What are the adverse effects of globalisation on the Indian economy?
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Globalisation has the following adverse effects on the Indian economy:
- The local producers stand to lose due to their inability to compete with cheap imports.
- To provide goods and services at competitive prices, producers try to save on costs by lowering the wages, ensuring long working hours and denying the workers various social benefits. This results in mounting unrest among workers.
- Globalisation has also affected the workers of PSUs adversely. They have been affected by budget cuts, privatisation and retrenchment.
- Globalisation has also adversely affected the small businessmen.
- Studies have revealed that globalisation has adversely affected nearly half a billion people of South Asia; majority among these are poor people.
- Globalisation has raised the depth of income inequalities.
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