Question

analyze the role of globalization on the Indian economy

Answer 1

1. Greater competition among producers resulting from Globalisation is a great advantage to consumers as there is greater choice before them. Consumers now enjoy improved quality and lower prices for several products.

2. Due to globalisation many MNCs have increased their investments in India. This means thousands of people are getting highly paid jobs and, enjoy much higher standards of living than was possible earlier.

3. Local companies supplying raw materials, to these industries have prospered.

4. Top Indian companies have benefit from increased competition. They have invested in newer technology and production methods and raised their production standards.

5. Some Indian companies have gained from successful collaborations with foreign companies.

6. Large Indian companies have emerged as multinationals like Tata Motors Globalisation has also created new opportunities for Indian companies providing services, particularly in the IT field.

7. Services such as data entry, accounting, and administrative tasks, are now being done cheaply in India and exported to the developed countries. This has generated thousands of jobs.

Answer 2

1) producers and consumers started having competition among themselves and due to this competition quality of goods increases.
2) improves GDP of our country.