Abstract
World is going through massive transformation, Economic gravity has shifted from west to east, In the last two decades ,Countries which are regarded as less developed economics , has gone through massive structural changes, which were accelerated with major growth compared to world average.19th Century belongs to Europe, 20thCentury belongs to America and 21st Century belongs to Asia .to be very precise its south Asia. Globalization has gone through different phases-Revival of Ancient and medieval history for the economies of eastern hemisphere countries. Colonization and decolonization of western power, Fight of national sovereignty and Global interest, are some of the major challenge world is facing now. How emerging markets are transforming global economy and become the potential growth drivers of the world economy, redefining the true meaning of globalization
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