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This paper would examine the economic and social effects of ongoing globalization in India. The attempt has been made in this paper to analyze the impact of globalization and liberalization over the socio- economic aspects of Indian Economy. The study is based on secondary data and it is of descriptive type India is a multilingual, multi-religious and multicast country and has been a dominant player in the world system and part of the global economy since ages. Its civilisational past has been shaped and has evolved through a number of events, crisis, people and communities. It has not been an isolated country at any point of time as there has been a continuous exchange of ideas, products and people with other countries and civilisations.LPG (Liberalisation, Privatization and Globalization) model was adopted by Indian Government during 1990-91 when Indian Economy was in a very bad shape. It was, however, adopted not as a solution to deteriorating Indian economy but to enable itself to get further foreign exchange loans from World Bank as its foreign exchange reserves were reduced to mere three weeks outflow. To rectify its ailing financial health, Government simultaneously decided to amend its economic policies and go for privatization & liberalization of its economy. In the overall view, these decisions had immediate positive effect. However, globalization soon has proved to be a double edged weapon. It did help government temporarily meet its emergent need of foreign exchange but it has, as a by-product, caused some permanent damage to Indian Economic system and Indian social structure. Keeping in view the relevance of the subject, the attempt has been made in this paper to analyse the socio- economic changes of globalisation and liberalisation in the Indian Economy. The study is based on secondary data and it is of descriptive type.