Question: 1 What is Globalization? Effect of Globalization in India?
Answer: The term Globalisation refers to the integration of the economy of the nation with the world economy; it is a multifaceted aspect. It is a result of the collection of multiple strategies that are directed at transforming the world towards greater interdependence and integration. It includes the creation of networks and pursuits transforming social, economic and geographical barriers. Globalisation tries to build links in such a way that the events in India can be determined by events happening distances away.
Effect of Globalisation in India
India is one of the countries that succeeded significantly after the initiation and implementation of Globalisation. The growth of foreign investment in the field of corporate, retail and the scientific sector is enormous in the country. It also had a tremendous impact on the social, monetary, cultural and political area. In recent years, Globalization has increased due to improvements in transportation and information technology. With the improved global synergies comes the growth of global trade, doctrines and culture.
Globalization in India
Globalization in the Indian economy
Indian society is changing drastically after urbanization and Globalization. Economic policies have had a direct influence in forming the basic framework of the economy. Economic policies established and administered by the government also performed an essential role in planning levels of savings, employment, income and investments in society.
Cross country culture has one of the critical impacts of Globalization on Indian society. It has significantly changed several aspects of the country, including the cultural, social, political and economical. However, economic unification is the main factor that contributes the maximum to a country’s economy into an international economy.
What are Economic Reforms?
Advantages of Globalization in India
Increase in Employment: With the opportunity of Special Economic Zones (SEZ), there is an increase in the number of new jobs available. Including Export Processing Zones (EPZ) Centre in India is very useful in employing thousands of people. Another additional factor in India is cheap labor. This feature motivates big companies in the west to outsource employees from other regions and cause more employment.
Increase in Compensation: After Globalization, the level of compensation has increased as compared to domestic companies due to the skill and knowledge a foreign company offers. This opportunity also emerged as an alteration of the management structure.
High Standard of Living: With the outbreak of Globalization, the Indian economy and the standard of living of an individual has increased. This change is notified with the purchasing behavior of a person, especially with those who are associated with foreign companies. Hence, many cities are undergoing a better standard of living along with business development.
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