Globalization impacted on indian economy

Globalization & its impact on Indian Economy: Developments and Challenges

In political field, globalization helps to eradicate poverty, malnutrition, illiteracy, ill-health and fighting cross border terrorism and global terrorism. But seeing the positive effects of globalization, it can be said that very soon India will overcome these hurdles too and march strongly on its path of development.

The resultant effects were tremendous boost to industrial sector economy. The fervour of globalization has even enforced Governments to be tuned to the merits of a Global economy.

There are four factors that accelerate globalization. The distinction between formal, non-formal and informal education will vanish when move from industrial society to information society takes place.

Essay on Effects of Globalization on Indian Economy

Services such as data entry, accounting, and administrative tasks, are now being done cheaply in India and exported to the developed countries. In the age of rapid technical progression, many countries are unified and transformed due to the process of globalization.

The negative Effects of Globalization on Indian Industry are that with the coming of technology the number of labor required decreased and this resulted in many people being removed from their jobs.

Concept of Globalisation The concept of globalization means that the world is getting smaller as well as bigger.

Greater competition among producers resulting from Globalisation is a great advantage to consumers as there is greater choice before them. The large scale suicide by Indian farmers in Karnataka, Punjab and Haryana under the burden of heavy loans is directly attributed to this.

The farmers are destined to die of starvation or suicide. Indian companies going global: Local companies supplying raw materials, to these industries have prospered.

Effects of Globalisation on Indian Society

The private sector hospitals like Apollo, Medicare will be only too happy to prepare a bill of Rs. Impact on national economies of larger, transnational markets characterized by free, convertible currencies, open access to banking, and contracts enforceable by law. Global market treats the world as a single market.

The first 5 years in globalisation did not yield appreciable results. Due to globalisation, the car manufacturer like Maruti is not able to take us as for ride. Globalization is described by theorists as the process through which societies and economies are integrated through cross border flows of ideas, communication, technology, capital, people, finance, goods, services and information.

Though globalisation and liberalisation of trade have resulted in the availability of large number of quality products at reasonable price, the overall economic benefits are negated due to the slow death of small scale and traditional goods producing sectors employing a large population.

Globalisation has turned out to be a bonanza for consumers but a grave for Indian producers, especially small-scale sectors, because of their age-old technology and financial bottlenecks to update their machines and technology.

They have invested in newer technology and production methods and raised their production standards. Over and above, the Indian farmer cannot export their products to rich countries because of inferior technology and stringent quality parameters imposed by foreign consumers.

In other words, every manufacturer or producer of goods can compete for sale of their products without restrictions or without any imposed control. Recently in Maythe Indian Government also opened the defence sector towards globalisation and privatisation. In India, modernity is observed with the West.

The rising cost of basic sustenance products like garments, footwear, cereals, edible oils, petrol and kerosene, medicines and health care items, decrease in farm output, decrease in purchasing power of poor are some of the alarming issues that have given rise to serious doubts about the benefits of globalisation.

Because of Globalization, the financial services industry is in a period of transition. Management studies have defined the process of globalization.

Globalization

Consumers now enjoy improved quality and lower prices for several products. It means to open the Trade and Economy for the international players. Some section of people in India that are poor do not get benefit of globalization. The negative Effects of Globalization on Indian Industry are that with the coming of technology the number of labour required are decreased and this resulted increasing unemployment especially in the arena of the pharmaceutical, chemical, manufacturing, and cement industries.

Positive Impact of Globalisation in India

As these new cultural messages began to reach the Indian population, Indian moviegoers were pushed to re-evaluate their traditional Indian cultural ideology. The recent economic liberalization measures have opened the door to foreign competitors to enter into our domestic market.

This leads to an adversative impact on the tendency to save or the domestic accumulation of capital. For over a century the United States has been the largest economy in the world but major developments have taken place in the world Economy since then, leading to the shift of focus from the US and the rich countries of Europe to the two Asian giants- India and China.

Effects of globalization in Indian Industry are observed as this process brought in large amounts of foreign investments into the industry especially in the BPO, pharmaceutical, petroleum, and manufacturing industries.

Globalization has reduced nationalism and patriotism in country.The wave of globalization hitted India at the end of the last century and still the country is flowing with the current of global changes. Economic Impact of globalization in India. Indian economy had experienced major policy changes in early s.

The new economic reform, popularly known as, Liberalization, Privatization and. Effects of Globalisation on Indian Society Globalization is a significant factor in competitive world that integrate and mobilize cultural values of people at global level.

In the age of rapid technical progression, many countries are unified and transformed due to the process of globalization. Positive Impact of Globalisation in India The impact of globalisation in India has been tremendous. 1. Greater competition among producers resulting from Globalisation is a great advantage to consumers as there is greater choice before them.

Consumers now enjoy improved quality and lower prices for several products. 2. Due to globalisation many MNCs have increased their investments in India. Globalisation and Its Impact on Indian Economy Md. Suresh Khan Member, Education Guide Centre, Thoubal Moijing, Manipur, India Indian economy has become more open and gained the process of globalization not only includes opening up of world trade, development of.

Impact of Globalization on Indian Economy - Free download as Word Doc .doc /.docx), PDF File .pdf), Text File .txt) or read online for free. PROJECT ON IMPACT OF GLOBALIZATION ON INDIAN ECON /5(13).

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Globalization impacted on indian economy
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