An inter school debate is arranged on the topic globalisation its positive and negative impacts. you are Heena of DAV school Ludhiana. you are selected to participate in the said contest.
Answers
Answer:
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Explanation:
The meaning of Globalisation is usually interpreted to indicate 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.
To put it in other words, Globalisation is the method of interaction and union among people, corporations and governments universally.
Also Check: Important Questions for Liberalisation, Privatisation and Globalisation
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 year, Globalisation has increased due to improvements in transportation and information technology. With the improved global synergies comes the growth of global trade, doctrines and culture.
Globalisation in India
Globalisation in Indian economy
Indian society is changing drastically after urbanisation and Globalisation. 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 is one of the important impact of Globalisation in Indian society and has significantly changed several aspects of the country including cultural, social, political, and economic. However, economic unification is the main factor that contributes maximum to a country’s economy into an international economy.
Also Read: What are Economic Reforms?
Advantages of Globalisation in India
Increase in Employment: With the opportunity of Special Economic Zones (SEZ), there is an increase in the number of new jobs availability. Including Export Processing Zones (EPZ) Centre in India is very useful in employing thousands of people. Another additional factor in India is cheap labour. This feature motivates big companies in the west to outsource employees from other region and cause more employment.
Increase in Compensation: After Globalisation, 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.