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Social Science: Globalisation and the Indian Economy - Concept of Globalization and Factors

Describe the impact of globalization on Indian economy with examples.

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Solution

Globalisation has resulted in foreign investments and has created jobs in the country. In the wake of the competition from the MNCs, Indian companies have upgraded the quality of their products and services. Many Indian companies have themselves established business units in other countries. This has helped in the development of the Indian economy.

Globalisation has benefited the rich and developed nations of the world. The poor and developing nations of the world have still not received their fair share of the benefits of globalisation. Large companies have profited from globalisation, while many small manufacturers with low capital have not been able to withstand the competition from large MNCs.

Workers have not benefited by globalisation. Their jobs have become insecure and they have to work on low wages, as MNCs employ them on meagre salaries to earn profits. Because of globalisation, while the workers have become poorer, the rich have become richer.

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