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Globalisation and The Indian Economy
Question
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Describe the impact of globalisation on Indian economy with examples. 

Answer

Impact of globalisation on Indian economy can be discussed with the help of following points:-

  • Producers: Tough competition faced by the producers in the native country by the producers of foreign markets
  •  Workers: Job insecurity, denial of fair share in the benefits brought about by globalisation.
  • Increase in the foreigh trade
  • Increase in foreign investment
  • exchange of technology between countries. 
  • Better means of communication have developed alongside globalization
  • Better job opportunities for people gave rise to migration

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Some More Questions From Globalisation and The Indian Economy Chapter

What do you understand by globalisation? Explain in your own words.

What was the reason for putting barriers to foreign trade and foreign investment by the Indian government? Why did it wish to remove these barriers?

How would flexibility in labour laws help companies?

What are the various ways in which MNCs set up, or control production in other countries?

Why do developed countries want developing countries to liberalise their trade and investment? What do you think should the developing countries demand in return?

‘The impact of globalisation has not been uniform’. Explain this statement.

How has liberalization of trade and investment policies helped the globalization process?

How does foreign trade lead to integration of markets across countries? Explain with an example other than those given here.

Globalisation will continue in the future. Can you imagine what the world would be like twenty years from now? Give reasons for your answer.

Supposing you find two people arguing : One is saying globalisation has hurt our country’s development. The other is telling, globalisation is helping India to develop. How would you respond to these arguments?