Question

Estimate the impacts of globalisation on local industries in india?

Answer 1

Answer:

The various negative Effects of Globalization on Indian Industry are that it increased competition in the Indian market between the foreign companies and domestic companies. With the foreign goods being better than the Indian goods, the consumer preferred to buy the foreign goods.

Answer 2

In the early 1990s, when the Govt opened up the nation's markets to foreign investment, the effects of globalisation began on Indian industry. In its various sectors such as pharmaceutical,  steel, chemical, oil, cement, textile, BPO & retail, globalization of the Indian Industry took place.

Explanation:

The effects of globalisation on Indian Industry have proved to be positive & negative.

Advantages

• The numerous positive effects of globalisation, particularly in the BPO, Petroleum, Pharmaceutical, & Manufacturing sectors, are that it has brought in tremendous foreign investments to the sector. Since the Indian industry earned huge amounts of foreign direct investment, they significantly enhanced the Indian economy..
• The advantages of globalisation, particularly in the  BPO, pharmaceuticals, petroleum, manufacturing & chemical sectors, in India are that several foreign companies established industries & that this facilitated in providing employment to several people in the nation.
• This contributed to the country 's reduction of poverty & unemployment. The effects of globalization on the Industry are also advantaged by the fact that foreign companies helped bring sophisticated technology with them, thereby helping to technologically advance the Industry.

Disadvantages

• Globalization 's numerous negative impacts on India's industry are that competition between international and domestic firms in the Indian market is intensified.
• The consumer prefers to buy foreign goods because foreign goods are  better than the Indian goods.This reduced Indian Industry companies' profit levels.
• The negative Effects of Globalization on Indian Industry are that with the coming of technology the number of labor required decreased and this resulted in many people being removed from their jobs.
• With the advent of technology , the demand for jobs decreased and several people were expelled from their jobs.