Economics - Globalisation of Indian economy
Suppose you find two people arguing: One is saying globalisation has hurt our country’s development. The other is telling that globalisation is helping India develop. How would you respond to these arguments?
In my opinion, globalisation has benefitted India in various ways. They are mentioned as follows:
ReplyDelete(i) Increase in the volume of trade in goods and services.
(ii) Increase in the employment opportunities.
(iii) Access to newer technology and improved ways of production from the more advanced countries leading to efficiency in the local industries.
(iv) More availability of investible funds in the form of FDI.
(v) Improved productive efficiency and healthy competition.
We do have negative effects of globalisation too but when comparison is taken into consideration, positive effects stand more heavier than the negative. Whatever be the fears of globalisation, I have the impression that it has now become a method that captures the eagerness of 149 nations and more. When proper policies are effectively enforced and economic reforms are properly followed, India is found to benefit immensely from globalisation.
- Palak Punjabi
DeletePalak do u wish add anything
DeleteGlobalization is a very complex phenomenon. If we are particularly looking for benefits for India regarding globalization then it surely is beneficial but if we look for a broader perspective then it is not beneficial .
ReplyDeleteIt is beneficial for India in the following ways:
1.Increase in the volume of trade in goods and services
2.Inflow of private foreign capital and export orientation of the economy.
3.Increases volume of output, income and employment.
Negative impact of Globalization:
1.It may not help in achieving sustainable growth.
2.It may lead to widening of income inequalities among various countries.
3.It may lead to aggravation of income inequalities within countries.
Whatever may be the fears of globalization, I feel that it has now become a process which is catching the fancy of more and more nations.
So, the conclusion is that we must become ready to accept globalization with grace and
also maximize economic gains from the world market.
This is your perpersective related to globalization but how shall justify the nations development. Do not conclude without proper analysis.
DeleteGlobalization is the integration between countries through foreign trade and foreign investments by multinational corporations. Globalizations has got both positive and negative consequences for India.
ReplyDeleteBenefits of globalization are as follows :-
1.Helps in development and strengthening of domestic economies of India
2.Improved productivity efficiency and healthy competition
3. Increased volume of output, income and employment.
Demerits of globalization are as follows:-
Increase in aggravation of income inequalities within countries
4. There has been loss of autonomy.
5. There is dependence of underdeveloped countries on advanced countries.
In comparison the positive effects are felt largely by the people. Moreover, it has benefitted well off consumers and producers with skill, education and wealth
Conclude the answer with your inputs on Globalisation.
DeleteSupporters of Globalisation argue that it has the potential to make this world a better place to live in and solve some of the deep-seated problems like unemployment and poverty.There is more influx of information and cultural intermingling between countries. Socially ,we have become more open and tolerant towards each other The general complaint about Globalisation is that it has made the rich richer while making the non-rich poorer. It is wonderful for managers, owners and investors, but not for workers and environment. Globalisation is something which is sweeping the planet and all Nations are adopting. We can't stop it but can make it more equitable. Basically ,when we talk about Globalisation , we aren't talking only about trade of goods and exchange of capital ,but also the various social and cultural opportunities that have been realised with international trade.
ReplyDeleteGlobalization
ReplyDeleteGlobalization can be defined as the expansion of economic activity across political
boundaries of a nation. Globalization is this process of rapid integration or interconnection
between countries.
Merits
1. Increase in the volume of trade in goods and services.
2. Inflow of Private foreign capital and export orientation of the economy
3. More availability of investible funds in the form of FDI
4. Helps in development and strengthening of domestic economies of India
5. Improved productivity efficiency and healthy competition
6. Increased volume of output, income and employment.
7.New jobs are created in industries such as cell phones, electronics , fast foods,
automobiles.
8. Local companies have prospered through supplying raw materials to these industries.
9. Top Indian companies have gained from successful collaborations with Foreign
companies. Some of these companies have emerged as multinationals themselves.
10. Companies providing services have also benefited from new opportunities.
11.Due to Globalization India has come down to the market for international competition.
12.Knowledge of other countries cultures is also another factor from globalisation.
Demerits
1. Does not aim at achieving sustainable growth
2. Has led to widening of income inequalities among various countries
3. Increase in aggravation of income inequalities within countries
4. There has been loss of autonomy.
5. There is dependence of underdeveloped countries on advanced countries.
6.However, Small manufacturers have been hit hard due to competition. In order to cut
cost of the products, employers try to cut labour cost therefor worker’s jobs are no
longer secure.
Globalisation is inevitable It is better to accept it open heartedly but at the same time the
government needs to adopt measure which will safeguard our national self -interest and
maximize economic gains from the world market.
~Kriishh Gada