Question
What are the economic implications of globalisation? How has globalisation impacted on India with regard to this particular dimension?
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Answer
- Economic Implications of Globalisation (Positive):
- It involves greater economic flows among various countries.
- It has enhanced trade in commodities among countries.
- The restrictions on the imports and movement of capital have also been reduced.
- This has spread internet and computer related services across national boundaries.
- Negative Economic Implications:
- Economic globalisation has created diverse opinion all over the world as to benefit only a small section of society.
- It does not have equality at par the movement of people across the globe i.e. developed countries have carefully guarded their borders with visa policies to ensure job security to their own citizens.
- It has created disparities among states also by making the rich more richer and the poor more poorer.
- Impact of Globalisation on India:
- More new jobs have been created in the MNCs like cell phones, fast food etc.
- India is playing a crucial role among developing countries in trade and commerce by making some companies multinational themselves i. e. Tata Motors, Ranbaxy etc.
- Foreign Direct Investment have also been increased.
- It has invited inflow of private foreign capital and export oriented activities.
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