Issues in the Global Economy Essay Example | Topics and Well Written Essays - 2000 words

Issues in the Global Economy - Essay Example 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.