Globalization has been defined in different ways by different people.It is like an LPG syndrome comprising liberalization, privatization and globalization.The main criticism about globalization comes from the fact that although it may generate unprecedented opportunities and wealth , the benefits of the same are not evenly distributed.Moreover, many consider globalization as a panacea for all the ills of their ailing economies.Globalization should however be considered only as process to liberalize the economy in order to integrate the same with that of the world.