is globalisation affecting the indian economy? comment in 250 words
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Answered by
33
When the Indian economy was opened up in 1991, the mantra was "perform or perish". Indian industry immediately reacted by asking for protectionist measures, mostly in relation to import tariffs. But, under GATT and other multilateral or bilateral international agreements, customs tariffs had to be generally brought down all around.
However, Indian Companies soon realised that they had to constantly upgrade their technology, launch production expansion drives in order to attain economies of scale and set up overseas production bases if need be. Mergers and acquisitions followed, greenfield projects set up and to aid this frenetic activity foreign capital and expertise was welcomed.
Today, we as a country are a global economic power, second only to China, producing quality goods and services that stand up to the best in the world. Whether it be air conditioners or motor cars or washing machines or even mobile phones, the Europeans, Americans and progressive Asians have woken up to India's manufacturing capability and wealth of expert manpower to either make in India or buy from India or even both.
India's knowledge base is huge, it has a young population and it is among the top three English speaking countries in the world. All this and more have made this country the cynosure of everyone's eyes as India marches ahead in today's world economy. Globalisation has, therefore, been a boon for this wonderful country of 1.2 billion!
However, Indian Companies soon realised that they had to constantly upgrade their technology, launch production expansion drives in order to attain economies of scale and set up overseas production bases if need be. Mergers and acquisitions followed, greenfield projects set up and to aid this frenetic activity foreign capital and expertise was welcomed.
Today, we as a country are a global economic power, second only to China, producing quality goods and services that stand up to the best in the world. Whether it be air conditioners or motor cars or washing machines or even mobile phones, the Europeans, Americans and progressive Asians have woken up to India's manufacturing capability and wealth of expert manpower to either make in India or buy from India or even both.
India's knowledge base is huge, it has a young population and it is among the top three English speaking countries in the world. All this and more have made this country the cynosure of everyone's eyes as India marches ahead in today's world economy. Globalisation has, therefore, been a boon for this wonderful country of 1.2 billion!
Answered by
20
According to me ,yes globalization has clearly affected the Indian economy but in a positive way.As you can see,in the past few years we have grown a lot.There has been so much awareness about the brands.We are exporting a lot of our products in the foriegn market and the people have totally appeciated our products.Similliarly many new global giants like KFC etc have entered Indian markets and youth have welcomed them.Our economy has now become a global economy and a lot of credit goes to our prime minister Shri Narendra Modiji who has been travelling all over the world and had opened market for us in many more. countries now.
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