Question

Describe the impact of globalisation on lndia economy with examples

Answer 1

 Impact of globalization on Indian economy
(a) Higher standard of living in urban areas.
(b) The impact has not been uniform among producers and workers.
(c) There is greater choice before the consumers who now enjoy improved quality and lower prices for several products.
(d) MNCs have increased their investments in India leading to more job opportunities.
(e) Globalization has enabled some large Indian companies to emerge as MNCs themselves like Tata Motors, lnfosys, Ranbaxy, Asian Paints etc.
(f) Globalisation has also created new opportunities for companies providing services particularly those involving IT (Information Technology).
For example : The Indian company producing a magazine for the London based company and call centers.
(g) Local companies supply raw materials to foreign industries and have prospered.
However, for a large number of producers and workers, globalisation has posed major challenges.