Globalization (or globalisation, also mundialisation or mundialization) is a common term for processes of international integration arising from increasing

human connectivity and interchange [1][2] ofworldviews, products, ideas, and other aspects of culture. In particular, advances in transportation and telecommunications infrastructure, including the rise of the Internet, represent major driving factors in globalization and precipitate further interdependence of economic and cultural [3] activities. The term globalization derives from the root word "globalize", which refers to the [7] emergence of an international network of social and economic systems .

Corruption in India is a major issue and adversely affects its economy. A 2005 study conducted by Transparency International in India found that more than 62% of Indians had first-hand experience [2][3] of paying bribes or influence peddling to get jobs done in public offices successfully. In its 2008 study, Transparency International reports about 40% of Indians had first-hand experience of paying [4] bribes or using a contact to get a job done in public office. In 2011 India was ranked 95th out of 178 countries in Transparency International's Corruption Perceptions Index. Some of the largest sources of corruption in India are entitlement programs and social spending schemes enacted by the Indian government. Examples include Mahatma Gandhi National Rural [5][6] Employment Guarantee Act and National Rural Health Mission. Other daily sources of corruption include India's trucking industry which is forced to pay billions in bribes annually to numerous [7] regulatory and police stops on its interstate highways. Indian media has widely published allegations of corrupt Indian citizens stashing trillions of dollars in Swiss banks. Swiss authorities, however, assert these allegations to be a complete fabrication and [8][9] false. The causes of corruption in India include excessive regulations, complicated taxes and licensing systems, numerous government departments each with opaque bureaucracy and discretionary powers, monopoly by government controlled institutions on certain goods and services delivery, and [10][11] the lack of transparent laws and processes. There are significant variations in level of corruption as well as in state government efforts to reduce corruption across India.

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In economics, inflation is a rise in the general level of prices of goods and services in an economy [1] over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money a [2][3] loss of real value in the internal medium of exchange and unit of account in the economy. A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price [4] index (normally the Consumer Price Index) over time. Inflation's effects on an economy are various and can be simultaneously positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation which may discourage investment and savings, and if inflation is rapid enough, shortages of goods as consumers begin hoarding out of concern that prices will increase in the future. Positive effects include ensuring that central banks can adjust nominal [5] interest rates (intended to mitigate recessions), and encouraging investment in non-monetary capital projects.

In economics, a recession is a business cycle contraction, a general slowdown in economic [1][2] activity. Macroeconomic indicators such as GDP, employment, investment spending, capacity utilization, household income, business profits, and inflation fall, while bankruptcies and the unemployment raterise. Recessions generally occur when there is a widespread drop in spending, often following an adverse supply shock or the bursting of an economic bubble. Governments usually respond to recessions by adopting expansionary macroeconomic policies, such as increasing money supply, increasing government spending and decreasing taxation.