Development of Bicultural Identity

The first is the development of a bicultural identity or perhaps a hybrid identity, which means that part of one’s identity is rooted in the local culture while another part stems from an awareness of one’s relation to the global world.

People today especially the young develop an identity that gives them a sense of belonging to a worldwide culture, which includes an awareness of events, practices, styles and information that are a part of the global culture.

Growth of Self-Selected Culture

It means people choose to form groups with like-minded persons who wish to have an identity that is untainted by the global culture and its values. The values of the global culture, which are based on individualism, free market economics, and democracy and include
freedom, of choice, individual rights, openness to change, and tolerance of differences are part of western values.

One of the most vehement criticisms of globalization is that it threatens to create one homogeneous worldwide culture in which all children grow up wanting to be like the latest pop music star, eat Big Macs, vacation at Disney World, and wear blue jeans, and Nikes.

Emerging Adulthood

The timing of transitions to adult roles such as work, marriage and parenthood are occurring at later stages in most parts of the world as the need for preparing for jobs in an economy that is highly technological and information based is slowly extending from the late teens to the mid-twenties.

Additionally, as the traditional hierarchies of authority weaken and break down under the pressure of globalization, the youth are forced to develop control over their own lives including marriage and parenthood. The spread of emerging adulthood is related to issues
of identity.

Consumerism

Consumerism has permeated and changed the fabric of contemporary Indian society. Western fashions are coming to India: the traditional Indian dress is increasingly being displaced by western dresses especially in urban areas. Media- movies and serials- set a stage for patterns of behavior, dress codes and jargon. There is a changing need to consume more and more of everything.

Industrial Policy was made in 1948, 1956, 1973, 1977, 1980 & 1991. The first Industrial Policy, 1948 was changed in 1956 to make public sector unit powerful and continued till 1991 when Liberalization, Privatization and Globalization gained momentum. Some minor modifications took place in 1973, 1977 and 1980.