Globalization is widely contested concept. There is no single universally agreed definition and meaning. In broader term, globalization can be conceived as process of increasing interconnection and interdependence of social, political and economic interaction across frontiers such that events and activities in one region of the world can come to have significant bearing for individual and communities in distant region of the world. The intensity,magnitude and speed of such regularized pattern of interaction owing to development of worldwide system of information communication is so large that time and space has become less and less significant. Although there are scholars who believe that this globalization is nothing new as we had same extensive and intensive trade and finance flow and transaction prior to world war Ist (1870-1913).