Globalization was introduced by Indian Government in 1990-91 when Indian Economy was in absolute slump. It was, however, brought in not as a solution to retro grossing Indian economy but to strange then itself by foreign exchange loans from World Bank as its foreign exchange reserves were in deterio rating state. To overcome its ailing financial health, Government decided to resuape its economic policies friendly to privatization & liberalization of its economy. Though decisions had positive effect. It did not help government meet its emergent need of foreign exchange but it caused some irreversible damage to Indian Economic social systems.