World Trade Organisation (WTO) was founded in 1995. It is expected to establish a 'rule-based trading regime' in which nations cannot place arbitrary restrictions on trade. Its purpose is to enlarge production and trade of services so as to ensure optimum utilization of world resources and to protect the environment. WTO agreements cover trade in goods as well as services to facilitate international trade through removal of tariff as well as nontariff barriers. and provide greater market access to all member countries.
(a) Highlight the purpose for which WTO was established in 1995.
(b) How does WTO facilitate international trade?

The process of globalisation through Iiberalisation and privatisation policies has produced positive and negative results both for India and other countries. It is argued that globalisation should be seen as an 'opportunity' for the developing countries, in terms of becoming important players in the international arena. On the other hand, it is argued that globalisation is a strategy of the developed countries to expand their markets in other countries. It is held that the market driven globalisation has widened the economic disparities among the nations and the people by further compromising the welfare and the identity of the people belonging to the poor countries. Further it has increased the income and quality of consumption of only high-income groups, with the growth concentrating only in select areas in the service sector like IT, telecommunication etc.
Critically analyse the role of globalisation in the development of the Indian economy.