The entire world is stirred due to the emergence of liberalisation, privatisation and globalisation (hereinafter termed as LPG). Amidst contradictions and controversies, the World Trade Organization (WTO), has further accelerated the process. The process of globalisation coupled with related phenomenon of privatisation and liberalisation today seems to be impacting the Indian socio-economic scenario down to the level of the small towns and villages. Since the last two decades, the process of globalisation and the opening up of market economy have given rise to many philosophical
and policy crises, especially in the context of developing economies.
The paper seeks to assess and analyse the negative foot prints, such as concentration of wealth in few private players, steep rise in corruption, crisis of food security and environmental degradation. An attempt is made to come out with some viable solutions so as to make globalisation more meaningful.
Keywords: globalisation, liberalisation, privatisation, developing economy, India, corruption, food security, challenges