A drastic change in the global economy since the turn of the 21st century

- Atapata of Arthakarana-Dhawal Mehta

- An important indicator of globalization is the rapidly growing global trade

The agricultural revolution (invention of agriculture) in the world took place about ten thousand years ago, it took ten thousand years to spread in the world, then the industrialization that started in England after 1760 took 200 years to become global, while IT started only after 1980. The revolution has spread to all countries in the world in just 40 years. In the last twenty-two years, i.e. after the beginning of the 21st century, tremendous changes have taken place in the economy of the world. The speed of globalization has put me on edge. This speed has increased due to information technology and now robotics will accelerate globalization even more. One indicator of globalization is rapidly increasing global trade (world trade). In 1970, the contribution of business to the world's gross income (GDP) was 25 percent, which has increased to 52 percent in 2020. In 2000, most people did not know what the global value chain was. Global value chains have become the center of global production and global distribution systems. Today, the global value chain contributes about 57 percent to global business. Countries like Taiwan, Singapore, China have made economic fortunes in the last twenty-five years, while India has also maintained a higher economic growth rate (six to seven percent) than economically prosperous countries during tough times. While rich countries like America, Britain, Germany, France, could not maintain the growth rate of even three to four percent, which shows that India's economy is very resilient. Compared to India, Pakistan's economy seems to have collapsed because the prices of essential commodities have skyrocketed. People are dying of hunger, the price of a liter of petrol in Pakistan (in February 2023) is Rs 272, the price of diesel is Rs 280 and the price of a liter of kerosene has reached Rs 203.

Population increase: The population of the world is increasing continuously. There are many people who believe that the population of India has increased to more than 140 crores and India has overtaken China as the world's most populous country in 2023, either as a curse or a blessing. Of course, if the average annual per capita income of India, the world's most populous country, is only 2200 dollars (while China's per capita is 10,000 dollars and America's is about 60,000 dollars), then those who consider the population of India as an 'asset' are living in a 'full paradise'.

Current Account Deficit (Trade Deficit) in India: The current account deficit in India has reached 3.3 percent of GDP during the first six months of 2022-2023. Current account deficit means that the import of trade and services is more than the export of all commodities and services of the country, due to which our foreign exchange is reduced, India's trade deficit has reached 17.7 billion dollars in January 2023 alone. Of course, the trade deficit of January 2023 is somewhat reassuring as compared to the July-August-September 2022 quarter when it reached $36.4 billion.

It is not known what political thinking is running on the economics of the world now. Neoliberalism increases income and firm inequality even as it moves in the direction of welfare states. When the communist countries (China and Russia) have reduced human freedom, the world has been shocked. The world is horrified by the rise of cultural i.e. religious nationalism. It is divisive that what was once a liberating mindset has turned into a monstrous dictatorship.