Explain any four negative impacts of liberalisation and globalization.
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The four negative impacts of liberalisation and globalisation are:
- There has been a decline in agricultural growth rate. The removal of fertiliser subsidy has adversely affected the small and marginal farmers.
- Industrial sector has also witnessed lopsided growth, as the cheaper imports have led to a decrease in the demand for domestically produced industrial products.
- Globalisation which brought about free movement of goods and services from R.O.W. has had an adverse effect on the products of domestic industries and thereby the employment opportunities.
- Liberalisation and globalisation have led to the spread of consumerism.
- Economic reforms have also led to the erosion of cultural roots and values.
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