Question

Analyse any five positive effects of globalisation on Indian economy.

Answer 1

Largely positive. Globalization has brought many jobs and large sums of investment to India. India's economy has been growing at exceptional rates for the past several years and many new opportunities have opened up for India. Yet, India does remain quite poor. Its GDP per capita is less than $2,000, a fraction of the GDP per capita found in some Latin American and Eastern European nations. Most of those who profit from globalization in India are the upper classes, with many in the lower classes being displaced and suffering from miserable labor conditions. Nonetheless, globalization has created a large economic boom for India with largely positive effects

Answer 2

• It increases the trade among different countries.
• It creates an opportunity for the producers to reach beyond the domestic markets.
• Choice of goods in the market rises.
• Prices of similar goods in the markets tend to become equal.
• Producers in the two countries now closely compete against each other.
• Producers can sell their produce not only in the markets located within the country but also in the other countries of the world.

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