Is globalisation affecting the indian Economy? Discuss in 250 words
Answers
It had and it is still impacting. Right from the year 1991 when the wave of liberalisation and globalisation hit India (albeit forced down due to bad fiscal position of the country), India is treading on this path since then.
It has affected, impacted and changed the country in many ways.
The best example is fabled IT industry of India which is the posterboy of India's prowess globally. But what has been neglected has been the growth in other spheres like automotive industry wherein the country is becoming a export hub of small cars, the generic pharma drug industry which is helping save american middle class billions of dollars. And now the country is moving more towards further integration with the global economy as evident from further liberalised Foreign Direct Investment norms in defence, insurance sectors, etc.
But the country needs to go carefully about its I'll effects keeping in mind that it is a labour surplus economy and large multinationals in the name of efficiency and automation might ear into already scarce jobs.
If the country can go cautiously (like the China did) by not letting big behemoths taking control of markets then globalisation presents a great opportunity for the fastest growing major economy.