Solution

Impact of Globalisation on India:
1. More new jobs have been created in the MNCs like cell phones, fast food etc.
2. India is playing a crucial role among developing countries in trade and commerce by making some companies multinational themselves i. e. Tata Motors, Ranbaxy etc.
3. Foreign Direct Investments have also been increased.
4. It has invited inflow of private foreign capital and export oriented activities.

India in turn impacting:
1. Through responding to 1991 financial crisis, Indian economy was liberalised to attract foreign direct investment.
2. India introduced new trade policy reforms to remove tariffs and restrictions imposed on imports.
3. Under industries, it abolished licensing system exempting few specified industries only.
4. Banking operations by private sectors were permitted to expand in the country.
5. To promote globalisation, India has adopted an open economy.