Question

Discuss the impact of globalisation on Indian economy.

Answer 1

Globalisation has multiple components like :

EconomicculturalSocialPoliticalPhilosophical etc.

Globalisation has affected India under these headings such as :

Economic effect: farmers are suffering due to cheap import, small traders are suffering due to big malls like walmart. There is dispute going on export subsidies India providing to its farmer at WTO forum. On the other hand, globalisation has given chance to expand Indian IT sector+ pharma sector + Agricultural processed material. These Steps provides us foriegn currency. The increasing foreign reserve gives us chance to have more development activities.Cultural: due to globalisation people are getting attracted towards western life style. This behavioural change causing change in their expenditure pattern. They are less saving and more consuming. They are eager to buy branded and imported good which ultimately results in increase in current account deficit or causes trade deficit. Cultural aspect of globalisation is distroying our rich ancient culture and values. To substantiate this allegation Vivekanand once said that we should learn science from western world and let them have a deep sense of our rich moral values.Social aspect: globalization is causing nuclear family and consequently, fall of value system. MNC's are setup in metro cities. A small town guy gets job in these companies and take a house on rent then after some get married. He also got chance to have a foriegn deputation but during all this he finally loses touch with his parents. Nuclear families are more based on utilitarianism therefore, in case of any dispute relations ends. Dissatisfied and stressed people go to prostitutes. Ultimately causing damage to family structure.Political : foreign institutes such as World bank, IMF and WTO are interefeering in internal matters of a sovereign country. A global accident can affect internal politics. A rise in right wing leads to formation of govt. Under modi and donald trump. This is a global trend.Philosophical: globalisation is philosophically defined by liberalism. After 1991, the fall of USSR leads to rise of USA. USA supports open market economy. Thus, Globalisation is making most of the big economies easily penetratable. This is not so good in favour of poor and needy population.

There are many other impacts of globalisation such as rise of middle class, fall of caste system, more consumer centric services, more brands, better buying options, cheap deals on shopping etc.

Answer 2

on Indian economy with example. (i) Increase in foreign investment, Over the past twenty years, the foreign investment has increased. ... (iii) Creation of new opportunitiesGlobalisation has created new opportunities for Indian companies, particularly providing services like IT.