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Globalisation and The Indian Economy
‘Advancement of the international trade of a country is an index of its economic prosperity’. Justify the statement with five arguments.
Advancement of a country’s international trade is an index of its economic prosperity because
i. International trade is in fact an ‘economic barometer’ of a country. A healthy volume of it ensures a trickling down of prosperity into the macroeconomy as well.
ii. No country is self-sufficient in all resources or services. It has to resort to international trade in order to satisfy one or the other need of its economy.
iii. If the balance of international trade is favourable to a country, it can earn more foreign exchange and hence strengthen its financial position in the market.
iv. International trade induces a country to develop secondary and tertiary sectors for exporting goods which can fetch more foreign exchange.
v. A country’s economic prosperity can be gauged by the health of its international trade.
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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?
Indian buyers have a greater choice of goods than they did two decades back. This is closely associated with the process of ____________________. Markets in India are selling goods produced in many other countries. This means there is increasing __________________ with other countries. Moreover, the rising number of brands that we see in the markets might be produced by MNCs in India. MNCs are investing in India because _________________ While consumers have more choices in the market, the effect of rising _____________ and ________ has meant greate _____________ among the producers.
The past two decades of globalisation has seen rapid movements in:
The most common route for investments by MNCs in countries around the world is to:
Globalisation has led to improvement in living conditions.
'Starting around 1991, some far reaching changes in policy were made in India'. Explain.
State one positive and negative effects of globalisation in India.
'The Indian government, after independence has put many such barriers on foreign trade and foreign investment'. Explain.
Describe the advantages of foreign trade.
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