Question

describe the impact of globalization on Indian economy with examples.

Answer 1

impact of globalisation in India has been tremendous.
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.
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. 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

Some of the impacts were as folows:

1. New jobs have been created in industries where MNC's have invested such as electronics, fast food, cell phones, etc.

2. Some Indian companies have becone MNC's. For ex- Asian paints, Ranbaxy, Tata motors etc.

3. Increased use of technology and communication have prosperously become easier.