has adapted some of the rules to protect human rights and comply with international conventions and standards.
Environmental Regulations − Environmental issues are another area that do not follow the geographical boundary; therefore, India has legislated laws and regulations in such a way that can comply with the international environmental agreements and sustainable development goals.
Dispute Resolution System − In case, any dispute arises in reference to any international issues, then to resolve it, the Indian legal system has expanded its infrastructure for arbitration and alternative dispute resolution mechanisms.
The Impact of Globalization on the Indian Political System India
The political effect of globalisation in India is enormous and it is increasing day by day. This effect did not begin today; rather, it began with our forefathers. The effect of globalisation in the twenty-first centuries has been influenced more positively, which has had so much impact on commercial value. Some of the most valuable and remarkable international organisations have been established for all countries’ good fortune and interest, like the United Nations, for the goodwill of all countries.
The International Monetary Fund, or IMF, as well as the World Trade Organization and the World Bank, have the authority to intervene in the internal affairs of any member country. These organisations can impose rules and regulations on their members, and their economic condition will be affected by this. Sometimes they interfere with some crucial internal activities, which can have a bad effect on the sovereignty of that particular country. These organisations also make regulations and restrictions on a country’s trade sector and traffic policies.
Globalization is indispensable medium for a developing country’s economic, social, political, and legal systems. It supports many scientific inventions and can create more job opportunities, which we need most at present. Globalization is a boost for the economy, and the politics of a country is a shadow of its economy, as we see in deep. With the globalisation of its economy, a country can control its destiny. Political power will be developed with the economic growth of a country.
Frequently Asked Questions
How has globalization affected India's legal system?
Globalization of course has brought some significant changes in India's legal framework; the major areas that it influenced are economic laws, international trade law, intellectual property law, and human rights law.
How has globalization impacted India's approach to international trade disputes?
Globalization has led to India's compliance with international trade agreements, and further it has developed mechanisms for resolving trade disputes in accordance with global standards i.e. exclusively through the arbitration.
How has globalization influenced corporate governance in India?
Globalization has prompted greater transparency and accountability in corporations, resulting in the introduction of corporate governance regulations and codes in India.
How has globalization influenced legal education in India?
Because of globalization, legal education in India has integrated international curricula and practices, preparing students for global legal challenges.
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