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Issues in the Global Economy - Essay Example

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This essay discusses global economy refers to the economy of the world which is different from the economies of individual countries.The study intends to explore the main destinations of commercial services of India, which is one of the nation’s belonging to WTO and is a rapidly growing economy…
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Issues in the Global Economy
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Issues in the Global Economy

Download file to see previous pages... India is one of the fastest growing economies and moreover, globalisation in the Indian market has led to new opportunities with more challenges and responsibilities. Since the inception in the year 1995, India joined WTO for governance of international trade with augmented opportunities with the member countries and to challenge policies of other developing countries. Advancement in science and technology in the field of transportation and communication in recent years due to globalisation in the economy with more liberalised policies and on-going requirements made the entire world market as a local market for India along with facilitating it to think beyond its territories and trade goods and services across the border. However, trade in services is far different from trade in goods, in terms of inherent nature of both. Services or the commercial services are categorised as invisible, intangible, transience and non-storable. Nonetheless, all such characteristics are not applied in all the services simultaneously. Commercial services are the set of services that the member countries of WTO or the business organisations provide for others commercial applications. For example, hotel service can be ensured to be attainable where the customer wishes to stay it could be beyond there geographical location. Commercial services mainly include transportation, travel and other commercial services such as communication, telecommunication, construction, financial, insurance, computer services, and other personal services. ...Download file to see next pagesRead More
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