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Unit 4 Ch 4 : Globalization and the Indian Economy — Social Studies STD 10 — Question

CBSE BoardEnglish MediumSTD 10Social StudiesUnit 4 Ch 4 : Globalization and the Indian Economy5 Marks
Question
Define ‘globalisation’.
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Answer

Globalisation:
Globalisation is the process of rapid integration or interconnection between countries.
Benefits of globalisation:
  1. New jobs have been created in industries.
  2. Local companies supplying raw materials, etc. to these industries have prospered.
  3. Several of the top Indian companies have been able to benefit from the increased competition.
  4. Investment in newer technology and production methods has raised their production standards.
  5. Some industries have gained from successful collaborations with foreign companies.
  6. It has enabled some large Indian companies to emerge as multinationals.
  7. It has also created new opportunities for companies providing services, particularly those involving IT.
  8. Host of services such as data entry, accounting, administrative tasks, and engineering are now being done cheaply in countries such as India and are exported to the developed countries.

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