The Indian Prime Minister, Atal Behari Vajpayee, has told his party that “all of us should realise that globalisation is an irreversible phenomenon. No country can keep away fully from it without hurting itself.” His remarks were made amidst critcisms from his party, Bharatiya Janata (BJP), that his liberal policies (which are opening up India to foreign imports and investments) are detrimental to the country’s welfare.
If Mr Vajpayee continues along the path of globalisation, then the increase in the volume of international factoring witnessed last year would seem likely to continue.
