how has globlaisation affected the indian economy? discuss
Answers
Globalization is an important element of economic reform, introduced in India in 1991. ... This implies that it should raise the rate of Economic growth in country and reduce poverty and that it should not increase inequalities in the Economy, Also, There should be social integration of the economy with rest of the world.
Adverse effects of globalisation on indian economy.
it enlarged the gap between rich and poor
Cultivators shifted from food crop to cash crop
Hampened the growth of agricultural sector via reduction of subsidy, removal of import restrction.
Cultivators subjected to price volatility.
Economy directly shifted from primary to tertiary sector.
Indian manufacturing sector failed in competetion with MNC.
Less job in manufacturing sector.
Rapid urbanisation,
Promoted consumerism.
Reduced business ethics, consequently corruption,scam, NPA also increased.