The rapid change seen in the original form of the world amid the epidemic

The Corona epidemic is changing the traditional form of globalization. New measures in this phase of change are related to controlling climate change, taxing global companies, fighting terrorism, distributing vaccines, and so on. In a more integrated world, border issues are forcing different countries to come together. All this is happening at a time when the traditional elements of globalization are weakening. The old globalization was good for India while the new globalization can have both good and bad things. For example, the growth rate of global GDP has slowed the growth rate of world trade and significantly reversed the long-term trend. In the last seven years, there has been only one year when the size of trade has grown faster than the world economy. In 2015, world trade fell for the first time in a decade. Due to the epidemic, the year 2020 saw another decline. Many countries, including India, are promoting protectionist measures.

More than half of the world’s tourists live in Europe and North America, and their numbers have also declined. The policies of Brexit and Donald Trump indicated that the process of overthrowing the old immigration system was accelerating. Some West Asian countries have strongly opposed visa policies. If these new trends continue, India will suffer. It is the largest source of migration in the world. As well as being the top in the world in terms of sending money.

India has benefited greatly from free world trade in the last three decades. Many opportunities are available. Many countries want to reduce their dependence on China, the world's largest producer and most powerful trader. India can take advantage of this opportunity. But other countries have benefited from taking the first step. Other elements of globalization are intact. A similar business environment is being created in the world. There is no threat to the country's IT services revolution.

What about the second phase of globalization? Now it is only appearing as a government agenda. How it affects different countries and businesses will be known in the near future. It is not a good thing for India for the government to set the agenda because it is a follower, not a rule maker. As such, any benefits or costs will be coincidental. The new international corporate tax system is also an issue currently being worked on. It determines the minimum tax rate to be paid in the country where the income occurs. India should be happy with this but after the implementation of the new system the primary beneficiaries will be the rich countries.

The state of the climate change agenda is even more unique. India is keen to implement the 2015 Paris Agreement but will not receive any financial or technical assistance to adopt the new technology and abandon the old coal-based technology. Along with this, the countries historically responsible for carbon emissions will be exempted.

The most important element of the new globalization is the development of social media platforms. Large technical companies dominate the sector, but they have clashed with sovereign state powers in many countries, including India. Now is the time to set rules for global trade. With these new rules a new chapter of globalization will begin. Which will give a new direction to global trade.