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?

Solution

Globalisation has got both negative and positive consequences for India. In comparision the positive effects are felt largely by the people. Moreover it has benefited well-off consumers and producers with skill, education and wealth.

(ii) On the other hand, many small producers and workers have suffered as a result of the rising competition. They have not shared the benefits of globalisation.

(iii) The government should try to make globalisation more fair. Fair globalisation would create opportunities for all and ensure that the benefits of globalisation are shared better.

Some More Questions From Globalisation and The Indian Economy Chapter

‘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.