The impact of globalization has been so deep and diverse that the different groups of people have different notions of globalization. Economic growth is primarily the result of gains from trade, capital investment, and the discovery of improved products, lower-cost production methods and better ways of doing things. Globalisation opens up these opportunities for the participating countries. The paper presents the various dimensions of globalization. The paper then develops econometric model to access the impact of Globalisation on the indices constructed on the basis of four variables such as merchandies trade, GDP per capita, GNI per captia adjusted with PPP and trade balance. The paper also discusses the underlying dynamics, the stages and process of globalization in general and in particular India as a developing country. The paper tries to understand the current status of globalization and its impact on income and development at global level with the help of econometric analysis. Our empirical analysis is based on techniques of vector autoregressive (VAR) methods, namely, Granger causality (henceforth GC) and impulse response (henceforth IR) analyses

Globalization, Asymmetries, Economic development, Developing Countries, vector autoregressive, Granger causality, impulse response