Gujarat BoardEnglish MediumSTD 11 CommerceEconomicsEconomic Reforms3 Marks
Question
Experience of Globalization in India
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Answer
The Growth rate of merchandise export of India is double than the rest of the world during $1995-2010$ because of the process of the globalization in India.
The Service sector has played an important role.
The exports of software through outsourcing played a major role in this process.
During this period the import growth rate is higher than the export growth rate.
To compete with the foreign industries, local industries has to improve the use of technology.
This has increased the quality of the product and use of technology.
In India, due to process of globalization economic growth rate is increased but employment growth rate is not that much increased.
Because of latest technology employment opportunity is not that much created.
Because of free trade policy, small and cottage industries are shut-down step by step.
Globalization has increased the inequalities between income and wealth.
There is critical situation of poverty due to inflation.
Globalization provides job to skilled employees but employment of unskilled employees are striped.
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