Question

“The process of globalisation through liberalisation and privatisation has produced positive, as well as, negative results for India.”

Do you agree with the given statement? Give valid explanation in support of your answer.

Answer 1

• Yes, the process of globalisation has yielded both positive and negative results for India. It is argued that globalisation serves as an opportunity for developing countries like India to access the capital and technology of the global markets.
• However, some critics argue that globalisation primarily benefits developed nations and undermines the welfare of people in underdeveloped countries, thereby exacerbating economic disparities. In the context of India, the reforms of the 1990s mainly benefited high-income groups and select service sectors instead of crucial areas like agriculture and industry.